Binance to Offer Native XRP on Binance Chain
Binance Chain will offer more liquidity to XRP by re-creating the asset on its own blockchain.
Binance is offering XRP-pegged coins native to its own network, Binance Chain. The news leaked after the network itself revealed the secret.
Binance Chain is instrumental to offering assets for the decentralized Binance Exchange, and in theory offers more exchange opportunities for a wider audience of traders. XRP is on offer after Binance Chain offers a version of Bitcoin (BTC).
Binance Chain will also increase the direct pairs for XRP. The asset trades in a total of 400 pairs, though not all are active. Binance DEX will add new direct pairs.
XRP is still relatively liquid, receiving $134 million’s equivalent from Tether (USDT) inflows, keeping it relatively stable in comparison to less known altcoins.
XRP has been blamed for using a totally different system from blockchains, and the new synthetic asset in a way fixes that. Binance Chain plans additional decentralization in the future, when it will hand over some of its nodes to the community. XRP’s original network is secured by 31 active servers, of which Ripple runs seven.
But the XRP-BF2 type of asset is only in the testing stage. According to the initial information, there are just 10 million coins available, out of a total supply of 100 billion.
Binance DEX has already reached a volume above $1.6 million in 24 hours, with 79 trading pairs. The DEX is giving liquidity to tokens with otherwise limited trading, as well as to Binance Launchpad tokens.
XRP is still fighting for adoption, recently receiving news it would be added to BitPay as an option for merchants. Additionally, XRP has united its products under the RippleNet brand, allowing for the optional usage of the coins in international transactions. But the RippleNet also allows for the transfer of value and ledger records without using XRP.
The news failed to affect the XRP market, as the price hovers around $0.24, without dramatic changes in the past months. XRP has been pressured by a general distrust in altcoins, despite short-term rallies.