Binance has released a demo of their new decentralised exchange ahead of schedule. CEO Changpeng Zhao (CZ) presented the demo in a short YouTube video posted to Twitter on Thursday. The company’s DEX will be called Binance Chain and was first announced in March.
The demo is client-based and does not have a user interface. Zhao admitted there was still a lot of work to do, but that the team is working aggressively to complete the project.
Likely To Co-exist With The Current Platform
When asked whether the current Binance exchange and the new decentralised exchange would coexist at the same time, CZ responded, “We will let the market decide. I expect they will co-exist for some time.”
We will let the market decide. I expect they will co-exist for some time.
— CZ (not giving crypto away) (@cz_binance) August 9, 2018
Binance Chain will focus on the transfer and trading of digital assets, and “provide new possibilities for the future flow of blockchain assets.” When it is fully operational, the platform’s native token, Binance Coin, will be upgraded to exist on it’s won mainnet.
Decentralised exchanges have yet to reach trading volumes anywhere close to those being achieved by leading centralised exchanges, including Binance itself.
However, significant capital is now being invested in building user-friendly, efficient exchanges that operate on public blockchains. Competitor, Huobi, is investing $100 million to transform its business model into a decentralised exchange.