It also provides people with many options to participate in the chain. On the user experience side, BNB Chain is designed in a way that incorporates the most user-friendly functions on the Binance website. This easily fixes the speed issues that hinder DEX platforms. By comparison, block times are estimated at 10 minutes for the Bitcoin blockchain and 20 seconds for the Ethereum blockchain.
These capabilities, which are already light years ahead of most DEX options, are made possible by the BNB Chain, which has a one-second block time. At its current beta form, Binance DEX can handle trading volumes as huge as the ones we process on the centralized exchange, at a rate of about "a couple of thousand" transactions per second, according to CZ. This transition will result in more usage of BNB, now one of the top 10 cryptocurrencies in the world.īinance DEX was designed to handle the same amount of transactions that the current Binance platform handles. In relation to these functions, we are migrating BNB to the BNB Chain, turning it into the blockchain’s native token to be used for blockchain fees and other transactions. As the DEX grows, more functions will be explored and developed further. In addition, any participant in the chain can propose the trading pairs they want to see and, with enough support, start trading in that exact pair he proposed.
You can issue new tokens on the blockchain, which you can then send, receive, burn, mint, freeze, or unfreeze. Binance DEX will allow you to send and receive BNB between different addresses. That said, we agree that BNB Chain and Binance DEX should start with functions that allow for the exchange of assets. Once we show that the infrastructure is sound enough to handle many transactions quickly, the additional features will follow. It is our opinion that the load is more important than the features,” Binance CEO Changpeng “CZ” Zhao said about the upcoming blockchain. “BNB Chain is a very simple chain in terms of application, but it can handle very large loads. With BNB Chain and Binance DEX, our immediate goal is to quickly launch a platform that does one thing very well: exchange assets. (Speaking of pictures, we encourage everyone to use the official images of BNB Chain and Binance DEX from this public drive. Here’s where Binance DEX comes into the picture.
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From there, it’s a matter of figuring out how to replicate the successes of our market-leading centralized exchange into the decentralized realm. And among the current and emerging DEX players in the market, we are in a unique position of knowing how to run a secure exchange platform that quickly processes billions in transactions for millions of people. In addition, DEX platforms face speed and liquidity issues, which leave them lagging behind their centralized peers.Īt Binance, we are fully aware of the issues that hinder DEX platforms from reaching a wider user base. The user experience on existing DEX platforms is less intuitive and user-friendly compared to centralized exchanges. However, the current DEX options face issues that hinder them from growing as widely used platforms. Unlike centralized exchanges that may be subject to downtimes, a DEX is kept running by nodes distributed around the world and codes that execute functions. With a DEX, a person fully holds his crypto funds and directly plug into the network to trade without needing to provide personal information. Below, we explain what sets BNB Chain and DEX apart.Ī DEX is a great manifestation of Binance’s mission to spread the freedom of money. The first use case for BNB Chain is Binance DEX, a new decentralized exchange (DEX) that aims to carry over the best features of the current Binance exchange in a decentralized setting, while also offering the benefits and security of a DEX. Together, we want to ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner. īNB Chain is a blockchain project initiated by Binance and has since involved a whole community of Binancians. After months of groundbreaking work, we’re hours away from the testnet launch of the all-new BNB Chain, set at February 20. And during the months that passed since the launch of Binance, amid all the expansions we made for the Binance ecosystem, the blockchain project remained an important step in our goal of exchanging the world. Ever since Binance was created, we have envisioned the creation of a native blockchain for our platform.
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