Binance gives a sneak peek of its decentralized exchange

DEX • December 5, 2018, 5:48AM EST
UPDATED: December 5, 2018, 4:48PM EST
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Binance, the largest cryptocurrency exchange by volume, released a video Wednesday showing a demo of the upcoming Binance decentralized exchange (DEX). Binance DEX, which is set to launch in early 2019, is built on top of Binance Chain with a native Binance Coin (BNB) token, which will be migrated from an ERC20 token and act as the native gas. Binance Chain will use Delegated Byzantine Fault Tolerance (dBFT) as its consensus mechanism, similarly to NEO. 

The decentralized exchange will supposedly feature low latency, high throughput trading, as well as decentralized custody of funds. In addition, it will also allow projects to issue new tokens, meaning they can run an ICO on the Binance Chain and raise funds in BNB. The projects will then have direct access to liquidity on the DEX afterward. Even though Binance will get a small fee from each trade, it claims that the DEX will be maintained as a community project. (Source: YouTube)

AUTHOR

Larry Cermak profile picture Larry Cermak

Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Larry Cermak