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Binance DEX, the decentralized exchange of Binance, has launched on Binance Chain today. The announcement was made just hours after the Binance Coin Mainnet Swap (from Ethereum to the recently launched Binance Chain) was completed.
In a statement, Binance CEO Changpeng Zhao says that 'We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.'
.@Binance_DEX Launches on #Binance Chain, Invites Community Developmenthttps://t.co/lj16v7n2e1
— Binance (@binance) April 23, 2019
The Binance DEX team encourages projects 'to participate and issue new tokens on the native blockchain'. These tokens will be BEP-2 tokens, the ERC-20 equivaldnt of the Binance Chain. Trading on Binance DEX will start at a later date, somewhere within the next few days, once tokens are listed and trading pairs are created.
.@Binance Chain/DEX related services;
— Binance DEX (@Binance_DEX) April 23, 2019
- Web Wallet
- Explorer
- REST API
- Accelerated Nodes
Are now LIVE!
Trading on #Binance DEX will go live as soon as the first trading pair is listed at a later date (TBA).https://t.co/003nYLLVX4 pic.twitter.com/yRI9Yq2MNn
Binance DEX has seen a testnet period of two months before going live. Nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program. $BNB will be used for transactions on the DEX.
Decentralized or not?
With Binance celebrating the launch of their decentralized exchange, some are raising questions whether Binance DEX can be named a 'decentralized exchange' because of the small number of Binance Chain nodes and the fact Binance has selected close partners to run the nodes.
According to CZ, these partners had to be selected because of the huge traffic and volume that is expected on Binance Chain. CZ admitted that the Binance DEX is 'socially less decentralized' (because of the marketing influence of Binance), but techically both the DEX and the Chain are fully decentralized. CZ tweeted in February to the 'haters': 'Don't call it a DEX if you don't want to.'
A few guys seem to be bent out of shape, take it easy. Don’t call it a DEX. Call it an exchange where users control their own funds, runs on a fast blockchain maintained by a number of nodes, plus a fast and easy UI. That’s it.
— CZ Binance (@cz_binance) February 22, 2019