Changpeng Zhao (CZ), Binance’s CEO in a recent tweet invited cryptocurrency enthusiasts and investors to test the new Binance Decentralised Exchange, DEX. According to the CEO, $100,000 in Binance coin (BNB) tokens is being offered as a reward to those who participate in DEX’s trading competition
DEX, a Decentralized Exchange Powered by its Own Blockchain
The Malta-based cryptocurrency exchange has been active of late with its Binance LaunchPad and DEX platforms. The latter is a decentralized exchange which runs of the company’s own Blockchain. Based on CZ’s tweet, users can now test DEX and even stand a chance of partaking in the $100,000 worth of BNB tokens that have been put up as a reward.
In an earlier tweet on February 12, the most popular cryptocurrency exchange based on trading volume revealed that a date has been fixed for the public testing of Binance Chain testnet. People were encouraged to try out the platform upon its launch which is in line with the latest development.
Simulated Trading Competition for Users of DEX
The cryptocurrency exchange on March 1 also publicized a simulated trading competition whose aim is to create awareness about DEX. The event has been slated for March 7 where all data held on the platform before that time will be cleared. Users of the exchange who own at least 1 BNB can then be a part of the competition.
Binance also said:
Each Binance.com account is able to register a maximum of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the Binance DEX trading competition begins.
Accordingly, a trader can win as high a 3,000 BNB tokens for coming in first and 2,000 and 1,000 tokens for second and third positions, respectively.
Binance’s CEO Reveals What DEX Has to Offer in AMA Session
Changpeng Zhao had also revealed what DEX has to offer in a 43-minute Ask Me Anything (AMA) session on February 7. The CEO stated that Binance Chain and DEX will take advantage of Binance coin. The latter can be compared to the Ethereum network which uses ether token for gas fees.
Likewise, CZ had outlined that DEX’s listing fee will be around $100,000, and there will be room to make adjustments to the fee with time. Compatibility has also been provided for operating systems such as Mac, Linux, IOS, Android and even Windows. Therefore, the interface will tend to vary depending on the OS which DEX is accessed from.