Changpeng Zhao has officially overseen the launch of Binance’s Decentralized Exchange (DEX) today according to the official press release that reached out latest cryptocurrency news.
The largest crypto exchange launched the long-expected decentralized exchange and the official press release on the Binance Chain mainnet explains the entire process thoroughly. The DEX platform is a not-custodial and decentralized exchange that uses the Binance Chain blockchain protocol which enables users to trade crypto assets while still having control over their funds. Chanpeng Zhao or better known as CZ said in an interview that the DEX developers have worked hard to implement the ideas provided by the crypto community in order to improve scalability, efficiency, and speed.
The Binance CEO stated:
“During the testnet period, many developers from the community contributed new features and ideas to Binance Chain that are reflected now in the mainnet. The Binance DEX developers have been working hard over the past several months to get the DEX up and running as quickly as possible. We are excited to introduce the platform to the community, and we encourage more projects to explore Binance Chain for the speed and benefits it offers.”
Over the years, many decentralized exchanges emerged on different blockchain networks including the Ethereum blockchain. Many of them attempted to provide a platform where users can get control over their funds as Changpeng Zhao explained. However, the attractiveness of complete control over the private keys can be enough to get the traders to choose the decentralized exchanges; it is still hard to get all of the users to join seamlessly.
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The Binance CEO and the team confirmed that during the testing phase of the Binance Chain protocol; nearly 8.5 million transactions were processed simultaneously which is a great capacity that can handle large demand from traders.
Changpeng Zhao also pointed out that the DEX team will continue to work with projects and teams that know how to grow the DEX ecosystem and will provide users with much more control over their assets and funds. He stated:
‘’We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.’’
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