Binance DEX Adds BNB/ETH Trading Pair

The major cryptocurrency exchange Binance and its decentralized arm Binance DEX adds the new Binance Coin (BNB) / Ether (ETH) pair as a new listing. This was confirmed in an announcement which went viral in the crypto news yesterday.

What’s interesting is the fact that this listing follows an initial proposal that was posted on the Binance community website a week ago by the CEO of Binance, Changpeng Zhao, popularly known as CZ. As Binance DEX adds the new BNB/ETH trading pair, we can see that ETH BEP2 tokens will be issued on Binance Chain and will be pegged to and backed 1:1 by ETH assets held in a publicly disclosed reserve address.

The announcement also notes that Binance will support the conversion between the native ETH and the Binance Chain equivalent through deposits and withdrawals. All of this would provide an option for Binance DEX users to trade ETH on the decentralized platform. We can also see that there is a Binance DEX project asset page on the explorer.

According to the recent comments by Vitalik Buterin, the co-founder of Ethereum defended his project against accusations of centralization. He also said that Binance DEX “seems like a way better target” for such attacks, claiming that it is “hardly decentralized” despite its name.

However, even despite this, Binance DEX adds the new BNB/ETH pair while Buterin suggested that Ethereum “merely has a few governance values that some BTC people don’t like.”

Aside from the Binance news, the market updates today show that Bitcoin (BTC) has retraced to a new price of $7,328 and altcoins did the same, following the dominant cryptocurrency and its recent reversal. Despite the fact that BTC retraced and is now over $7,300, the price was even lower in the past couple of days which is why this is seen as an encouraging move for the flagship token.

The only gainers in the top 10 today are EOS and Bitcoin SV (BSV), both of which adding gains of less than 1% which are not substantial or relevant at this time of correction. When it comes to losers, Tezos (XTZ) and Cosmos (ATOM) both lost over 2% and retraced to their previous levels.