Cryptocurrency exchanges have to fight for competitiveness with the current improvement in the situation again. One of the largest cryptocurrency exchange in the world, Binance, launched a decentralized version of the DEX exchange in April only. The latter one has already surpassed most of the volume of trade.
Now Binance DEX takes the 96th place in the CoinMarketCap rating. Daily trading volume reaches $10.5 million. The users have traded at 17 million in May. It is worth noting that so far the exchange operates only in 6 markets, while the growth at the weekend was 596%.
Twitter user @danclarkie compared DEX performance in terms of sales volume with IDEX’s second largest decentralized exchange.
So @Binance_DEX just did more volume in 5 hrs than the 2nd biggest DEX did in the last 24
By tomorrow it will have done more volume than all DEX’s combined
There are two types of people in crypto
1. Those excited about Binance DEX
2. Those that don’t yet know why they should be pic.twitter.com/O1uwXNac5a
— Dan Clarke 👨🏼💻🌏 (@danclarkie) June 1, 2019
So Binance DEX just did more volume in 5 hours than the 2nd biggest DEX did in last 24.
At the press-time, IDEX went down to position 135 with daily trading volume about $1.33 million. Over the week, IDEX traded at 10 million, and for the last month – at 48.9 million. It is interesting that, despite the growth in the previous days, today the exchange has lost 21 percent of the daily trading volume. Hence the conclusion that traders gradually flow to Binance DEX.
What do traders think?
However the Binance community appreciated the performance of the decentralized version of the exchange, some used doubts about the true decentralized nature. The user under the nickname Malcains called Binance DEX “fraud” and said the following.
Rename it to Binance_FRD [meaning fraud – fraud]. Because it is a fraud to call it decentralized. Here the scheme is no different from the one that use Craig or Ver.
Another user under the nickname Chr1sKN also mentioned several aspects that indicate questionable decentralization.
Can you find out what about open source? Can I see the code of this “DEX”? Can I run my own node of this dex project? Hm No. Then remind once again why this exchange is considered decentralized?
At the same time, many crypto enthusiasts were amazed at how successfully Binance DEX was launched and promoted. The representative of the community under the name GautamChhugani voiced this position.