Binance, the world’s largest cryptocurrency exchange posted a tweet on April 18, hinting at the launch of its Decentralized Exchange; just a few hours later, Binance announced the launch of the DEX. Binance DEX announced this on their Twitter handle and said:
“@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019. “
The exchange informed the community that on April 18, its pre-selected validators were online to produce blocks with consensus from the genesis block. According to the timeline provided by the exchange, Binance’s native coin, Binance coin, would be created on the genesis block. The Binance Chain explorer will be available for public access with the Web Wallet only by April 23.
The team presented how the Binance coin will be managed:
- Initial total supply of BNB will be 200,000,000.
- Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
- Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
- The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.
The exchange will not list any trading pairs in the beginning to allow the conversion of the first batch of BNB. On April 23, Binance.com will assist the mainnet swap and the users will be able to provide Binance Chain address for BNB withdrawal requests. These withdrawals will enable the users to convert ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.
The users who do not want to convert their ERC20 BNB tokens will have to withdraw them from Binance.com and move them to Ethereum wallet before 2 AM UTC on April 23, after which Binance.com will not support ERC20 BNB tokens. However, the team informed that the ERC20 BNB tokens will only have temporary usage. The same is implied for various exchanges dealing with ERC20 BNB tokens.
Binance coin [BNB] saw a spike in its price following the announcement. It spiked by a massive 8.51% over the past day, while continuing to register a growth of 2.23% in the last hour. The token was valued at $21.26 with a market cap of $3 billion. It reported a 24-hour trading volume of $323 million, with a noted seven-day surge of 23.46%.
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