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Binance CEO announces: BNB will be a native gas, reveals more on DEX

Priyamvada Singh

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Binance CEO announces BNB will be a native gas, reveals more on DEX
Source: Pixabay

On 29th September, Changpeng Zhao aka CZ, the CEO, and Founder of the biggest cryptocurrency exchange by trading volume, Binance made an announcement regarding its new upcoming decentralized exchange, DEX. CZ stated that BNB will be acting as the native gas where the platform will not control user funds on the new platform.

“Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!”

Earlier this month, Binance ran into a bit of controversy after the release of New York AG Barbara Underwood’s report on virtual currencies. In one of her Twitter posts, Underwood revealed that Binance was one of the three cryptocurrency exchanges [the other two being Gate.io and Kraken] that were suspected of operating illegally in New York.

In a recent interview, Binance CEO also spoke about the regulatory environment in the United States. He said that his exchange is focused in all directions other than the US, unlike other big cryptocurrency exchanges such as Coinbase and Gemini.

In the same context, he also stated that the world outside the US is a bigger market for the company. Furthermore, the regulatory environment in each country is different, thus many authorities will take their time in bringing a suitable framework as they are still in the process of learning and adapting.

ACap, a blockchain space, and Binance follower implied that the news is good for BNB but will be a crowded year for DEX. The user wrote:

“+1 for bnb but Dex will be crowded the first half of 2019”

Here, CZ replied and stated:

“people said the same thing when we started Binance, ‘the exchange space is very crowded, why…'”

Another Twitter user named Eatbeef Getstrong wrote:

“So much liquidity would go their way if they allowed transaction privacy layers natively as well. I want to see a ‘privatise through NIX’ tickbox natively on each individual DEX as well as integration into the DEX Manager.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market

Biraajmaan Tamuly

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Will Bitcoin's Dominance falter for Altcoins to gain traction in the market?
Source: Pixabay

The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.

At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.

At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.

A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.

Source: Twitter

At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.

Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.

According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.

A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.

However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.





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