Ethereum News

Binance Continues Crypto World Domination With Ethereum Rivaling Chain and DEX Rollout

By all latest accounts Binance is clearly angling to become
the Google of the crypto world. The world’s top exchange is not content being
just that, it is now taking on Ethereum with its own blockchain services as it
continues to strive for world domination.

All Consuming Binance Keeps Growing

In addition to an expanding array of crypto related services
Binance has just launched
its own decentralized exchange in the form of Binance Chain mainnet. The public
permissionless blockchain will be available on April 23rd when the company
plans to conduct the BNB mainnet swap from ERC-20 based tokens to its own BEP2
standard.

In their short history decentralized exchanges have been
plagued with problems such as low liquidity, latency and poor user interfaces.
They are also vulnerable to exploitation by algorithmic trading programs that
use this latency weakness to their advantage. Binance has no such liquidity
problems so could be on the verge of achieving what many industry observers
have described as the ‘holy grail’ – a truly decentralized
exchange.

According to chief investment officer of asset manager Arca,
Jeff Dorman, who spoke to Forbes
on the subject;

“Binance Chain can incentivize market makers to provide liquidity since they already have a huge user base and liquidity pool, they won’t be reliant on Ethereum (which solves the speed problem) and they have already proven to be amazing with UI/UX which will allow for a seamless transition for its customers from its current centralized exchange to this new DEX.”

At the moment Binance has the best chance of pulling this
off but that also raises other questions about its current market dominance. Earlier
this week the multi-billion dollar corporation flexed its muscles when it
delisted Bitcoin SV following an online dispute between owner, Changpeng “CZ” Zhao,
and Craig “Faketoshi” Wright. BSV plummeted 25% on the day much to the chagrin
of its supporters but the delight
of several industry heavyweights who followed suit.

Now it appears that Binance is going after Ethereum by
launching its own rival blockchain platform. The crypto behemoth is also
attempting to entice token projects to switch to it, at least according to a
recent report in The
Block. Binance has a lot of leverage and can make or break a crypto project
– its Launchpad program does exactly that while the threat of delisting could
spell the end.

Binance also charges a fair sum of money for new listings so
it has kind of become the new Google of the crypto industry. Whether that is a
good thing for the space or the end of Satoshi’s original vision of
decentralized peer-to-peer finance remains to be seen. It is still early days
in the world of crypto.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close