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.

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

Cryptocurrency,Exchange Platforms,EXMO

Wirex Token Beats WinK in EXMO Listing Comp

For the last 2 weeks, users of EXMO have been voting for their choice for the next new token to be added to their platform. Yesterday the voting ended with Wirex token coming out on top of the pile. The token of the gaming platform, WinK beat the digital payment service token, Wirex, on social […]

8 July, 2020
Bitcoin,Crypto Wallets,Cryptocurrency,Trezor

BTC Direct Now Integrated on Trezor

Trezor have integrated BTC Direct onto their wallet which will make it easier for traders to buy bitcoin in Europe. You will find the new option within the wallets existing Buy Feature which, as you can infer, is the part of the wallet that helps you purchase cryptocurrencies. However, this feature will now be cheaper, […]

8 July, 2020
Cryptocurrency,Exchange Platforms,Kraken,UK

Crypto Facilities Receives MTF Licensing

A subsidiary of leading exchange platform, Kraken called Crypto Facilities has received a Multilateral Trading Facility (MTF) license from the Financial Conduct Authority (FCA). The obtainment of the MTF license makes them the first cryptocurrency company to hold this license and will allow them to expand its product range and better serve institutional clients that […]

7 July, 2020
Cryptocurrency,Exchange Platforms,EXMO

EXMO Coin’s Third Quarterly Burn Completed

Last week, EXMO conducted the latest burn of their native, EXMO Coin (EXM). This was the third such burn of the token following its launch last year. Taking place on the 2nd July 2020, the event saw 2,092,034.65 EXM burned in accordance with the whitepaper of the token. As per the platform, “we commit to […]

7 July, 2020
Binance,Cryptocurrency,Exchange Platforms

Binance Now Supports PoS Staking

Binance has added a series of new features to their staking service thanks to new support being offered by Binance Pool. Thanks to the new updates, Binance have stated that it is now possible to stake more “high market value tokens as the PoS market” among other benefits to be rolled out for users. The […]

6 July, 2020
CFD Trading Platform,Plus500,Trading

CFD Highlight Events to Watch Out For This Week

Plus500 and Trade.com have both taken to their social media pages to inform users of the events they should look out for this week. The weekly heads up of the big events that will affect trading has been a regular occurrence from these CFD platforms over the last few weeks. These short and snappy lists […]

6 July, 2020
CoinEx,Cryptocurrency,Exchange Platforms

CoinEx List GNO and AST

In the latest in a long list of newly added tokens, CoinEx has expanded its service to include both AirSwap (AST) and Gnosis (GNS). The two tokens went live at the latter end of the last week, going live on Thursday and Friday respectively. Airswap aims to facilitate buying and selling of tokens and, as […]

5 July, 2020
Crypto Wallets

Guarda Set to Begin Mobile App 2.0 Beta Testing

The crypto wallet provider, Guarda are to set to launch the updated version of their mobile app. Ahead of this, they will be rolling out Beta Testing to ensure everything runs smoothly when it hits the market. This Beta testing will beckon in the 2.0 version of the app which will be available on both […]

5 July, 2020