Binance Decentralized Exchange Listing Fee to be “Close to $100K US,” CEO Says

Binance Decentralized Exchange Listing Fee to be

TL;DR: Wildly popular cryptocurrency exchange Binance is set to rollout a spinoff of its formula, Binance Chain. It’s billed as a decentralized exchange (DEX), with hopes of having many more listings not suited for their main product. Recently, CEO Changpeng Zhao (CZ) streamed a live question-and-answer video session, revealing listing prices and other details about the pending release.

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Binance New Decentralized Exchange Listing Fee “Close to $100K US,” CEO Says

It depends on who is making the statement, of course, but in crypto a “shitcoin” can be anything from an obvious pump-and-dump, a deviation from bitcoin core (BTC), a project other than a propent’s pet, or merely a kind of sandbox idea whereby a team is attempting something well-outside loosely accepted standards.

Binance New Decentralized Exchange Listing Fee "Close to $100K US," CEO Says

For that latter part, it appears “Binance has been building the Binance Chain, with a native on-chain DEX. A testnet version has been deployed and distributed to our partners, and we expect a public testnet to be available in January 2019, with the mainnet launching a couple months later,” CZ posted to the company’s blog at the end of 2018. He’s quoted as also noting, “We are launching [Binance Chain] very soon, in a couple months or so, and you will be able to issue tokens on that….I think there will be millions of coins and thousands of blockchains.”

In a recent online stream, CZ answered questions about the exchange’s choices, and gave some insight into launching Binance Chain, its to-be DEX alternative. Of particular interest are listing fees. It’s a source of major controversy, and kind of a proprietary, secret-sauce element in exchange lore, very rarely openly discussed. The Binance CEO, however, didn’t hesitate, explaining, “I think the fee will be probably close to $100K US, so we’ll see.”

Purposeful Barrier to Entry

That’s always the rub for exchanges: to charge for a listing, how much, as the tension of listing the best and “hottest” projects, along with variety of choices, for speculators and traders. CZ spoke to that delicate dance, confirming, “There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX,” detailing how fees are “adjustable over time, it’s quite easy to change.”

Binance Decentralized Exchange Listing Fee to be "Close to $100K US," CEO Says

Another issue is how decentralized can a DEX actually get. The word itself has become so much marketing buzz that it is often difficult to determine what exactly anyone means by its employ. “How many validator nodes will Binance Chain run?” CZ was asked. “For the testnet, right now we elected to run 11 test nodes,” he revealed. “I think any number is fine, the number of validators in our network will be small, mainly for performance reasons. So it will not be as big as a bitcoin network with thousands of nodes. It’s going to be more like NEO or even Ripple. A smaller number of nodes, and each node will be rather large.”

It’s an interesting time for a DEX, as CoinSpice reported tokens, shitcoins, etcetera have taken quite a hit, and are considered in oversupply, surplus, or glut. Liquidity too has plagued the DEX idea, with volumes plummeting. Binance, obviously, hopes to leap beyond such concerns by network effect, brand loyalty, and market heft. Asked when Binance Chain DEX would see light, “Very soon, in probably about a week or so — last time I said two weeks, about four weeks ago — but very soon, we will open the Binance Chain beta-testing to the public. So, very soon,” the CEO answered, placing the live version around the 18 February 2019 mark.

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