Binance Completes Mainnet Swap, Launches DEX for New Binance Coin (BNB)
Binance has swapped and burned the ERC-20 coins in its wallet, moving to a new proof-of-stake blockchain.
Just days after the Binance Chaingenesis block launch, the leading Malta-based exchange swapped out its holdings of the old ERC-20 tokens. With this, Binance Coin (BNB) “graduated” from the Ethereum network. Changpeng Zhao, the CEO of Binance, underlined the fact that Binance Chain was using the more energy-efficient proof-of-stake protocol.
Immediately, Binance also launched the long-awaited Binance DEX.
https://twitter.com/binance/status/1120610471650816001
While Binance will support deposits and withdrawals, the DEX will allow for direct trading through wallets supporting the new BNB. The Binance DEX will offer a web wallet for storage and immediate trading.
https://twitter.com/cz_binance/status/1120614536690581504
The rest of the crypto ecosystem will also start using the new type of token, and those that keep BNB with other market operators will possibly see an automated swap. The eToro broker will also participate, switching to the new network:
https://twitter.com/eToroService/status/1120322144402063361
The days leading up to the announcements saw BNB spike to record prices of $25.53, as well as Bitcoin (BTC) records, above 0.004 BTC. The asset is seen as increasingly important, potentially leading to much higher valuations. Following the news, BNB retreated slightly, trading at $24.24 as of 10:20 UTC on Tuesday.
In the coming days, Binance will continue attracting attention with another token sale, this time of Matic Network, coming up on April 28. This will be the first Initial Exchange Offering employing the lottery principle, for which owners of BNB will be able to buy participation and winning tickets will be obliged to buy tokens up to the price of the tickets.
Additionally, BNB will arrive to the Exodus desktop wallet, allowing for immediate trading in the new network:
https://twitter.com/exodus_io/status/1120353051963994113
The Binance Chain is also expected to start hosting tokens, new ones and those migrating from other networks. The first token to make the swap will be Mithril (MITH).