On the 12th of this month, Binance CEO, Changpeng Zhao, informed the crypto community that the Binance Chain will be launched today, 20th February. However, by late yesterday tweets by those who got early access to the platform had already started making rounds on Crypto Twitter. On such individual who had early access expressed his delight at how the new DEX was excellent and amazing. The tweet can be found below.
Official Announcement By Binance
A few hours ago, the team at Binance released an official announcement stating that the Binance Chain testnet was now live. The new blockchain is meant to become the backbone of the Binance Decentralized Exchange as well as the native network for the Binance Coin (BNB). The latter will be migrated to the Mainnet of Binance Chain at a later date that is yet to be announced by the team. Another use for the Binance Chain will be for the issuance of tokens for crowdfunding campaigns.
CZ had this to say about the DEX in a recent interview with Forbes.
The user interface on Binance DEX is similar to the interface of Binance.com. Fast, secure and user-friendly. We envision the Binance Chain to help grow the community and further crypto adoption and accessibility.
At this stage, we simply want to develop the best DEX as fast as possible. We are still figuring out some functions as we go and will be asking traders for feedback on the testnet, in order to iterate and improve on it quickly.
CZ topped up the interview by explaining that the Binance Chain will have one-second block times. Its speed on the DEX will allow the platform to handle similar trading volume as the original Binance.com exchange. His exact words were as follows.
Binance Chain has near-instant transaction finality, with one-second block times. This is faster than other blockchains today. With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.
BNB Continues to Rally in the Crypto Markets
Further checking the crypto markets, Binance Coin (BNB) is firmly in the number 10 spot with a value of $11.01. The token has seen an impressive 14% gain in the last 24 hours. Anyone who bought BNB on December 15th when BTC reached its recent low of $3,150 only paid $4.50 per token. Doing the math, the token has given investors 150% in returns in the two month period since mid December.
With the Fetch (FET) token sale only days away and the anticipated release of the Binance Chain Mainnet also on the horizon, one is tempted to conclude that BNB is not done with its ascent to the top of the crypto markets.
What are your thoughts on the launch of the Binance Chain and Decentralized Exchange? Have you tested the platform’s functionality? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.