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

click here to see original post

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.

Share !