Binance worked a lot in order to develop their much-awaited decentralized trading platform. Now, it’s open for public testing.
Binance revealed that the brand new DEX is running on its own blockchain network which is called Binance Chain.
With the help of Binance DEX crypto traders will get the chance to own their private keys instead of trusting a centralized exchange to keep them safe.
Binance gives away $100k
Changpeng Zhao announced that Binance is giving away $100,000 to users who are testing the company’s new decentralized exchange.
“All users who hold at least one real BNB on their Binance account will be eligible to participate in this Binance DEX Simulated Trading Competition. Each Binance.com account can register a maximum of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the Binance DEX trading competition begins,” the official announcement reads.
To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as reward for our testnet trading competition.
You have nothing to lose!
Come and join the fun, and help us launch the mainnet faster! https://t.co/2NK8LVVAGY
— CZ Binance (@cz_binance) March 1, 2019
Community feedback
Of course, people were excited after reading CZ’s announcement, but some users were bothered by the DEX name for the exchange because they claim this is not a decentralized exchange since it keeps users funds.
Someone said: “why call it a DEX if it’s not a DEX? I just mean if you are giving away apples don’t tell ppl you are giving them bananas.”
Here’s what CZ had to say on the subject: “A few guys seem to be bent out of shape, take it easy. Don’t call it a DEX. Call it an exchange where users control their own funds, runs on a fast blockchain maintained by some nodes, plus a fast and easy UI. That’s it.”
ITs not DEX, you will be in charge of our coins and we will be in charge of tethers… Change the name your exchange!
— Really Bad Trader (@ReallyTrader) March 1, 2019
Tron (TRX)’s founder and CEO Justin Sun and Binance’s Changpeng Zhao (CZ) have recently discussed things in an interview with the Chinese news portal Huoxing24.
CZ believes that adoption will be rapidly increasing this year. Other than that, he didn’t predict anything related to prices in the crypto market.