One of the largest cryptocurrency markets, Binance, released on Thursday a demo version of its upcoming decentralized exchange (DEX), called Binance Chain, that will allow users to list trading pairs without centralized control. The crypto market will decide how Binance will develop its current centralized exchange and the new DEX trading platform, the company CEO Changpeng Zhao said.
“We will let the market decide. I expect they will co-exist for some time,” Zhao said.
Still, it is unclear when Binance Chain will be officially launched, but the so-called pre-alfa version, published as Zhao video presentation on YouTube, gave many technical insights. Zhao explained the process of issuing coins, listing trading pairs and making orders. The presentation is based on an example with Binance own token, BNB, which will be the native coin of the future Binance Chain. However, the demo version lacks a graphic user interface (GUI), so the video did not represent the interface that customers will use.
“A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens,” Zhao tweeted.
A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP
Binance announced the DEX project in March when the company said that its centralized and decentralized platforms will co-exist as independent entities but will complement each other.
At the time, Binance has said that the idea for DEX platform is a result of analyzing new trading offering to its customers. The company plans to use public blockchain for the development of Binance Chain.
Binance’s current centralized cryptocurrency exchange is one of the largest players in the crypto market with more than $1.1 billion trading volume for the last 24 hours as at the time of publishing. The platform typically spurs big price movements when deciding to list new digital coins. This week, Binance published new stricter rules for adding new cryptocurrencies.