Everything You Need to Know about Binance DEX
You guys must be wondering and your brain must be filled with lots of questions like what is Binance Dex ? and why the hell BNB and coins which join binance chain (I.e. phx, MITH) are pumping like hell?
Which are the potential next projects to join binance details?
How to gain maximum out of such opportunities? Here we are trying to answer all your questions by giving you summarised details of all you need to know in such respect.
What is Binance DEX?
First of all, DEX means Decentralized Exchanges. Binance, the world’s largest crypto exchange, launched its own blockchain on April 18,2019. It is called the Binance Chain mainnet and aimed at supporting decentralised exchanges (DEX). They already did it’s testnet in March. Basically, a testnet only exists as a working prototype for a blockchain project, while a mainnet is a completely developed blockchain platform for users to send and receive cryptocurrency transactions or any other kind of digital data that is recorded on a distributed ledger.
Why Binance DEX?
According to a CNN report, a decentralised exchange is also in the pipeline for its more than 10 million users. It may be launched sometime in the next week. With the Binance Chain, the exchange is hopeful of ushering a more efficient protocol for decentralised applications (Dapps) that require a higher transaction capacity.
Binance Chain is created to support the issuance and exchange of digital assets. Any project can issue new tokens on Binance Chain, and existing tokens that don’t depend on smart contracts are welcome to migrate to Binance Chain and gain the benefits from this low latency and high throughput network. This will inspire more and more projects participating in Binance DEX and will help further the long-term vision of peer-to-peer cryptocurrency trading. It means, all the currencies on binance DEX will be able to convert to each other.
An Example Maybe?
Let me tell with the help of easy example. If you have 1000 MITH and you want to buy equivalent phx with that amount, then on binance chain. You can directly convert your MITH into PHX at stated conversion price of that day of these cryptocurrencies. You don’t need to sell you MITH into btc first and then buy phx from btc. I hope you guys get it.
Now, coming back to reason, why bnb is pumping so much. BNB is currently being traded on the Ethereum network, where it is the premier token with a market capitalisation of $2.95 billion. But The company is also expected to move its native token, Binance Coin (BNB), to the newly-launched blockchain platform. Therefore it’s price pumped from 37k to 48k in 2 days in such hype. Moreover, The exchange believes that the switch will inspire other crypto projects to follow suit and migrate to Binance Chain mainnet. We hope you guys entered into bnb at 35k and 33k zones as advised by us.
Reports further suggest that BNB will be created on Binance Chain with a fixed supply of 200 million, and the exchange will burn 11,654,398 BNB to replicate the supply of BNB on Ethereum.
Binance DEX will support proven secure and decentralized software and hardware wallets. Binance’s Trust Wallet is fully integrated with Binance DEX, as well as the Ledger Nano S, with more wallets supported over time.
Most likely candidate that will follow MITH and phx is #ENJ. Other than that, coins for which token sale held on binance launchpad stands a good chance to be next projects on binance chain expect for BTT as BitTorrent is a token on the TRON blockchain and because of its strong connection with TRON, will probably not move to Binance. However, both Fetch.AI and Celer Network are now living on the Ethereum blockchain, and could migrate to Binance as they have already established a relationship with the exchange because of their Launchpad sale. Some others in line are MCO, RVN, ENG, GVT, ARN, WABI and WTC . However, this is not a spoiler, it’s just list of tokens which have higher chance of making it to binance chain.
Have safe trading.