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Binance on DEX Release: No Need to Register

February 21, 2019

Today Binance has announced the launch of its decentralized exchange and proprietary blockchain network in the testnet, which is reportedly capable of nearly instant validation of transactions. Meanwhile, last month has seen a record low of trading volume on decentralized platforms, along with a decline in the number of trading addresses.

The leading cryptocurrency exchange Binance has launched a public testnet phase for its decentralized trading platform Binance DEX and a proprietary blockchain network called Binance Chain, according to the official announcement.

The P2P trading service is already available for users. There is no need to register. To start using a service, a trader needs a Binance Chain address, which can be generated with any wallet, which supports Binance Chain. A user can trade BNB or other assets stored on that address.

Binance DEX is built on top of the Binance Chain network and allegedly has a distributed network of nodes. Users are able to exchange assets supported by the platform. Matching of orders is performed by nodes, and all transactions are recorded on a blockchain ledger.

Initially, Binance DEX supports Trust Wallet and Ledger Nano X cold storage; more wallets to be added soon.

Binance’s co-founder and CEO Changpeng Zhao emphasized that each user of DEX holds his own private keys and manages his own wallet, adding,

“With Binance DEX, we provide a different balance of security, freedom, and ease of use, as DEX requires more responsibility when in control of personal assets.”

In addition, today’s release includes access to the Binance Chain Explorer. Earlier, Binance announced that Binance Coin (BNB) will be transferred from Ethereum ERC-20 platform to the Binance Chain. Holders of a new BNB will gain an opportunity to issue a token and offer a trading pair for it. To be listed on the DEX, a pair will have to get a certain number of validators’ votes. Before the voting it is also required to deposit 2,000 BNB coins.

Confirmation of transactions in the new network is nearly instant and much faster than in other blockchains, Zhao claims. He added that Binance DEX is able to process the same trading volume as Binance.com today. The Mainnet launch date will be announced later.

Binance initiative may breathe a new life into the concept of decentralized exchanges, which has lost popularity among traders over recent months despite business activity.

According to the data from Diar agency, the volume of trades on decentralized platforms has decreased to an all-time low of $49 million, compared to the ATH of $1,5 billion in July 2018. At the same time, a number of unique addresses has dropped from 345 thousand in January 2018 to 67 thousand in January 2019.

Meanwhile, a week ago Canadian crypto exchange Coinsquare acquired StellarX DEX that was confirmed by the project’s team. Recently, the new decentralized trading service called Nash was announced at the Neo DevCon 2019. It will be running on a NEO blockchain network and is set for a launch on March 31.

The story is sponsored by newconomy.

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