According to reports, the new digital asset called ONT-33D launched on Binance Chain. Binance DEX also listed the new asset and made it available for trading from April 21.
What to expect from the new asset
The new ONT-33D is a BEP2 token backed by Ontology (ONT) at a 1:1 ratio.
#Binance Adds @OntologyNetwork-Pegged Asset to Binance Chain Providing an Alternative for Trading Major Cryptocurrency
ONT-33D is the #BEP2 token backed by $ONT at a 1:1 ratio. It will become available for trading on @Binance_DEX starting April 21, 2020.https://t.co/r34bnMsTP5
— Binance (@binance) April 20, 2020
Besides, the official blog also revealed Binance DEX becoming the first platform to offer ONT holders an opportunity to decentralized trading services. As a result, users can now trade ONT tokens as well as take complete control over their assets. Reportedly, this would expand the use cases of ONT and also increase its liquidity.
There was also an announcement of the development in an Ontology Medium blog post. It highlighted how huge an opportunity it was for the blockchain platform to have the opportunity to leverage Binance DEX.
Considering what Ontology brings to the collaboration, the token supports all ERC-20 tokens, in-DApp stablecoin queries, among other functions. Moreover, there are plans to add a node staking feature to integrate it with the Binance DEX. Essentially, this would help provide better DEX services for ONT users. It would also make it easier for the users to have full control over their assets and participating in ecosystem governance.
About Binance Chain and Ontology
Binance Chain is a blockchain software system developed by Binance. The system is a community-driven development project with many developers and contributors from different corners of the world. It also hosts Binance DEX, a decentralized exchange feature.
Ontology is a high-performance public blockchain and distributed collaboration platform. The platform’s unique infrastructure supports cross-chain collaboration and Layer 2 scalability. It also includes a suite of decentralized identity (DID) and data sharing protocols to enhance the speed.
Recently, Ontology had announced its infrastructure integration with Bison Trails. It is also pertinent to note that the ONT token is the second BEP2 token on Binance Chain after Cashaa released a fiat gateway earlier this month.
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