With Binance currently working on bringing a decentralized exchange (DEX) to the forefront of crypto trading, CEO Changpeng Zhao continues to offer new insight on the upcoming DEX.
Zhao believes a decentralized exchange will be the next big step for Binance, who are currently the most popular centralized crypto exchange.
The Binance CEO tweeted about his latest discussion points on the DEX. Several points he covered include the ability to use Binance Coin ($BNB) for gas fees on the DEX, much like $ETH is used on IDEX and other Ethereum based decentralized exchanges.
The Binance DEX will also allow users to handle their own funds, with the exchange not controlling user funds at all. Zhao says the public beta for the DEX should be ready by the end of the year or early next year.
Crypto DEX have become more popular in recent months with the likes of IDEX and CryptoBridge being some of the most popular. However, the amount of traded volume on those exchanges amounts to less than 1% of what Binance currently does in a 24 hour period. The ability to create a user friendly DEX linked to Binance could finally spur mass adoption to decentralized exchanges.
Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don't control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!— CZ Binance (@cz_binance) September 29, 2018