Input your search keywords and press Enter.

Binance: Binance Chain/DEX services are now LIVE for the global crypto community

The crypto community was filled with curiosity and happiness anticipating the launch of an exceptional update by Binance. Now Binance has finally launched the Binance DEX on its local blockchain, called Binance Chain. Prominent cryptocurrency exchange and ecosystem Binance welcomed ventures for investment just as the issuance of new tokens on its local Binance Chain.

The company took Twitter to announce this exciting news to the crypto community and officially announced the launch of Binance DEX. The news came and hit the crypto market as all the community spotted a post by Binance DEX on Twitter saying “Binance Chain/DEX services were now LIVE for the global crypto community.”

With this much-anticipated launch of Binance DEX, BNB or Binance Coin has now effectively made its movement to BEP-2 from ERC-20 to turn into the Binance Chain’s local resource. Positioned at the seventh position on CoinMarketCap, Binance coin is out and about to help the exchanges on DEX.

According to a recent research report that explored some of the challenges, and has emphasized on the fact that these type of decentralized cryptocurrency exchanges are mainly helpless against misuse by algorithmic exchanging programs that exploit wasteful aspects like latency to engage in front running.

Decentralized crypto exchanges are often described as one of the poor UX, low on chain order execution, and low liquidity. These decentralized crypto exchanges (DEXs) are not much popular or have a good name in the crypto world. With the launch of Binance DEX, Binance guarantees to change all that, with an interface that is similar to its parent exchange, and guaranteeing exchanges are settled quickly. Binance Chain has already created its place in the market with handfuls having officially applied to join Binance Chain.

However, some of the crypto enthusiasts and analysts believe in Binance and are idealistic that Binance can easily beat these difficulties by utilizing its size, client base, and budgetary assets. At the same time still, the question remains for the other crypto experts that to what extent will Binance or BNB be able to overcome the challenges faced by decentralized cryptocurrency exchanges.

Jeff Dorman, a chief investment officer of asset manager Arca, said that if Binance being a decentralized cryptocurrency exchange, will be able to achieve and overcome all of the challenges then, it would be “incredibly significant to the whole crypto community.”

Leave a Reply

Your email address will not be published. Required fields are marked *