The leading cryptocurrency exchange in the world in terms of trading volume is keeping its users updated on its decentralized exchange (DEX) project. The exchange released a demo on YouTube earlier today to talk about the Binance DEX, ahead of its launch early next year.
Video demonstrates trading interface of the platform
According to the crypto exchange, “Binance DEX is a decentralized exchange built on top of Binance Chain, an upcoming blockchain where BNB will be the native coin. A community initiative, the DEX is being created with the support of Binance developers and technology, and is set to be released in early 2019.”
The video talked about and demonstrated the trading interface of the decentralized exchange platform. It also looked into web crypto wallet and the explorer for the exchange’s public blockchain, the Binance Chain which company execs revealed that it will soon be available for a testnet.
The company stated that the trading interface of Binance DEX will be similar to that of the Binance exchange though it will have some added features. One of such features is the generation of a 24-word mnemonic seed phrase for users’ private keys. It will also come with a “balances tab” that will give users information about their accounts, a user icon is also available in the navigation bar that displays individual wallet addresses.
The exchange will also have a blockchain explorer that will allow users to search for an individual block and view transactions that are involved in that block. Binance stated that “User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds.”
The decentralized exchange is being developed on the Binance Chain which was first launched back in March this year. The exchange is being developed to offer low latency, high throughput trading, as well as decentralized custody of funds.
When the exchange is launched, users will be able to send and receive the BNB tokens, Binance’s native coin alongside other cryptocurrencies via the trading pairs. The exchange added that even though BNB is currently an ERC-20 token, it will become a coin once the Binance Chain is launched.
Back in August, the company released the first Binance DEX video where the company discussed the basics of issuing, listing and trading crypto assets on the exchange. The decentralized cryptocurrency exchange space is becoming a popular one, with Huobi announcing back in June that it will soon be transformed evolve into a standalone decentralized exchange.