A great update has arrived for all those who have been awaiting the launch of Binance DEX for a long time. Binance has finally introduced Binance DEX on its native blockchain, called Binance Chain, the previous day. The exciting news was shared with the crypto community through the micro-blogging site Twitter where Binance officially announced the launch of Binance DEX.
— Binance (@binance) April 23, 2019
Moreover, the prominent digital currency ecosystem and exchange Binance also invited projects for participation as well as the issuance of new tokens on its native Binance Chain.
The update was confirmed by Binance DEX as they posted a tweet via their official Twitter handle announcing that the related Binance Chain/DEX services were now LIVE for the global crypto community.
.@Binance Chain/DEX related services;
– Web Wallet
– REST API
– Accelerated Nodes
Are now LIVE!
— Binance DEX (@Binance_DEX) April 23, 2019
With this much-awaited launch, BNB or Binance Coin has now successfully made its migration to BEP-2 from ERC-20 to become the Binance Chain’s native asset. The transactions on the DEX will be carried out through BNB. At present, Binance Coin ranks at the 7th position on CoinMarketCap.
The trading activity on the Binance DEX is slated to go live immediately after the tokens, and initial trading pair get listed on the platform. However, it will take a few days’ time to materialize, as per the exchange.
Changpeng Zhao, Binance CEO, in his statement, said that they truly believed in the capabilities of decentralized exchanges in bringing new possibilities and hopes when it came to offering a transparent and reliable financial system. He continued stating that Binance DEX will let people enjoy increased control over their own assets without any central ward of the funds. He added further saying,
“We hope this brings a new level of freedom to our community. We’ll work closely with projects and teams to grow the entire ecosystem.”
It is important to note the fact that prior to the launch, the Binance DEX has successfully undergone a period of testnet that went on for 2 long months. Interestingly enough, the testnet period witnessed transactions close to 8.5 million across the simulated coding competition, trading competition as well as bug bounty programs. In fact, a number of improvements and updates were also made during the testnet period.
Now, users can easily access the web wallet, Binance Chain Explorer, APIs, and public data nodes. Additionally, DEX will also allow users to perform direct trading via all the wallets that support this new BNB. Binance Chain has its support extended to a number of wallets such as Ledger, Trust Wallet, Magnum Wallet, Enjin, Coinomi Wallet, CoolWallet, ZelCore Wallet, Atomic Wallet, Math Wallet, Infinito Wallet, Guarda Wallet, Exodus, and Ellipal Wallet. How the trading impacts the market once it begins in the days ahead, remains to be seen.