On one hand, cryptocurrencies are fighting the bear market and registering growth at the same time, while on the other, exchanges are pulling up their socks as competition gets tough. Binance, the largest exchange in the world, launched its decentralized DEX in April and it has already surpassed most DEX exchanges in terms of trade volume.
Binance DEX ranks 98th on CoinMarketCap’s list of exchanges as it noted a 24-hour trading volume of $9.13 million. In the past seven days, Binance DEX registered $10.33 million in volume; $10.36 million within a month. Binance DEX noted these volumes while trading in six markets, registering a growth of 596.98% over the past day.
One of the Twitter users, @danclarkie, compared the DEX’s performance in terms of volume with the “2nd biggest DEX”, IDEX. The user said:
“So @Binance_DEX just did more volume in 5 hrs than the 2nd biggest DEX did in the last 24”
At press time, IDEX stood at the 128th position and noted a 24-hour trading volume of $1.79 million. The seven-day volume of the DEX was noted to be $10.18 million, followed by $48.97 million over a month. It noted a growth of 7% over the past day.
Even though the performance of the DEX was celebrated by the Binance community, there were some crypto users who doubted the decentralization part of the exchange. Twitter user @Malcains called Binance DEX a “fraud” and said:
“Rename it into Binance_FRD.
Because it’s fraud to name it as “DEX”.
No different from scammers like Craig or Ver, same scheme.”
Another user @Chr1sKN also pointed out a few things and argued about the decentralized nature of the exchange. He said:
“Answer me this, is it open source ?
Can I check the source code of this ‘dex’ ..
Can I run a node of this ‘dex’ ?
Hmmm. No. To either. Remind me again how its a dex.”
However, there were some crypto-enthusiasts who were amazed by the way Binance carried out the launch and promoted its DEX. @GautamChhugani said:
“Think of it – Binance turned every Wallet into an exchange with a trading airdrop feature.”
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.