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Binance Eyes Uniswap’s Lunch With Launch of Centralized ‘Swaps’ Platform
The exchange giant is hoping to capitalize further on the DeFi boom with a new centralized trading platform that makes it a rival of the likes of Uniswap.
By Paddy Baker
Updated Sep 14, 2021, 9:52 a.m. Published Sep 4, 2020, 1:00 p.m.
Exchange giant Binance is hoping to capitalize further on the DeFi boom with a new centralized trading platform that makes it a rival of the likes of Uniswap.
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- Binance said Friday users would be able to provide liquidity and make trades, or "swaps," initially with three trading pairs from their exchange accounts.
- Called Binance Liquid Swap, the platform is in effect an automated market maker (AMM) exchange where smart contract-based liquidity pools set spot prices and facilitate swaps.
- In AMM exchanges, users become liquidity providers by depositing digital assets into the pools, receiving in return interest and a cut of transaction fees.
- This is the same model used by Uniswap and SushiSwap – two decentralized exchanges (DEXs) now at the center of the white-hot decentralized finance space.
- In a blog post, Binance said Liquid Swap is the first AMM platform to be launched on top of a centralized exchange.
- When asked if Binance was moving into direct competition with the likes of Uniswap and SushiSwap, a company spokesperson told CoinDesk that Liquid Swap was aimed at an audience more at home on centralized exchanges.
- "The crypto industry is still in its early stages, and there is still a barrier of entry for decentralized products," they said.
- With the new platform, Binance aims to offer users "a more secure and seamless product while allowing them to earn as on decentralized AMM pools," according to the spokesperson.
- The three initial trading pairs will be USDT/BUSD, BUSD/DAI, and USDT/DAI.
- Binance first ventured into DeFi with its decentralized exchange in April 2019, built on top of its native Binance Chain.
See also: Blockchain Bites: How SushiSwap Drove Uniswap to DeFi’s Top Spot
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
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