Binance’s decentralised exchange to launch as testnet in a week

Literally anything…

Binance CEO Zhao Changpeng posted on Twitter to confirm that the date that the Binance Chain testnet version of its decentralised exchange (DEX) will be available for public testing.  Despite most surviving decentralised exchanges having much lower trading volumes than centralised ones, Zhao was always a big believer in Binance DEX. “Finally got a date,” he wrote. And no, he isn’t one of those single men in remote Chinese villages marginalised and left sitting on the sidelines without a spouse due to the China’s one-child policy.

He was eager to provide a sneak preview on YouTube last year. Decentralised exchanges are usually harder to navigate and hence are less relied upon by traders. The reason they tend to indicate less volume may also be attributed to the difficulty to market make and conduct wash trading on such platforms.

Changpeng Zhao, founder of Binance is looking to new areas for its continued growth.
CZ is all smiles.

Zhao also welcomes feedback. And is optimistic that by placing the onus to secure their own funds on cryptocurrency holders, security concerns will be democratised to a degree. As such, there will also be support for hardware wallets to ensure that users retain full control of their private keys. And how it will work in synch with the behemoth that is the existing Binance platform remains to be seen.  

Regardless, the Binance branding is resilient and in a down market is asserting its influence as an apex predator in the ecosystem. Binance Coin (BNB) has been performing well of late and is probably an indicator of confidence in whatever Zhao’s Midas Touch gives life to including the recent Bittorrent (BTT) token.

“Most transactions are transparent and there are no private or hidden transactions [on the DEX],” he says. “Binance
is ready to survive any number of years, no matter bear or bull. We don’t look at the market too much. We just keep our head down and build features. Binance
is healthy financially and stable in terms of the team. Our aim is much longer than another year. Our aim is another 10, 15, and even a 100
years. We will be here for a while.”

Binance’s rapid expansion akin to that of Alexander the Great’s conquest map. Some asked him during a live Twitter AMA on YouTube if the new DEX supports OTC which made little sense. And he laughed it off chain only to point out that Binance has an OTC desk to boot. And the dominance of Binance is monopolistic in nature as other exchanges attempt to survive the long drawn crypto winter.