People Have Been Reacting To New Binance DEX Testnet

People Have Been Reacting To New Binance DEX Testnet

Following the launch of Binance’s decentralised cryptocurrency exchange on Wednesday, the DEX Testnet, people have been reacting to it in online forums.

This long-awaited latest project from Binance, which we mentioned last week, was expected to be the best-decentralised exchange in the industry upon its release. It follows on as a replacement to the existing Binance exchange, which is the world’s largest in terms of trading volume but improves on it in terms of security and speed while keeping the same stylistic aspects as its predecessor.

As well as this, it offers loads more extra services that can further benefit its users. Speaking ahead of the launch, CEO, Changpeng Zhao, stated; “Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet. With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets.”

As such, with Binance’s reputation and the hype surrounding the system built by the Binance team in the weeks leading up to the launch, audiences were eagerly awaiting. However, whether it has lived up to expectations though depends on who you ask and where.

How Was Binance DEX Received?

On Reddit, many users were disappointed with the service and didn’t see any difference between the new service and the old, mainly discrediting its claims as a decentralised exchange. Reddit user, Dmgsecurity, complained, “it’s just a copy paste of the centralized Binance, running on 11 nodes selected by him what is not even close to decentralized exchange.” While kid_cisco, ranted “It’s not a dex. And your private key doesn’t even give you access to the actual coins, just tokenized versions on Binances chain. I’m not really sure what the point of this actually is except to try to ride the dex hype train and try to pump bnb.”

However, Zhao has hit back on criticism, posting a tweet today he wrote, “A few guys seem to be bent out of shape, take it easy. Don’t call it a DEX. Call it an exchange where users control their own funds, runs on a fast blockchain maintained by a number of nodes, plus a fast and easy UI. That’s it.”, following on with “Whatever makes you happy. At the end of the day, the market will vote. Let’s see how the adoption goes on the mainnet

Not all users have found issues with it though, with many praising the service. Twitter user CryptoBatman, wrote “I had the opportunity to test Binance Chain and #Binance Dex today, and I have to say on most parts I’m very impressed! Some parts need improvements, but let’s not forget this is a testnet & Beta version!” while RallyQT wrote “Binance DEX is the standard now. Keep up the great work as always!”

As such, although it seems mainly have taken exception to its referring to itself as “DEX”, but most users were content while emphasising the need for some tinkering. This said, it is still early doors so there is still time for Binance to fine-tune the service to perfection.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Cryptocurrency Market Cap Jumps Past $2 Trillion

Cryptocurrencies continue to make headline news around the world as the total market cap surpassed $2 trillion on Monday. Supported by increased interest from institutional investors, celebrities, and retail investors, digital coins are now worth more than Apple Inc. Bitcoin has, once again, played a major role in the sector’s market cap. The world’s first […]

6 April, 2021
Digital Currency,Ethereum,Stablecoin

VISA Set To Support Cryptocurrency Settlements

The global payments corporation, VISA, announced on Monday that it is making preparations to allow USD Coin (USDC) to settle transactions within its network. This move is being viewed by industry analysts as yet another clear sign that cryptocurrencies are being accepted by major institutions within the traditional financial industry. USDC was selected by VISA […]

30 March, 2021

CasinoFair Temporarily Shuts Down Amid Network Congestion

The popular cryptocurrency casino, CasinoFair, has announced in a recent blog post that it will be temporarily stopping its gaming services. Citing unsustainable congestion on the Ethereum network as the main reason for this pause, the casino reassured its players that it is “actively researching solutions and hope to be back with a new range […]

26 March, 2021

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020