According to its press release, the Binance trading platform has launched the first version of its decentralized exchange, Binance DEX. Binance DEX is currently in testnet mode, which is a separate blockchain that was created for the sole purpose of testing crypto-based assets or projects.
The native distributed ledger technology (DLT) network and peer-to-peer (P2P) system are powered by Binance Chain Technology, a development of the Binance team. The developers have revealed that crypto traders are now able to make their own wallets and trade the coins and tokens listed on Binance’s decentralized exchange.
Changpeng Zhao (CZ), the CEO of Binance, has clearly stated that Binance DEX will represent an entirely new experience for users, as it will instantly process transactions just like on the Binance.com exchange.
“Binance DEX is a decentralized exchange with a decentralized network of nodes, that allows users to manage their private keys and wallets. Binance DEX provides an excellent balance of security, freedom and ease-of-use, CZ noted.”
Binance has also announced that Binance Coin (BNB) will be migrated to Binance Chain to work as the platform’s native currency, which would allow users to easily issue, send and receive new tokens on the blockchain, while also having the option to propose new digital coins to be added to the list.
BNB is currently ranked as the 10th crypto according to a market cap of $1,483,407,426 USD, having a current trading price of $10.51 USD.
In addition to its instant processing times, the team has also added that the Binance Chain will also have a block time of just one second.
Binance DEX will add support to secure and decentralized software such as Binance’s Trust Wallet and hardware wallet Ledger Nano S.