Binance CEO Changpeng Zhao has announced that Binance will launch the test network of its decentralized platform, Binance DEX, next week. Selected partners can then test the platform and begin to integrate their products.
According to some, a decentralized exchange is the ultimate way of crypto trading. There are no longer any private transactions, and everything is arranged in a decentralized manner. This would be safer in addition to being transparent. The CEO explains:
Binance DEX works just like Bitcoin. So most transactions are transparent. There are no hidden transactions or private transactions.
On Twitter Changpeng Zhao, better known as CZ, announced that the developers have set a date on which the blockchain of the platform will be launched. If everything goes according to plan, Binance partners can then test the platform.
CZ said earlier that the decentralized platform can work alongside Binance, the world’s largest crypto exchange. There is even a possibility that Binance DEX will replace the original exchange.
If a crypto project wants to have its crypto traded on the decentralized exchange, that project must pay $ 100,000. Binance has decided to make this amount so high to avoid spam and scam projects.
Binance DEX will use binance coin as a native token, which could cause the crypto to rise even further than it already did. BNB is therefore comparable to the ethereum (ETH) cryptocurrency. On that platform, ETH is used to perform transactions on the Ethereum network.