Regardless of who came first through, it is these earlier adopters of the new chain, who have been convinced to move over with additional marketing and support from the major exchange, that are looking to profit from that ‘Binace Factor.’ MITH tokens were issued later, but first on Binance DEX.” Zhao said in a tweet: “ChangeNow did issue tokens before MITH, without any communication or coordination from me or my team. He even tweeted his support in the listing of a 'peer and a competitor' on the BinanceDex to showcase the true decentralized nature of the listing process on the DEX. However, even that stat is up for debate as the jump across to Binanace coin came as a rush through the end of April.ĬhangeNow, a cryptocurrency exchange that lets it’s users trade cryptocurrencies without the need to create an account, and technically a competitor of Binance, was reported, from Zhao, to be the ones first to issue their tokens before Mithril. The initial support for the Binance Chain was reported to come from decentralized social media platform Mithril - with a market cap of $20.3 million and a token currently valued at $0.03 - which had adopted the Binance Chain first. Now, as mentioned by Zhao, that ‘Binance Factor’ is more than just ethereal, it is reliable support. There is little doubting that Binance is a big newsmaker, and many coins and projects have already benefited from aligning themselves somehow with the exchange. I think the pace will pick up over time,” Zhao concluded. “We already see a large number of them supporting Binance Chain. Wallets that have added support for Binance Chain early will capture a large slice of the pie.” “In addition, early projects that migrate over will receive additional support from, in terms of marketing, promotions, as well as prioritized listing reviews on. This statement has rung very true in the past few days as it was announced that Binance was hit by a 7,000 BTC hack where the criminals stole API keys, two-factor codes and other information in the attack. This means they no longer have to worry about exchanges being hacked.” "Binance Chain has no custody of funds, which means traders maintain control of their private keys and assets, and trade wallet-to-wallet on Binance DEX. “I think projects are attracted to Binance Chain for its security, speed and ease of use,” added Zhao. But, there are also benefits for projects who want to use the chain as their foundation. The DEX and mainnet launch combined have offered a lot more opportunity to different sides of the marketplace with, as Zhao mentions, traders benefiting from the DEX being run on the chain’s technology. “Binance DEX solves the critical issues with speed and power that many traders have faced when using other decentralized Exchanges,” Zhao said. Moreover, with its core Binance Chain technology, Binance DEX can handle the same trading volume as handles today. “Binance Chain brings a new level of freedom for traders, as well as to projects that are looking to raise money or liquidity. Zhao spoke with Forbes about the overall aim of the new chain and how they feel it will help advance the cryptocurrency exchange even further. … With no central custody of funds, Binance DEX offers far more control over your own assets.” “We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. Nearly at the same time, the exchange launched a decentralized exchange which was another big step for the all-conquering exchange:īinance CEO Changpeng Zhao said in that announcement:
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