Binance has already released its decentralized exchange DEX.
The company’s flagship exchange is a centralized one, as you already know by now.
Binance DEX to run on Binance Chain
Binance DEX doesn’t interact with centralized parties, and instead, it allows crypto traders to manage their very own private keys.
This week, it was annocuend that the decentralized exchange will be running on Binance’s native blockchain Binance Chain.
Building a decentralized future
Binance CEO, Changpeng Zhao said that the new exchange fulfils the company’s mission which revolves around building a decentrazlied future and an open global financial system that’s powered by crypto and the blockchain.
“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,” CZ said.
After the Binance Chain mainnet was launched, the Binance Coin BNB became the native asset on Binance Chain. It moved from the Etehnreum blockchain.
CZ explained not too long ago that Binance Chain is not an Ethereum killer.
In a token swap that took place a few days ago, five million ERC20 BNB have been burned as a part of the conversion process.
Just burned 5mm ERC20 BNB, commencing swap to the real #BNB.
— CZ 🔶 BNB (@cz_binance) April 23, 2019
BNB is used for network transactions. During the Binance DEX testnet phase, it’s important to note that almost 8.5 million transactions were made across a simulated trading competition, coding competition, and bug bounty program.
Actual trading is not set yet
The Daily Hodl reports that after the public launch of Binance DEX, users are able to create accounts, access web wallets, and the blockchain explorer.
On the other hand, an actual trading date has to be set and made public.
The official announcement said that “Users now have access to the Binance Chain Explorer, web wallet, public data nodes, and APIs, and trading will begin at a later date.”
