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.


7.98 USD


8.24 USD


33.05 USD


121.44 USD


170.40 USD


0.09184 USD


266.67 USD

Related news

eToro CEO, Binance Exec Join Justin Sun's $4.5 Million Buffett Lunch

The highly anticipated crypto power lunch between Warren Buffett and Justin Sun is growing and will now include two new members who promise to enrich the conversation between the two businessmen. eToro CEO Yoni Assia is one of them. Assia has been straightforward and actually pushed for an invitation instead of waiting for it. Would […] The post eToro CEO, Binance Exec Join Justin Sun's $4.5 Million Buffett Lunch appeared first on CCN Markets

Bitcoin And Crypto Market Approaching Next Break: BCH, XLM, EOS, TRX Analysis

The total crypto market cap is currently trading in a range below the $290.0B resistance. Bitcoin price is also consolidating above the $10,500 support and is preparing for the next move. BCH price broke the $320 resistance, but it is struggling to gain momentum. EOS price is up around 2% and it recently traded above the $4.100 and $4.200 resistances Stellar (XLM) price is slowly moving higher towards the $0.0950 and $0.1000 resistance levels. Tron (TRX) price is likely to continue higher and it might soon break the $0.0300 resistance area. The crypto market cap and bitcoin (BTC) are preparing for the next break. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently showing positive signs. Bitcoin Cash Price Analysis After struggling for a few sessions, bitcoin cash price successfully broke the $300 resistance against the US Dollar. The BCH/USD pair even broke the key $320 resistance level and it is currently consolidating gains. An immediate resistance is near the $328 and $330 levels. If there is an upside break above $330, the price could accelerate higher towards the $350 level. On the downside, an immediate support is at $320, below which it could revisit the $305 support area. Stellar (XLM), EOS and Tron (TRX) Price Analysis EOS price started a solid recovery after forming a support base above $3.600. The price broke the key $4.000 resistance level to move into a positive zone. Moreover, the price broke the $4.200 resistance and it might continue to rise towards the $4.400 and $4.500 resistance levels. Stellar price slowly recovered above the $0.0850 resistance level. XLM price even broke the $0.0900 resistance level and it is currently consolidating. It seems like the price could rise towards the $0.0980 and $0.1000 resistance levels in the coming sessions. On the downside, the key supports are $0.0900 and $0.0880. Tron price is showing a lot of positive signs above the $0.0250 and $0.0280 resistance levels. TRX price is about to break the $0.0300 resistance level and it might continue to rise. The next major resistance is near $0.0320, above which it could test the $0.0350 resistance. Looking at the total cryptocurrency market cap 4-hours chart, there was an upside extension above the $280.0B resistance level. However, the market cap struggled near the $290.0B level and remained below the 100 SMA. At the moment, the market cap is consolidating in a range, with resistance near $290.0B and support at $272.0B. If there is a downside break below $272.0B and $270.0B, there could be more losses towards $250.0B. On the upside, a close above $290.0B might spark sharp gains in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term. Bitcoin And Crypto Market Approaching Next Break: BCH, XLM, EOS, TRX Analysis was last modified: July 22nd, 2019 by Aayush JindalThe post Bitcoin And Crypto Market Approaching Next Break: BCH, XLM, EOS, TRX Analysis appeared first on NewsBTC.

Masternodes concept has been one of our big innovations, claims CEO of Dash

According to, there are currently 2364 virtual assets present in the space but most of the users would hardly be familiar with each one of them. The top-10 cryptocurrencies control a majority of the crypto market cap and public attention. However, Dash, a virtual asset currently ranking 15 came into the limelight when they […] The post Masternodes concept has been one of our big innovations, claims CEO of Dash appeared first on AMBCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.