Binance DEX Official Launch Image

Binance DEX Official Launch

Binance has announced the much-anticipated launch of the testnet of Binance Chain and the decentralized exchange (DEX) built on top of it as Binance Coin (BNB) reached a new all-time high value trading against BTC.

Binance DEX testnet is now live!

In an official publication, Binance, the world’s largest cryptocurrency exchange by means of traded volumes, announced that both Binance Chain and Binance DEX have entered their public testnet phase.

This allows users to create their very own wallets and to interact with the platform’s interface which, as Changpeng Zhao puts it, is very similar to the interface of the existing Binance exchange.

As promised earlier, the DEX has added support for hardware wallets. Users can install the Binance Chain app through Ledger Live in order to access the DEX testnet with the Ledger Nano S.

After taking a look at the Binance DEX interface, you'll notice that not much has changed from the original Binance platform.

binance dex official launch testnet interface

Binance has also revealed a blockchain explorer for the testnet of Binance Chain. Via the explorer, users can find information about blocks which are added to the network, wallet balances, as well as transactions which have taken place on the blockchain among other things.

How decentralized is Binance DEX really going to be?

CEO ‘CZ’ Changpeng Zhao has more than once expressed his position on decentralization, outlining that it’s not safer ‘by default’ compared to centralized solutions. He also said ‘there is no absolute decentralization.’ So the DEX differs is a non-custodial exchange, but takes it a step further since the orders are matched by the blockchain and not the exchange.

Earlier this month, Bitcoinist reported on a live AMA of Binance’s CEO, where he outlined that, initially, the number of network consensus validators on the DEX is going to be small – starting with 11 validator nodes.

During the AMA, Zhao outlined that as the exchange goes live, they will be looking to select the nodes through their close partners. He also stated that Binance will have a lot of influence over the network, saying that the solution will be “more centralized” in comparison to other networks.

Additionally, Zhao also said that Binance DEX will charge “close to $100K” for listing new cryptocurrencies in an attempt to reduce the number of “spam or scam projects.”

Binance Coin (BNB) got pumped on the news

In anticipation for the testnet launch, BNB surged with over 13 percent in the last 24 hours.

With this, the cryptocurrency has reached a new all-time high (ATH) value when trading against BTC.

binance dex launch has pumped bnb price graph

Earlier this week, Binance said that BNB will be moved to the Binance Chain, converting it into a native asset, as BNB is currently an ERC20-based token (Ethereum blockchain).