Major cryptocurrency exchange Binance released Binance Chain and DEX testnet for public testing today. BNB, the native token of the exchange, is up by more than 14% in the past 24 hours (UTC 08:40 AM) while other major coins show small gains or are in red.
“Binance Chain is a new blockchain developed and released by Binance. Binance DEX is a high performance and user friendly platform built on top of Binance Chain, where users can create, issue and trade digital assets,” the exchange announced in a blog post, adding that the Binance Chain Mainnet launch date will be announced at a later date.
A screenshot of Binance DEX.
The company has also granted access to its Web Wallet and Binance Chain Explorer.
BNB price chart:
While the cryptoverse is discussing how decentralized Binance DEX is, Changpeng Zhao (CZ), CEO of Binance, during a livestream on the Ivan on Tech Youtube channel Wednesday morning said that this debate is less meaningful as, according to him, main things to discuss are “security, ease of use and freedom.”
“Binance Chain will be decentralized in the sense that users hold their own private keys. They no longer need to deposit their funds to a third party platform before being able to trade. However, as a new blockchain, the initial team will naturally have more influence over the strategic direction of its growth,” CZ said earlier in February.
Also, previously he also admitted that Binance will have “a lot of influence” over the Binance Chain (Binance DEX is running on this blockchain) network and the validators. Moreover, the CEO said that the listing fee on the new exchange “will be probably close to USD 100,000.”
Now, the CEO claims that “technically [Binance DEX] is fully decentralized” and fees are not yet finalized.
Meanwhile, crypto fund Multicoin Capital, who owns BNB in its portfolio, in a new analysis claims that “BNB, is dramatically undervalued, primarily because it is a novel asset with properties that many investors do not yet fully appreciate.”
“The Binance chain is paramount to the long term potential of BNB. In Binance chain, BNB holders will be able to generate profits from other people’s trades. That is, BNB holders will have perpetual cash flow,” Kyle Samani, Managing Partner at Multicoin Capital, tweeted today.
