Binance Launches Testnet of Decentralized Exchange

Binance Launches Testnet of Decentralized Exchange

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

Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet.

Changpeng ‘CZ’ Zhao, Chief Executive Officer of Binance

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

With the core Binance Chain technology, Binance DEX can handle the same trading volume as is handling today. This solves the issues many other decentralized exchanges face with speed and power.

Changpeng ‘CZ’ Zhao, Chief Operating Officer of Binance

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.

Cryptocurrency Support

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.

Wallet Support

Binance’s Trust Wallet is fully integrated with Binance DEX, as well as the Ledger Nano S, with more wallets supported over time.

Binance Blog Post

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.

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.


3.66 USD


92.88 USD


16.85 USD


0.05963 USD


4.80 USD


65.31 USD


121.79 USD

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HitBTC and Binance Market Making Bot, Live Projections and Graphs!

​ How to read the site: Brief summary Total orders, # buy # sell orders - note that a. est volume is updated on buy, b. returns %s are calculated on sell recent trades Balances of all coins, in free + on order amounts Date of oldest trade in recent memory btc volume in recent memory Hours since oldest trade est. daily btc volume, current balance and recent btcvol wrt hours in a day estimates on 1, 5, 10, 20 btc invested a. daily volume estimate b. monthly volume estimate c. # days til 0% fees d. drawdown, as % returns by hours wrt hours in a day e. how much btc drawdown as an exponential value of drawdown * # days til 0% fees f. daily fees @ 0.1% g. income at 0.1% fees h. income @ 0.0% fees i. income at 0.1% rebate —- —- ask for access - charging 0.01 BTC or equiv donation, below addresses, to fund the dev acc If you prefer not to use the referral link, (either is good to access code, there is no hitbtc aff link at present, binance link in chat inside hackernoon article): consider a crypto donation! —— let targetSpread = 0.55; - higher spread should mean more profit, overall, because the difference in bid ask is higher so we should get less trades for more gain. The downside is that with higher spread there will be less pairs to trade. let targetVolDiv = 5; - this is how many times lower than the average, per base (BTC, BNB, ETH) the volume is allowed to be to consider a pair to trade. let targetVolMult = 20; - and this is how much larger than the average. If these are higher, then you'll notice more pairs that want to trade, but the downside of a higher Div is that they will have lesser volume and might not be really liquid... a higher Mult means that the more liquid markets might not have a good enough spread. let maxOrder = 1500; - this means that the maximum order size for a pair can be 1500 units. This is to protect against trading shitcoins that will get 12000 coins for 0.001 btc, because these pairs generally trade at a bid/ask that's exactly 1 point away from each other.. so think about it like we don't want to trade Doge because we want to have our own unique orders above/below the bid/ask let minOrder = 0; - the minimum order amount (a fix that's since been fixed better, might as well leave at 0) let maxBetterVol = 1.5; - this exists as a matter to ensure people can run competing bots. If there's a # volume of tokens/coins better than your bid/ask order # of this multiplier or less, it won't re-enter the market. If the amount better than your order * this multiplier is larger, it'll re-enter the market

Binance Coin Price Dips as Investors Question the Current Business Model

Even though most of the cryptocurrency markets are still showing plenty of bearish signs, it seems to be a matter of time until things improve once again. Until that happens, this extensive bearish trend will need to be endured, unfortunately. When even the Binance Coin price is going down in value, one has to acknowledge this is not the best of times for this industry. Binance Coin Price Trend isn’t Surprising When looking at the big picture in terms of overall crypto market momentum, it is only normal to see all currencies, tokens, and assets in the red. That is except the coins which are going through what appears to be a pump cycle. Binance Coin is, for once not rising in value when Bitcoin’s value is in the red. That seems to confirm this token’s trend may have run its course, for a little while. Over the past 24 hours, the Binance Coin price momentum has soured significantly. While some people may claim this coin will gain another 100% fairly soon, the current balance looks a bit different. A 2.76% loss in USD follow and 1.2% losses over both Bitcoin and Ethereum do not paint a happy picture. While the current value still sits above $16.5, it remains to be seen how much longer that will be the case. Even Weiss Ratings is seemingly growing tired of the BNB price surges which seemingly make little to no sense. They confirmed the Launchpad changes have been beneficial to this price trend, although it also fuels the speculation as to how this price run is artificial first and foremost. It is always interesting to see these different opinions on such changes. #BNB price rises 17% after launchpad changes. This rally has gone on far too long – it’s artificial and it’s not sustainable. #Binance — Weiss Ratings (@WeissRatings) March 25, 2019 A similar sentiment is echoed by CryptoAndChill. This user sees the current BNB model as a way to create more accredited investors, instead of opening up token sales to the masses like originally intended. It is not a business model most people will agree with, and one that can harm the BNB price in the distant future. Comments like these should not be overlooked by any means, as they show people are getting tired of how things are being run. The new #BNB model sounds a lot like being an accredited investor… You have to have a certain amount of this in order to participate in that.. that's why there's so much heat on CZ. It gets rid of the "little" investor. — CryptoAndChill (@Crypt0AndChill) March 25, 2019 Adam, on the other hand, is concerned over the number of use cases for Binance Coin now and in the future. It is mainly focused on the Binance exchange, although Travala accepts it as well. Even so, without additional utility, and the potential outcome of cutting out smaller investors, the current price seems unsustainable for the long run. A lot of the positive momentum is turning against this market in recent days, which isn’t entirely unexpected. I also don't see #BNB going up to much higher since it's a token that is limited in use & can only be really used on the binance exchange. #APL can be used everywhere. Which gives it a much better chance at a higher price value in the long term with so many real world use cases. — Adam (@smileyface218) March 25, 2019 While the current momentum seems to indicate the Binance Coin value will recover fairly soon, the overall sentiment among community members shows something else entirely. It is certainly possible this market will see another uptrend materialize at some point, but the growing dismay among holders and onlookers does not bode well. Addressing those concerns may prove crucial for the future of BNB. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): The post Binance Coin Price Dips as Investors Question the Current Business Model appeared first on NullTX.

Crypto Enthusiast – “As long as ADA ranks above Tron, there is hope for this world”, Cardano’s Hoskinson Concurs

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