The Binance team has unleashed a preview of their new distributed exchange, to be launched on their forthcoming Binance Chain. The DEX will feature BNB as the native token, and the interface will feel similar to users already familiar with Binance, with a few notable changes.
So, What's the Difference?
As a non-custodial exchange, users will need to create a wallet and generate a 24 word seed phrase. As always best practices should be followed to ensure the security of your private keys! The wallet can be unlocked using the mnemonic key, KeyStore file, or the private keys. Overall the interface is nearly identical to Binance, and users have the ability to set Limit orders. Based on the video example it does not appear there is the ability to set a stop loss, so traders would be wise to plan trades ahead of time!
BNB Surges as Binance Teases DEX
BNB has enjoyed a surge in value alongside this news, rising as high as +34% from the beginning of December before settling down to it's current +22.5% at the time of writing. BNB overcame significant resistance to hover over the previously held support around the 15,000 satoshi level, which the Bulls have been defending since mid August 2018.
BNB Has Show Resilience In Bear Market
The crypto market has taken a beating over the course of 2018, down from its all time high of $831B on 1/07/2017, to a mere $121B as of Dec 5th 2018. Bitcoin remains volatile, as shown with a recent price drop.
Despite this fact, BNB has retained it's value well. It's recent rise in value has brought it back to similar levels it began the year at, time will tell if the bulls have generate enough enthusiasm to Factors that could play into the token value are continued usage of the Binance exchange, any announcement of a launch of the DEX, or further bullish sentiment in the overall crypto market.
Stay tuned to Cryptosomniac for the latest news, updates, and technical analysis.
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You can view the video on Binance's YouTube channel here