Earlier today, the world’s leading crypto exchange by trading volume, Binance, launched their testnet, as announced in the company’s blog post two days ago. The public testing will serve a decentralized exchange (DEX) on Binance’s blockchain network.
Binance DEX testnet now live
The company announced that the new platform called Binance DEX is available for public testing starting today, Wednesday, February 20. Users can create their own wallets and interact with Binance DEX’s interface as the company assesses the level of performance and notes the areas to make changes.
The cryptocurrency exchange added that the blockchain explorer for the testnet is Binance Chain, the company’s public network that powers the DEX, and enables traders to engage as individual nodes and hold the private keys to their crypto assets. Binance further revealed that Trust Wallet, the blockchain startup it acquired last year, and hardware wallet manufacturer Ledger, are integrated with Binance DEX. In addition to that Additionally, Binance’s BNB tokens will be moved to Binance Chain once the platform is launched.
Even though the testnet is a crucial step towards the final release of Binance DEX, the company said it is looking forward to feedback from the community before it sets a timeline for the final launch of the platform.
Binance is hoping to provide improved features on the decentralized exchange to make it attractive to traders and investors. Binance’s co-founder and CEO Changpeng Zhao said, “With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of personal assets.” Zhao boasted that Binance Chain has a very fast transaction finality with a one-second block time, a feature that could enable Binance DEX to handle similar transaction volumes as Binance.com.
Despite the attractive features, listing tokens on Binance DEX will not come cheap, as Zhao revealed that it would be around 100,000 USD.
Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.
— CZ Binance (@cz_binance) February 12, 2019