What is Binance decentralized exchange? introducing Binance DEX

What is Binance decentralized exchange? introducing Binance DEX

Binance decentralized exchange: nowadays decentralized exchanges count are rising due to the increasing of DeFi. In past there was some centralized exchanges like Bitstamp, Bitfinex and Binance that ware able to dedicate a lot of cryptocurrency society’s properties to themselves, but today due to the government’s hard rules about money transitions and increasing number of DeFi, it was necessary for a lot of Decentralized exchanges like Binance DEX exchange to join cryptocurrency’s society.

In the continue of this article in shetcoiner website, we are introducing Binance DEX; Binance’s Decentralized exchange. so stay with us until the end of this article.


Introducing Binance’s decentralized exchange

No official information is available from the date of the start of the development of Binance decentralized exchange, but according to news and statements, Binance exchange has been finally launched and can be used in 2018 and 2019.

Binance Exchange has been working on Test Net for a long time so that Binance traders and users can use it to teach and learn Binance DEX. Still, to get acquainted and learn about DEX, you can go to the Test Net of this exchange from the following link and trade and exchange educational.

After a while, Binance launched the main Binance DEX network called Main Net. Binance decentralized exchange uses a wide range of features that make it a bit tricky for rookie users.

Working with Binance decentralized exchange is generally more for professional users who have been using the main Binance exchange environment for a long time and are accustomed to this environment or have used the Binance Test Net network for some time.

Binance decentralized exchange is currently ranked 45th on the decentralized exchanges list, and the cryptocurrencies listed there have reached about 86 tokens and coins. Binance decentralized exchange also supports 125 markets. Binance DEX trading volume in the last 24 hours has reached $ 2.8 million.

Binance decentralized exchange has less fans than other decentralized exchanges, as you can see from the statistics, and the most users and the volume of transactions between decentralized exchanges are in the following list exchanges:

Launched Type Volume 24h Name
May 2021 Swap $659,802,524 Uniswap V3
Swap $482,092,210 Pancakeswap V2
Jan 2021 Swap $406,843,944 MDEX
Apr 2021 Swap $395,150,229 MDEX BSC
$259,986,683 1inch
Nov 2018 Swap $206,780,406 Uniswap V2


Advantages of using Binance DEX

In centralized exchanges, the exchange has complete control over your funds and capital, and can block or temporarily suspend your account balance whenever there is a problem or new rules are passed in that exchange.

But in decentralized exchanges this is different. Decentralized exchanges do not have control over your assets and you are in complete control of your assets.

Also, in such centralized exchanges, you will not have access to your assets due to the problem of the exchange site, and you can easily take advantage of the decentralized network of these exchanges.

But in decentralized exchanges such as Binance DEX, you no longer have the problem of downgrading the exchange server because this exchange is a decentralized exchange and its servers exist all over the world, and in case of failure of one section servers, other section servers continue to serve users.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button