One of the largest cryptocurrency exchange, Binance has recently launched its own decentralized exchange (DEX) which now runs on Binance’s native blockchain, Binance Chain. The exchange is now inviting other community development to issue their new tokens on Binance chain.
Is Binance Chain a Direct threat to Ethereum Network?
After launching Binance chain, BNB was reportedly migrated from Ethereum network to Binance native chain on April 23. As Binance Coin (BNB) which is currently the seventh largest cryptocurrency moved from Ethereum, it is likely to create a sense of migration among upcoming and existing tokens as well. The fact is that Binance as crypto exchange, within a very short period of time, began ruling other reputed trading platforms. Meantime, Binance Coin also outperformed over other long-existed crypto coins in terms of market capitalization.
The exchange has released a new announcement on the same day of Mainnet swap completion (i.e today – April 23) and offers other community development to issue their new tokens on Binance chain. Very soon after Binance chain launch, Mithril (MITH), a crypto project becomes the first project to migrate into Binance Chain. Nevertheless, reports also reveal other projects like Red Pulse Phoenix (PHX) and Atomic Wallet Coin (AWC) to follow suit. However, PHX token was built on NEO platform and very soon major token ecosystem would be migrated to Binance native chain.
Binance DEX experienced its successful launch on Binance chain after completing the testnet period of two months. As per Binance report, nearly 8.5 million transactions were made to determine errors if any – as such these two months testnet period carried trading competition, coding competition and bug bounty program which enhances the trust among large crypto community towards the final launch of Binance chain and DEX on top of it.
Binance and its CEO, CZ may not necessarily in direct competition of Ethereum but the product similar to what Ehtereum offers – will definitely pose a question.
Nevertheless, Coingape recently reported CZ’s sentiment towards Ethereum Crypto and Binance Coin – wherein he reveals ETH is better than BNB coin when it comes to feature whereas the former lacks focus and latter kept eyeing on one specific aspect.
Concerning Binance DEX launch, CZ adds 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.”
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com