Binance, a leading bitcoin and cryptocurrency exchange today unveiled a preview of their new (DEX). In a few months, the community-driven decentralized exchange will launch and enable traders to issue and exchange digital assets without having to deposit onto the central exchange. Development has gone from concept to built interfaces, check out a sneak peek of how it works below.
The decentralized exchange is built on top of Binance Chain and will use Binance Coin (BNB) as the native asset.
- 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
Binance DEX makes it possible for funds to be more ‘SAFU’ than ever before. Users can have their DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on a user’s personal 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 shortly.
To see an earlier preview of the Binance DEX, which shows how the coding works for the decentralized exchange, see below: