The largest cryptocurrency exchange by trading volume, Binance has recently launched public testing for its decentralized trading platform, Binance DEX on the company’s blockchain network— Binance Chain.
Unveiling of the Binance Chain
According to the announcement made by the company today, users can now interact with the Binance DEX platform and also create their own wallet on the platform. The launch of the public testing is also a way for Binance to reveal its highly anticipated proprietary public network— Binance Chain.
This move by Binance is a way for it to gather input from the community regarding its decentralized exchange. The exchange plans to work on the feedbacks gotten from the community to improve on the exchange before fully launching it for public use.
“With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of personal assets,” said Binance’s co-founder and CEO Changpeng Zhao.
Binance also made it known that the popular hardware wallet Ledger, and it recently acquired blockchain wallet, Trust Wallet is already integrated with Binance DEX.
Upon full launch of the decentralised exchange, the company’s own native token the BNB, which is currently ERC20-based will be migrated to the Binance Chain
The plan to launch the decentralized exchange and the Binance blockchain has been in motion since 2018. This launch will be coming almost two years since the company’s proprietary exchange —Binance.com officially launched in mid-2017.
Getting Listed on Binance DEX Will Cost $100k
Zhao has also confirmed that the Binance Chain has “near-instant transaction finality with one-second block time.” As a result of this speed, it is possible for the newly launched DEX to handle the same volume Binance.com is handling today.
According to a previous report, any project looking to get listed on the Binance DEX will need to have about $100,000 set aside for this purpose.