The world’s largest cryptocurrency exchange, Binance announced the launch of Binance DEX testnet. Binance DEX is said to be secure and scalable – with a block interval of one second. User account registration is now open. Testnet went live on Wednesday morning, 20 February 2019
Changpeng ‘CZ’ Zhao, CEO of Binance, stated in a blog post that with the Binance DEX users can take ‘more responsibility’ and can have more authority over their personal assets. The exchange’s DEX platform is a ‘different balance of security, freedom and ease-of-use.’
Binance’s decentralized exchange is built on the Binance Chain, their very own blockchain. It serves as a secure marketplace where network nodes match buy and sell orders. All transactions are documented on-chain.
Scalability of Binance DEX
Binance DEX has scalability without compromising security. Binance Chain, where the DEX is built, can settle transactions ‘near-instant’ with one-second block time. In contrast, IDEX, one of the best known decentralized exchange and built on Ethereum, has a block interval of roughly 20 seconds. And Bitcoin takes about 10 minutes for the network to confirm transactions.
Currently, 16 cryptocurrencies are available for trades on the Binance DEX. Among the 16 are Cardano (ADA), Bitcoin Cash ABC (BCHABC), Bitcoin Cash SV (BCHSV), Dash (DASH), EOS (EOS), and Ethereum Classic (ETC). These digital coins can only be traded with the Binance Coin (BNB).
According to the website, BNB is an ERC20 token but it will eventually be migrated onto the Binance Chain to make it the blockchain’s native asset.
Ledger Nano S hardware wallet owners can access the Binance Chain app via Ledger Live. This will allow them instant access to the testnet platform.
We’re thrilled to announce that Ledger is supported on the @Binance_DEX Testnet! You can now install the @binance Chain app through Ledger Live (Developer Mode) to access the decentralized exchange testnet with the Ledger Nano S.— Ledger (@Ledger) February 20, 2019
Read more here: https://t.co/2nfAGjrnaV#BUIDL pic.twitter.com/ZryDlwcHxp
Trust Wallet, a software wallet, is Binance’s official wallet.
Binance Coin Market Information
Since the beginning of February, BNB is on an uptrend from $6.19. As of 21 February, 8:59 AM (UTC+0), it is valued at $10.33 USD (-6.70%) with a market cap of over $1 bln. It jumped up on Coin Market Cap rankings, placing tenth among the most valuable crypto coins in the market, surpassing BCHSV.