The Binance cryptocurrency exchange began public testing of a new decentralized tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details platform built on the exchange blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details network, as reported by the CoinDesk news agency.
On Wednesday, February 20th, representatives of the Binance exchange reported that the new Binance DEX platform had become available for public testing. As stated in a press release, users can already create wallets and get acquainted with the interface of the new exchanger.
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Binance DEX is a new exchange on the Binance blockchain
Representatives of the exchange also published Block Explorer for another network – Binance Chain, in a press release. According to the report, Chain "expands the possibilities of DEX". It is noteworthy that the participants of the Binance Chain will become nodes for DEX.
Although the launch of the test network is an important step towards the final deployment of a decentralized exchange, Binance management still intends to collect user feedback. As it was stated in a press release, only after the test period and the collection of information and impressions from the direct participants, the exchange will be able to announce the date of the full launch.
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Binance CEO Changpeng Zhao commented on the launch of the Binance DEX test version: "With Binance DEX, we provide a fundamentally different level of security, freedom and ease of use (...) At DEX, you take more responsibility and more control over personal assets."
The press release also states that the Trust Wallet startup and the manufacturer of hardware Ledger wallets are already integrated with Binance DEX. Meanwhile, the "native" tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details of the exchange, BNB, will be transferred to a new exchanger only after a full launch.
Recall that Binance first announced a plan to create its own blockchain and decentralized exchange in March 2018. And in the middle of 2017, Binance launched a centralized spot trading exchange – Binance.com.
Now users can test a new Binance project – Binance DEX exchanger. However, a few days ago on his Twitter account, Zhao announced that a fee of about $ 100,000 would be charged for transferring tokens to Binance DEX: "(...) a high entry bar should reduce the number of fraudulent projects".
Editor: Yuliya Soroka