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Crypto exchange Binance adds ontology-pegged asset on Binance Chain

Image by Binance

Tue, 21 Apr 2020, 10:04 am UTC

Crypto exchange Binance has added another asset to Binance Chain.

On Monday, Binance announced that it has issued ONT-33D, a crypto asset pegged to Ontology (ONT) tokens, on the Binance Chain. It also proposed to list it on Binance DEX.

Binance Chain is a blockchain software system that is developed by Binance and the community. It is a community-driven development project with several distributors and contributors from all over the world. Meanwhile, DEX is the decentralized exchange featured developed on top of it.

On the other hand, ontology is a high-performance public blockchain and distributed collaboration platform. Its unique infrastructure supports robust cross-chain collaboration, Layer 2 scalability and includes a suite of decentralized identity (DID) and data sharing protocols to enhance the speed, security, and trust that are fundamental to enhanced global cooperation among businesses. The said characteristics are significant for future global collaboration with on-chain and off-chain scenarios.

Binance DEX is the first platform that offers ONT users access to decentralized trading services, allowing them to trade ONT while having 100% control over their assets, expanding the use cases of ONT and increasing its liquidity.

Ontology features support all ERC-20 tokens, in-dApp stablecoin query, and many other functions. However, the node staking feature is currently not available but will be added soon with the intent of integrating it with Binance DEX.

The integration aims to give better DEX services to ONT users and make it easier for them to have full control of their assets while participating in ecosystem governance.

Meanwhile, on Thursday, Binance DEX opened the trading for WRX/BNB trading pair. However, users should take caution because cryptocurrency investment is subject to high market risk and Binance DEX will not be responsible for its clients’ investment losses.

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