The eagerly anticipated launch of Binance’s decentralised exchange has been announced for February 20th, when public testing will commence on both Binance Chain and Binance DEX.
The announcement was made by the exchange’s CEO Changpeng Zhao, who tweeted: “Finally got a date. Targeting to release Binance Chain testnet (Binance DEX) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.”
Binance Chain, which will be the project’s native public blockchain, will use a delegated proof-of-stake consensus algorithm.
The decentralised exchange (DEX) will be built on Binance Chain, with claims that it will facilitate “one-second block time and one confirmation finality,” which according to CZ means “instant transactions.”
Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.
— CZ 🔶 BNB (@cz_binance) February 12, 2019
Other projects will be able to issue new tokens on Binance Chain. This could shift dominance away from Ethereum, which has been the main platform provider for ICOs over the past 24 months.
Binance will charge a small fee for every trade made on the platform. They will also charge projects around $100,000 to be launched on Binance Chain.
“Binance DEX works very similar to Bitcoin,” Zhao explained in last week’s AMA. “So most transactions are transparent. There’s no hidden transactions or private transactions.”
The price of Binance’s native token, BNB, has skyrocketed since the turn of the year, rising from as low as $4.73 in December to a recent high of $9.51.
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