Binance Chain, the native blockchain platform of the world’s largest crypto exchange was launched back in April this year, in just three months time the platform has taken long strides towards larger adoption. Binance recently released its monthly report for July highlighting major developments on the Binance chain ecosystem.
The number of transactions on the Binance chain grew to 10 million from 200 thousand active address in the month of July. The total number of BEP2 tokens also grew to 131 with each token on the platform with a unique use case. Binance Chain is quite different from the many others given it is not centered around Dapps nor does it support any smart contracts as of now. It is currently focused on creating a platform solely focused on launching and trading tokens.
Binance DEX which is the decentralized exchange and runs on top of the Binance chain saw 28 newly approved community-submitted listing making its way onto the exchange taking the total number of listing pairs on Binance DEX to 75. With the addition of several new trading pairs, Binance DEX is closing on $500 million USD on CoinMarketCap.
Binance Chain upgrade and tokenized currencies
The Binance Chain is all set for a system upgrade on August 15th starting at 2:00 AM UTC where it will see some major developments including BEP12 which would allow exchanges to reject any transaction without a valid memo. The upgrade would also add support for 22 new wallets. Some other major improvements in the upgrade include,
- Matching Engine, API, and WebSocket performance optimizations.
- New order type: OCO (Order Cancels Order), available via the API.
- 5,000 and 10,000 order book levels available from Rest API (GET api/v1/depth)
The month of July also saw the building of 5 tokenized currencies on the platform: TrueUSD, TrueGBP, TrueAUD, TrueCAD, and TrueHKD by Trust Tokens. Trust tokens provide the ease of operating for the customers on the Binance blockchain as they can buy TrustUSD with US dollars or via a credit card. TrustUSD/BNB pair was listed after a community approval and users can buy it and then transfer it on the Binance DEX for trading.