Binance launches decentralized exchange ‘Binance DEX’ on Binance Chain

Cryptocurrency exchange Binance has officially launched the launch of its decentralized exchange Binance DEX on the Binance Chain, its native blockchain platform.

The launch follows a two-month testnet period, during which nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program.

“As a testament to the community-led nature of Binance DEX, many of the new features and open-source tools that have emerged on the mainnet are contributions made by the Binance community,” Binance said.

Commenting on the launch, Binance CEO CEO Changpeng Zhao said

“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.”

With the mainnet launch of Binance Chain, Binance Coin (BNB) has migrated from ERC-20 to BEP-2 to become the native asset on Binance Chain, where the token will be used to assist network transactions.

BNB is currently the seventh largest cryptocurrency by market capitalization and trading at $24.31 at the time of writing.

According to the official announcement, wallets initially supported on Binance Chain include Trust Wallet, Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet and Exodus.

“Users now have access to the Binance Chain Explorer, web wallet, public data nodes and APIs, and trading will begin at a later date,” it added.