Today, a new preview of the upcoming Binance DEX went live. In just a few months, the community-driven decentralized exchange, which will allow traders to issue and exchange digital assets without having to deposit onto a central exchange, went from concept to coding to interface. See a sneak peek of how it works below:
Binance DEX is made by the blockchain community, for the blockchain community, with support from Binance developers, as part of advancing our mission to spread the freedom of money. The decentralized exchange is built on top of Binance Chain, which we started developing and grew into a community initiative, and will use Binance Coin (BNB) as a native asset.
What can you do on Binance DEX?
- Send and receive BNB to anyone on the DEX
- Issue new tokens
- Send tokens to others on the DEX, and receive some in return
- Burn tokens as needed
- Freeze some tokens, and unfreeze them later
- Propose new trading pairs, with the whole community having a say on the merits of the pairing
- Send buy and sell orders through trading pairs the community created
One important thing to point out here is that Binance DEX makes it possible for your funds to be more SAFU than ever before. Have your DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on your device, so traders can retain full control over their funds and private keys.
Binance DEX will be maintained as a community project and is expected to launch early next year, while details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed soon.
In case you missed our first preview of the Binance DEX, where we show how the coding works for the decentralized exchange, watch the video here: