Binance released DEX for public testing
At 8 AM, UTC, Feb, 20th, Binance officially launched their DEX for public testing. Users are required to have 1 BNB in their wallet to test Binance DEX. Additionally, Binance also warns users not to send a large, aggressive order at once. Furthermore, users can use Ledger to open their wallet and trading.
A few things you should know about Binance DEX:
- To submit a token, a user must have enough BNB (at least 2000 BNBs) then wait for voting results of validators to get the token listed. https://binance-chain.github.io/list.html
- Developers can freeze/unfreeze, mint, burn their token. On a side note, the total supply of a token is restricted to 90 billion.
- Order expire: Orders on Binance DEX will be expired at 1st midnight (UTC), 72hrs after the order get accepted. Additionally, when the order is canceled or expired, users will have to pay a fee. The full details can be found here: https://binance-chain.github.io/trading-spec.html
- Accelerated Nodes are used for facilitating accelerated transaction routing and provide richer, faster user interfaces.
- Binance Chain uses BFT and PoS (upcoming) based consensus mechanism to produce blocks.
Price analysis:
On 19th, February, the crypto market saw a massive jump boosted the value of BNB by almost 10%. Later on a small dump occurred. However, when the DEX was released, another massive green candle was inserted adding another 5% to BNB value. At the moment, BNB correcting.
With the launch of BNB's DEX, other DEXs will soon have to push as hard as they can to catch up to Binance's development.
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