Today, Binance announced the launch of its decentralized exchange, Binance DEX.
Binance, a leading Crypto exchange, has released the much expected DEX on their own blockchain today. Binance Blockchain is a community-driven development project which involves the work of many Binance and Community Developers.
The development team invites projects to participate in the blockchain revolution by joining the development. Projects can now also issue tokens on the native blockchain.
Chanpeng Zhao, CEO of Binance said:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system.”
“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”
The BNB token has migrated from the ERC-20 standard to BEP-2, in order to become the native asset on the Binance Chain.
Quite a few wallets are already supported on the Binance chain. These include Trust Wallet, Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet, and Exodus.
At the moment, users will have to stay patient because the trading feature is not yet enabled, but will be at a later date. However, users can create web wallets, access the chain explorer, public data nodes and APIs.
The Binance team said in a press release:
“The launch of Binance DEX follows a two-month testnet period, during which nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program, with several new updates and enhancements implemented.”
I think this is just the beginning for Binance, they aim for great things on their Blockchain.
To learn how to use the Binance Dex, please click on this link.