A few hours earlier on 18 April, the exchange hinted the launch of Binance DEX and coin BNB. It notified the crypto community that its pre-selected validators were online to produce blocks with consensus from the genesis block.
According to the Malta registered exchange, Binance coin will be created on the genesis block, the Chain Explorer, however, will only be available to the public by April 23.
How Binance DEX will function
The team working on the Binance DEX project gave a breakdown on how the project will function.
Initial total supply of BNB will be 200,000,000, the same as the ERC20 BNB. 11,654,398 of the total BNB supply will be burned on Binance Chain, same as the ERC20 BNB. 48,000,000 BNB will be frozen.
The first set of 5,000,000 BNB will be distributed and deposited into an address belonging to Binance.com in order to change the ERC20 BNB for existing owners. 5,000,000 ERC20 BNB will be burned as well in order to keep the supply of BNB constant. The main goal is to ensure that total the supply is kept constant across both networks.
Following the announcement, Binance coin [BNB] experienced an increase in price. It increased by about 8.51% over the last few days, and a growth of 2.23% in the last hour. The token reported a 24-hour trading volume of $323 million, with a noted seven-day surge of 23.46%.
The DEX is believed to be able to help improve security by storing all customer assets in different locations making it less susceptible to hacks and thefts. Zhou in an interview stated that his firm is looking to launch the game-changing platform at the end of April.
After ten months of waiting patiently, users of Binance’s platform will be able to use the long-awaited DEX platform.
Binance to follow DEX Launch with Singapore Fiat On-Ramp
Binance Dex platform is expected to immediately carry out its inaugural trading session of its fiat-to-crypto on-ramp in Singapore. This new platform will make it possible for citizens of Singapore to buy and sell Bitcoin (BTC) using Singaporean dollars (SGD). He also added that additional cryptocurrencies will be added to the platform after some time.