DEX • April 18, 2019, 8:54AM EDT

Binance Chain launches on mainnet

The Block

Binance announced today that it has successfully deployed the genesis block of Binance Chain and plans to execute mainnet swap on April 23. Binance DEX is built on top of Binance Chain with a native Binance Coin (BNB) token. Binance Chain uses Delegated Byzantine Fault Tolerance (dBFT) as its consensus mechanism.

All 11 pre-selected validators are now online to produce blocks with consensus from the genesis block. The Binance Chain explorer and wallet will be open to public access around April 23. Binance said that no trading pairs will be listed until the first batch BNB conversion has occurred. Changpeng Zhao (CZ) tweeted that he made the first transaction on mainnet.

As The Block's Frank Chaparro previously reported, Binance has ambitions to lure projects building on ethereum to migrate to its native blockchain.

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.

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