The exchange’s public blockchain Binance Chain will work to power Binance DEX.
After announcing in March 2018 its plans for a public blockchain that would facilitate the creation of a new decentralized exchange, cryptocurrency exchange Binance has now opened public testing for Binance DEX, a decentralized exchange based on Binance’s blockchain network Binance Chain. In a press release shared with ETHNews, the exchange states that – in addition to an assortment of decentralized software and hardware wallets – the Binance Coin (BNB), an ERC20-based token launched by the exchange, is to be fully integrated with Binance DEX.
When Binance Chain was first unveiled in March 2018, the exchange wanted its blockchain to focus on “performance, ease-of-use, and liquidity.” Binance DEX will work to capitalize on that performance to draw users to its peer-to-peer trading capabilities. As stated in the press release:
“Binance Chain has a near-instant transaction finality, with one second block times. … With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
Binance will move BNB to Binance Chain to become the blockchain’s native asset, and allow traders to issue, send, and receive new tokens. In an ask-me-anything session on Twitter earlier this month, Changpeng Zhao revealed that the Binance DEX listing fee would be $100,000. The high listing fee was ostensibly to reduce the number of scam projects, though Zhao stated it could be adjusted over time. The listing process will also include a validator vote to choose what is listed on Binance DEX.
Along with the BNB integration, Binance DEX will support the Trust Wallet, which Binance purchased in July 2018. The wallet supports all ERC20, ERC721, and ERC223 standard-based tokens. The Trust Wallet will allow Binance DEX users to “store private keys only on [their] device, so traders can retain full control over their funds and private keys.” At the time of the acquisition, Trust Wallet founder Viktor Radchenko had stated the company was working on adding support for bitcoin, EOS, and NEO. Binance DEX will also support the Ledger Nano S hardware wallet.
Included with the public testing launch of Binance DEX, Binance also introduced a blockchain explorer for the Binance Chain testnet. With the blockchain explorer, users are able to search for an individual block and view the transactions included in that particular block.
As for what to expect next, Binance is waiting for user feedback regarding early impressions of Binance DEX. Unfortunately, we’ll have to wait for Zhao to wake up before any questions can be answered.
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