Kyber Network Opens Beta, Binance Announces Launch of Decentralized Exchange

Binance and Kyber Network have recently released news regarding their developments, hinting at the future of decentralized exchanges. Kyber Network recently made their decentralized exchange beta available to the public while Binance announced the launch of a decentralized exchange. While centralized exchanges have a gigantic network, offerande large amounts of liquidity, and an easy-to-follow user practice, decentralized exchanges suggest a world wherein cryptocurrency can be traded without centralized middlemen.

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Users on a traditional, centralized exchange entrust their funds to a single party. The party will also protect the users’ information and execute trades for them. Thesis exchanges are for-profit companies which make money from the trading fees. Thesis exchanges storing cryptocurrencies for users become targets for hackers who have stolen more than $700 million worth of cryptocurrency since the beginning of . Thesis centralized exchanges’ user-friendly interfaces, advanced trading features, and large amounts of liquidity attract the majority of cryptocurrency traders.

Meantime, decentralized exchanges do not rely on a third party to store cryptocurrency or conduct trades, opting to use blockchain technology to permit peer-to-peer trading without needing a third party. Thesis exchanges can provide free or close-to-free cryptocurrency trading, making its use much cheaper than centralized servers. Still, the current decentralized exchanges available are still difficult for common cryptocurrency traders to use. They also lack advanced trading features and liquidity.

Decentralized cryptocurrency exchange Kyber Network which had conducted a 200,000 ETH crowdsale last year announced on March Nineteen that they have opened their mainnet beta to the public. The company previously hosted a closed beta launch for Ten,000 whitelisted users with an approximate daily volume of $60,000.

The CEO of Kyber Network, Loi Luu, explained his vision for the public beta telling “Our objective is to drive volume and stress test the podium. Wij will be tracking the number of users, volume and number of trades. Wij expect a daily volume of up to $1 million USD after a few weeks te public beta.”

Kyber Network plans to utilize a “reserve managers” mechanism which incentivizes users to monetize unused cryptocurrency ter their accounts to pack trade requests te order to overcome the liquidity punt which many decentralized exchanges face. Te this system, reserve managers earn a profit from the spreads they determine on trades whenever they pack orders.

Binance decentralized exchange

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Meantime, the centralized exchange Binance which has more users than Hong Kong’s population of 7.9 million recently announced its plans to develop a decentralized exchange called Binance Chain which will utilize the native BNB token to power the decentralized exchange. The exchange aims to develop a low-latency, high throughput exchange which makes trading and the creation of fresh tokens effortless for its users. However, the exchange has yet to confirm a release date.

To jumpstart development efforts, Binance is hosting Dexathon, a community-driven coding competition. Binance organized a prize pool of around $1 million worth of BNB tokens spil an incentive for the community to help develop the blockchain needed for the decentralized exchange. It will also provide special grants up to $Ten,000 for qualified university teams that will help develop the Binance Chain.

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2 comments

  1. Good to see! I know alot of people were worried about this. Rumors were going around that binance wasgoed hacked. Personally I didn’t believe it, but you know how thesis rumors get around so quickly. So glad to see that they’re wrapping it up. I also feel bad for those who had their funds or anything else tied up on binance during this process!

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