Recently, the world’s largest crypto exchange, Binance, had launched the native DLT platform of Binance- the Binance Chain, and today, the company rolled out the Binance Decentralized Exchange, i.e. DEX, ahead of its decided launch date.
Binance DEX is a decentralised P2P exchange platform that allows the user to have all the control over their assets while trading on the exchange. The exchange is powered by the Binance Chain blockchain protocol.
Though the exchange is not supporting any transactions, as of now, the exchange is open for the user to create their wallets. The platform will let the users create both the trusted as well as the third party wallets, including CoolWallet, Coinomi Wallet, Atomic Wallet, Guarda Wallet, Exodus, ZelCore Wallet, Enjin, Magnum Wallet, Infinito Wallet, Ledger, Math Wallet, Ellipal Wallet, over it.
Currently, the platform also permits the users to access tools, including the Binance Chain Explorer, wallet, public data nodes, and even the APIs.
In recent years, many of the companies have already brought those decentralised exchanges in the market, such that to promote more user control over their assets. Now Binance has also taken the initiative for the same. The company has also asked the other developers to step-in to create new tokens for its Binance mainnet.
“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.” said Changpeng Zhao, the CEO of Binance.
Though the launch of the exchange is early, the company had been testing the exchange over a simulated trading environment, where the exchange did over 8.5 million transactions over two months of its testnet period.
The company has also migrated its Binance coin from Ethereum network blockchain-compatible ERC-20 to BEP-2 Binance Chain to be used as the blockchain’s native asset to assist network transactions.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.