Binance’s new decentralized exchange, Binance DEX, scored a total monthly volume of $229 million in July, making it the most–used decentralized exchange.
According to Binance Research, Binance DEX has also had 151 listing proposals since its launch in April.
“Specifically, the number of new pairs being added onto the Binance DEX remains high with the addition of 41 new pairs listed in July.
As of July 31st 2019, there were 151 proposals submitted with a total of 71 pairs listed.”
Binance DEX hit average daily volumes of $7.4 million in July, which Binance Research says is significant compared to other Ethereum-based decentralized exchanges that usually exhibit average volumes below $1-2 million.
Daily Volumes on Binance DEX (USD Million)
Binance CEO Changpeng “CZ” Zhao says the new exchange fulfills the company’s mission of building a decentralized future and an open global financial system powered by cryptocurrencies and blockchain technology.
“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”
Binance DEX has also introduced a new token on the exchange that’s pegged 1:1 with BTC. The token, called BTCB, is designed to give crypto traders an easy way to buy and sell Bitcoin on Binance’s decentralized exchange.
Binance says it plans to release similar pegged tokens for other major crypto assets in the future.