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Binance announces DEX mainnet launch; reveals date for mainnet swap

Namrata Shukla

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Biannce announces DEX mainnet launch; reveals the date for mainnet swap
Source: Pixabay

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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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Bitcoin

SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

Priya

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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