ChangeNOW Tokens Expand From Binance Chain to Newly Launched BinanceDEX
ChangeNOW token (NOW) is among the first to be listed on the brand-new and hotly anticipated BinanceDEX, which went live on April 23. This follows on from the news that NOW tokens were the very first to be issued on the BinanceChain.
Crypto users can now trade “NOW tokens” on the BinanceDEX, alongside Binance’s own native BNB tokens. Much like the BNB token, the NOW token offers enhanced benefits to users of the ChangeNOW exchange service.
The BinanceDEX is the decentralized exchange service provided by Binance, one of the world’s biggest cryptocurrency exchanges. BinanceDEX is the first service launched by Binance on its BinanceChain, which has been under development since late 2018. The DEX launch follows a two-month testing period during which the Binance community participated in over 8.5 million transactions on the BinanceChain testnet.
Image source: ChangeNOW
Why the BinanceDEX Launch Is a Big Deal
The crypto community has been eagerly awaiting the BinanceDEX ever since it was announced late in 2018. Centralized exchanges still dominate the cryptocurrency world, but users have been faced with a fresh wave of hacks and scandals.
Both New Zealand-based Cryptopia and Korean exchange Bithumb were hacked in the first quarter of 2019. Even worse, in one of the strangest-ever stories to emerge from the crypto sphere, Canadian exchange QuadrigaCX, has now been declared bankrupt after its founder died, taking the private keys to the exchanges reserve funds to his grave.
Decentralized exchanges (DEXs) are non-custodial, meaning the exchange doesn’t hold onto the users’ funds. Instead, they serve as an order matching engine for peer-to-peer crypto trading. Users keep their funds secured with their own private keys.
DEXs that have launched previously, such as IDEX, have struggled with a vicious cycle of trading volume and liquidity. Without enough users, the exchange becomes illiquid resulting in order matching delays, which in turn means the exchange is less likely to attract the active traders who contribute liquidity.
This is why the launch of the BinanceDEX is such a huge deal. Binance already has a vast user base within the crypto community, being one of the biggest, most liquid and most trusted exchanges. There are high hopes that the BinanceDEX will overcome the liquidity challenges faced by other DEXs, resulting in the world’s first truly liquid DEX where users can be sure that their funds are under their own control and not prey to exchange hackers.
About ChangeNOW and the BinanceDEX Listing
ChangeNOW was the first to launch its NOW token on the BinanceChain, and from that point, it was very likely to get listed on the BinanceDEX. It’s now the second project to get listed on the DEX.
Because the BinanceDEX is decentralized, projects can apply for listing and are voted in by the BNB token holders. Binance CEO Changpeng Zhao (CZ) confirmed in a tweet that NOW tokens were listed after a successful vote, and even went as far as stating his was vote in support for the listing.
it’s a peer and a competitor, but I personally vote for their listing on @Binance_DEX.
— CZ Binance (@cz_binance) April 25, 2019
The vote confirms CZ’s commitment to maintaining a diverse crypto landscape, as he also acknowledged that ChangeNOW is a competitor for Binance. ChangeNOW is a non-custodial service which allows fast and simple crypto exchanges. It works without limits or the requirement for registration, and users can make their chosen exchange in just five simple steps.
When a user wants to make a coin exchange, they simply choose the token they want to trade in and the token they want to receive. ChangeNOW will find the best rate available at that time. Upon user confirmation, ChangeNOW will generate an address the user can send their funds to, and the user provides their own wallet address for receipt of their chosen coins. It’s quick, easy and hassle-free.
ChangeNOW is integrated with several exchange partners, including Binance, Bittrex, and Bitfinex. Users can choose between more than 170 coins and can also trade in fiat currency for crypto using a credit card, through ChangeNOWs third-party partner. ChangeNOW features integration with several wallet providers, including Exodus, Ledger, ClassicEtherWallet, and Trezor, among others.
BNB-BEP2 Token Swap Also Available on ChangeNOW
Now that the BinanceChain is live, Binance is inviting all of its BNB token holders to swap their BNB ERC-20 tokens for those issued as native tokens (BEP2) on the BinanceChain. ChangeNOW is also offering BNB holders the opportunity to swap their tokens, account free and without charges, via its NOWSwap service.