Beginners Guide to Binance DEX: Complete Review
Eugene Kem's original article for blockonomi.com reduced by 52%
Binance DEX is an extension of the main Binance.com exchange and provides cryptocurrency traders with further options after the exchange recently launched Binance Uganda and Binance Jersey. On February 20, 2019, Binance announced the release of their testnet for Binance DEX, which acts as a decentralized order-matching engine based upon Binance Chain technology. In order to create Binance DEX, the team behind the exchange created a new blockchain and peer-to-peer distributed system which sees matching take place within the blockchain nodes with all transactions being recorded on-chain, which helps to maintain a complete, auditable ledger of activity, and allows users to exchange the digital assets issued and listed on the DEX.
As a result of the creation of Binance Chain, Binance Coin will cease to be an ERC20 token, and will migrate to Binance Chain and become the new blockchain's native asset. Binance DEX also allows users to access funds protected by a Ledger Nano S hardware wallet and it's necessary to connect a Ledger, enter the PIN code and open the Binance Chain app.3) Add Funds to Your Testnet Account. Once receipt has been confirmed, you can use these funds on the Binance DEX.
Finally, in order to obtain the 200 BNB testnet funds, you must have a Binance account that retains a minimum of 1 BNB. The 1 BNB will remain in your account and can be withdrawn or traded after requesting testnet BNB for the Binance Chain. The creation of Binance Chain will see Binance Coin cease to be an ERC20 token, and migrate to Binance Chain and become the new blockchain's native asset once the mainnet launches.
It's important to remember that the Binance Chain testnet is only to be used for testing and users can experiment with the various features that accompany Binance DEX. The tokens on the testnet are strictly testing tokens, and retain zero monetary or any other benefits, and Binance Chain testnet funds do not equate to Binance Chain mainnet funds or Binance.com account funds.
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