The Binance Chain development team has announced that its current BNB Chain Multi-Signature (Multi-Sig) Wallet will soon be decommissioned, asking users through its account on X to migrate their assets to the Safe Global platform.
In an update issued this week, the Binance Chain development team said the existing BNB Safe{Wallet} built on the Gnosis Safe protocol will close down in the coming weeks. The migration process, now live, will see users migrate their accounts to Safe Global, which will continue to support the BNB Smart Chain and other EVM-compatible networks.
“The current BNB Chain Multi-Sig Wallet will sunset soon. To keep your assets secure, you’ll need to migrate to Safe Global,” wrote the BNB Chain devs X account.
Step-by-Step Migration via Safe Interface
According to the BNB Chain devs, the migration process will keep users’ existing security thresholds, ownership structures, and transaction histories. However, certain transaction details may not appear in the interface until the new base contract is fully synchronized.
The migration procedure is accessible directly through the Safe interface. Users are required to connect one of their existing signer wallets that is part of the Safe Account, then import the old Safe configuration by providing its name and address.
After adding the signer, users will see one of three indicators that confirm they are working with an unsupported base contract, including “Base contract is not supported” and notifications in the Safe app interface displaying “Safe Account was created with an unsupported base contract.”
When the alerts appear, the user can collapse the migration2Singleton tab to reveal the transaction creation form, where migration transaction details are then displayed. According to screenshots shared by Binance Chain developers on X, the confirm transaction screen prompts users to “Update Safe Account base contract.”
During execution, the system warns a wallet creator that the transaction will not immediately appear in the transaction history because the “current contract is incompatible.” BNB chain devs insisted that the migration could take a few minutes because the new version and nonce reflect on the interface.
When the migration completes, future transactions will be indexed normally while all restrictions associated with the legacy contract will be lifted. The devs have urged users to cross-verify their transaction data during the migration through external tools Safe Utils or the Transaction Decoder.
The migration transaction, identified as migrateL2Singleton on SafeMigration 1.4.1, makes sure the new Safe contract is in tandem with the latest supported version on the BNB Chain. Before confirming the transaction, users are instructed to verify the migration details against the information displayed in their connected wallet. Once the data matches, the first signer can sign the transaction, after which other signers must also review and sign.
Only after all required signers have approved can the migration transaction be executed, and no migration can occur without the required number of approval signatures, depending on the wallet’s existing configuration.
BNB multisig wallet operations dawn after 2 years of service
The Binance team officially announced the launch of the multi-sig BNB Safe{Wallet} on the Binance chain network in October 2023. The wallet was created through the Gnosis Safe protocol, a 2015-founded Ethereum-based network with over 200,000 validators, known for building decentralized applications like the CoW protocol.
The wallet needs multiple private keys to approve any transaction, like a “2-of-3” configuration where two out of three designated owners must approve a transaction before it is executed. Safe protocol supports several EVM-compatible chains, including Ethereum mainnet, Polygon, and BNB Smart Chain.
Per crypto enthusiast and Medium author Jung-Hua Liu, users must connect their Web3 wallet, like MetaMask, and switch to the BNB Smart Chain network (ChainID 56) to create a Safe wallet. The connected wallet must contain enough BNB to cover the deployment gas fee.
The Safe platform uses a factory contract to deploy a new proxy wallet on-chain that is counterfactual until the user pays gas to activate the contract, meaning the address is reserved but not yet live.
Binance Chain developers are against the creation of a 1-of-1 Safe, since that configuration would function like a regular wallet and defeat the purpose of multi-signature security.
Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
Source: https://www.cryptopolitan.com/bnb-chain-multi-sig-wallet-to-close-down/
