Binance, the world’s largest cryptocurrency exchange by trading volume, has officially released a testnet for Binance DEX, a decentralized order-matching engine powered by the company’s Chain technology.
Binance users will be able to create a wallet and begin exchanging tokens on the Binance DEX testnet starting January 20. Changpeng Zhao, the CEO of Binance, said that the new DEX will be able to provide users a “different balance of security, freedom, and ease-of-use.” Users will now have more control of their personal assets, as all of the responsibility for storing their info and assets will remain with the user.
According to the company’s press release, the matching on Binance DEX will happen within a decentralized network of nodes and all transactions will be recorded on-chain. That way, a complete, auditable ledger of activity will be created, the company explained.
“Binance Chain has near-instant transaction finality, with one second block times. This is faster than other blockchains today,” Zhao said in the release. He also noted that Binance DEX can handle the same trading volume as Binance.com.