Binance Adds Ontology-Pegged Asset to Binance Chain Providing an Alternative for Trading Major Cryptocurrency
Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, issued ONT-33D, a crypto asset pegged to Ontology (ONT) tokens, on the Binance Chain and proposed to list it on Binance DEX, the decentralized exchange feature developed on top of the Binance Chain. ONT-33D is the BEP2 token backed by ONT at a 1:1 ratio. It will become available for trading on Binance DEX starting April 21, 2020. Binance will issue about 1.5 million ONT-pegged tokens to be traded at first and will continue to mint more in response to market demands.
Launched in April 2019, Binance DEX grew to top one spot for decentralized exchange services in a short time, maintaining the momentum and becoming the preferred venue for a growing number of quality projects and traders. Binance DEX is the first platform that offers ONT users access to decentralized trading services, allowing them to trade ONT while having 100% control over their assets, expanding the use cases of ONT and increasing its liquidity.
Ontology features support for all ERC-20 tokens, in-dApp stablecoin query, and many other functions. It will add a node staking feature soon with the intent of integrating it with the Binance DEX, providing better DEX services for ONT users, and making it easier for them to have full control over their assets while participating in ecosystem governance.
About Binance Chain
Binance Chain is a blockchain software system initially developed by Binance and the community. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain.
Ontology is a high-performance public blockchain and distributed collaboration platform. Architected in Asia with global teams, Ontology’s unique infrastructure supports robust cross-chain collaboration, Layer 2 scalability and includes a suite of decentralized identity (DID) and data sharing protocols to enhance the speed, security, and trust that are fundamental to enhanced global cooperation among businesses. These characteristics are particularly important for future global collaboration with on-chain and off-chain scenarios.