A decentralized exchange is an exchange that operates on the basis of a distributed ledger, does not store users' funds and personal data on its servers, and acts as a simple search mechanism for orders to buy or sell user assets. Trading on such platforms takes place directly between participants without third parties.

Introduction

The modern cryptocurrency industry offers the community a fairly wide variety of trading platforms, which can be separated into two major categories: centralized (company-managed) and decentralized (DEX). Unregulated services attract traders with the ability to handle digital assets independently with a high level of security. However, centralized platforms do not want to give up leadership in the field of cryptocurrency trading. Currently, there is an unseen battle for the user’s interest. Binance - the leader of the centralized crypto market took a great move and introduced its own DEX solution.

What Is DEX?

A decentralized exchange (DEX) is an exchange that operates on the basis of a distributed ledger, does not store users’ funds and personal data on its servers, and acts as a simple search mechanism for orders to buy or sell user assets. Trading on such platforms takes place directly between participants (peer-to-peer) without third parties (intermediaries).

DEX uses its own servers to store data on bids and... read more!

The Binance DEX

Binance DEX is a decentralized version of the Binance cryptocurrency exchange. This is the perfect use case of the Binance Chain network. It was originally launched on 20/02/2019, offering users the ability to access the platform on the test network. Everyone was given free 200 BNB (testnet) to trade in a few hundred virtual pairs. The platform was relaunched on the Binance Chain mainnet on... read more.

Main Objectives

The team’s goal was to create a reliable and transparent financial system that will bring a new level of community freedom by offering much greater control over their own assets. Binance DEX offers trading tools and a native web wallet for the Binance blockchain. Via its interface, anyone can create a new BNB wallet with the usual functionality for receiving/sending crypto assets. Due to the fact that DEX is built on top of the Binance Chain, which is fast and robust to workloads, it can easily handle the same trading volumes as a centralized platform. Another important aspect is... read more.

Interface And Functions Overview

After unlocking the wallet, the user is taken to the “Exchange” tab, where he can access Binance DEX trading operations and the traditional GUI, divided into several zones:

• List of trading pairs
• Trading history
• A section with the tabs “Open Orders”, “Order History”, “Trade History” and “Balances”, that displays details about the user’s actions
• Orders book
• Forms for creating limit orders
• A regular chart window for the selected trading pair, which contains an option to change the time period and a menu for adding technical indicators. It also has a TradingView dashboard.

With its help, users can draw lines, fractals, make notes, add wave marks, etc. In addition, it is possible to view the market depth formed by... read more.

Token Listing

Each user has an option to offer a BEP2 token for listing on Binance DEX.

This is done by running a special script in the node with the commands that create an application in the blockchain for consideration by the validators of the possibility of the specified token listing. In this case, the initiator makes a deposit of 1000 BNB, which shall be returned to him both in case of acceptance of the proposal and in case of an insufficient number of votes “for”. In case of a positive outcome, the user must... read more.