DEX Online, Binance Coin Running Now on New Mainnet!
The highly anticipated Binance decentralized exchange (Binance DEX) has launched ahead of schedule, following the successful activation of the Binance blockchain(Binance Chain) and token migration of the native BNB token after weeks of testing.
Pushing the boundaries of what can be achieved with digital assets, the Binance DEX has a similar layout to the original exchange, Binance. Rather than signing up in the traditional manner, users can create a wallet and generate a 24-word private key to gain access to the DEX’s features.
“Dear Community, Binance.com has now completed the Binance Chain mainnet swap, which started as scheduled at 10 AM (UTC+8), April 23rd.
All Binance Chain/DEX related services, such as Web Wallet , Explorer , REST API, Accelerated Nodes 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). To get started with Binance DEX, please visit: https://www.binance.org” – Binance DEX and mainnet community announcement
Another key difference is that there are no deposits or withdrawals like on a typical exchange. Any trade made on the DEX is directly via your private wallet, meaning that no third-party or intermediary has ownership over your funds.
The Binance Chain is also compatible with many popular cryptocurrency wallets, including Ledger, Exodus, Coinomi, and Binance’s own Trust Wallet.
As mentioned above, Binance Coin (BNB) underwent a successful mainnet launch from being an ERC-20 token running on the Ethereum platform to a native digital asset running on the Binance Chain.
“Binance has completed the Binance Coin (BNB) mainnet swap and has opened deposits and withdrawals.
- After the mainnet swap is complete, your BNB deposit addresses will change.
- Original ERC20 BNB tokens can still be deposited to your ETH deposit address on Binance after the swap. We will automatically convert these ERC20 BNB tokens to Binance Chain mainnet BNB tokens for you.
- You may now withdraw BNB using the official Binance Chain Web Wallet.” –Binance mainnet update
CZ and Binance are Here to Stay!
In Binance’s short lifespan, the Binance brand and persona of CEO Changpeng Zhao, known as “CZ,” have become one of the biggest influencers in the blockchain space.
From outperforming German banks and launching a new fiat exchange in Malta, Binance’s true dominance over the sector was cemented after CZ’s controversial Tweet and delisting over Bitcoin SV (BSV). This prompted other exchanges and some wallets to follow suit.
Whatever happens next, Binance will likely continue being a key player in pushing blockchain forward. CZ has openly discussed Binance disrupting itself to push boundaries while co-existing with other businesses and platforms in the space.
With other projects and businesses such as EOSfinex using existing blockchain protocols to launch their own DEXs, Binance DEX has likely set the bar high for others to follow!
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.