Binance announced on Tuesday that it had completed the Binance Chain Mainnet swap.
According to the information which is made available on its community website, the company said the swap was commenced on 23 April at 10 AM (UTC+8) as scheduled.
The announcement which was posted by Sophie reads,
All Binance Chain/DEX related services, such as Web Wallet 84, Explorer 77, REST API, Accelerated Nodes 34 are also available to the public now. Trading on Binance DEX will go live as soon as the first trading pair is listed at a later date (TBA).
More information and channels to follow
By the notification, users are advised not to list or issue any token in the first few days of Binance Chain. It further assured the users that they would provide more information and channels as the network gradually stabilizes. Moreover, the announcement stated that the company is eager at making Binance Chain prosperous but noted that they would need to do things one after the other.
Binance CEO Changpeng Zhao also said,
We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system… With no central custody of funds, Binance DEX provides far more control over your own assets.
DEX passed through a series of tests
Binance launched the DEX after passing it through testing over two months. During this testing period, it performed close to 8.5 million transactions across various competitions and programs.
The DEX platform provides a similar interface to those using its centralized exchange that is currently in use. However, they have included additional features such as an alternative to create a 24-word mnemonic seed phrase to keep the private keys of the users secure.
The launching of DEX is coming just a week after Binance told the world about Binance Chain, its native blockchain. The company has also launched BNB, which is its exchange token. It expects this native asset on blockchain to replace its former ethereum ERC-20 token. Holders that have the ERC-20 BNB can swap them for the native form on Binance.com.
What Binance DEX can help you do
In early December 2019, Binance announced to the world what it would use DEX to accomplish. It said that the community-driven exchange enables traders to issue and exchange digital asset. They noted that traders do not need to deposit onto a central exchange before they can leverage the system.
The blockchain community created Binance DEX for the blockchain community. It is built on top of the Binance Chain. However, it did not receive any assistance from Binance developers. Its central vision is to spread the freedom of money. Binance Coin (BNB) is to be used as a native asset.
In a nutshell, these are the things you can do with Binance DEX:
- Issue new tokens
- Send BNB token to users on the DEX, and also receive same from others
- Send and receive tokens on the DEX
- Freeze some tokens, and then unfreeze them in the future.
- Burn tokens as desired
- Propose new trading pairs, allowing the entire community to have a say on the advantages of the pairing.
- Use the trading pairs the community has created to send ‘buy’ and ‘sell’ orders.
Binance DEX will only store your private keys only on your device. This will make your fund more SAFU. With it, you can quickly secure your funds using decentralized wallet applications like Trust Wallet. You will be in full control of your private keys. Also, it also supports offerings from Ledger, Coinomi, Exodus, Enjin and the rest. Other crypto projects can also issue new tokens on Binance Chain.
DEX news shoots up the price of Binance coin
Since the company announced that it was launching Binance DEX, the price of Binance coin has continued to skyrocket. The digital coin has gained over 236% in three months to make it the seventh most capitalized cryptocurrency on the CoinMarketCap.com.
Do you think the launching of DEX can make Binance the next Bitcoin?