Binance, the world’s biggest cryptocurrency market by trading volume, has rolled out public testing for a decentralized trading platform built on its blockchain network.
The company announced on Wednesday the new platform — called Binance DEX — is now up for public testing where users can make their own pockets and socialize with the trading platform’s interface.
In addition, Binance revealed the blockchain explorer to the testnet of its own proprietary public network called Binance Chain, which empowers the DEX so that traders can participate as individual nodes and maintain their own personal keys to their own crypto assets.
While the initiation of the testnet is a significant step towards a last roll-out of this decentralized market, Binance said it currently needs to collect feedback from the community before it could reveal a deadline for its last launch.
“With Binance DEX, we give a different balance of safety, liberty, and ease-of-use, in which you require more responsibility and are in more control of private assets,” stated Binance’s co-founder and CEO Changpeng Zhao.
The company added that Trust Wallet, the blockchain startup Binance recently obtained, and hardware pocket manufacturer Ledger, have already incorporated with Binance DEX. Meanwhile, BNB, the ERC20-based token launched from the market, will be migrated to Binance Chain upon its final launch.
Binance first announced the plan to develop its own blockchain and a decentralized exchange in March 2018, after it kicked off its centralized spot-trading exchange Binance.com in mid-2017.
In today’s announcement, Zhao further boasted that Binance Chain has”near-instant trade finality with one-second block time” He added that such capacity could possibly enable Binance DEX to deal with the same volume Binance.com is managing now.
Having said that, Zhao also indicated on Twitter days ago that there’ll be a listing fee of approximately $100,000 for tokens to be recorded on Binance DEX — a high entry bar he stated was set to decrease the amount of scam projects.