Binance DEX launched XRP-backed digital token

tsaroz

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Quote from: cryptowiked on October 12, 2019, 08:24:45 AM

The token XRP-BF2 is the real token to be pegged like the genuine XRP, it was likewise referenced Binance started the trading of XRP to XRP-BF2 and the equivalent in invert fro stores and withdrawals.

So as to build the exhibition and better versatility of Binance DEX, a comparative token as XRP-BF2 pegged with XRP is going to be propelled. This activity may dispatch Binance DEX as a comprehensively perceived decentralized trade stage.

New Source: Thecoinrepublic
https://www.thecoinrepublic.com/binance-dex-launches-native-token-pegging-to-xrp/

Binance is creating all these crypto pegged alts to make them easier to trade within different platforms it holds. It's just like the inter-exchange trade.
The BEP2 bitcoin could be considered an alternative to lightning network. As the original bitcoin remains with the binance, the token goes around.
This significantly reduces the fees and pressure on bitcoin chain but too much of it's success may even have negative effect on bitcoin economics.

bgaf

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Quote from: Javi_Anibarro on October 13, 2019, 01:29:56 AM

CZ really knows how to create an opportunity for his project to grow, there is a high possibility for other blockchains to move out and create a token in Binance chain and pegged it with its native coin in order to get listed on their Binance Dex.
but why did XRP agree to do that? to increase its availability? I think it is very risky for them to allow CZ holds 10,000,000 XRP-BF2 pegged with real XRP native coin.

I think XRP know that Binance will be a new environment for different blockchain hub in the coming years. That's why they pegged their native xrp tokens to bep tokens. It is indeed an opportunity for Binance and xrp to share same gains in here. Xrp is a big project and bnb seize this. While xrp knowz binance is a famous project and they also do what the other firm thinking.

Fredomago

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Quote from: coinswebid on October 13, 2019, 05:18:32 PM

Quote from: Bttzed03 on October 13, 2019, 07:22:01 AM

Quote from: ashmodeus on October 13, 2019, 06:16:30 AM

Snip

Only time will tell.

All these have been added to the Binance DEX so far to increase exchange liquidity:
BTCB - Bitcoin pegged
USDSB - Stable coin
and the latest XRP-BF2

You also have to consider that the exchange is still new compared to most DEX and CEX.

well, this is one from many way to increase the trading volume on BinanceDex mate
maybe this is only a strategy from Binance team,
i believe in the future a lot of altcoin-backed digital token on binance dex

It's another strategy indeed coming from CZ, he's expert with this kind of stuff knowing how to play in attracting more people to support the business. From each actions that he did there's always reaction from the public, the result will be seen after some time both projects will see
outcome.

It's business anyway, CZ understand how to manage it correctly and always find advantages.

dark08

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There's a lot of news to Binance Dex like this one and increasing the leverage to 125x, CZ are so awesome in terms of development and hardwork, but onces again I hope CZ add more pair on Btc because I noticed most alts are pair in BNB, I'm expecting to increase the volume because of good news that CZ announce.

ashmodeus

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Quote from: coinswebid on October 13, 2019, 05:18:32 PM

Quote from: Bttzed03 on October 13, 2019, 07:22:01 AM

Quote from: ashmodeus on October 13, 2019, 06:16:30 AM

i guess it's a not making significant progress , u know why ?
because, basically, major coins like btc/eth/xrp buyed from centralized exchange.
although its backed by real XRP, its will no interest from dex buyer.
so, i just say it's a useless thing.

Only time will tell.

All these have been added to the Binance DEX so far to increase exchange liquidity:
BTCB - Bitcoin pegged
USDSB - Stable coin
and the latest XRP-BF2

You also have to consider that the exchange is still new compared to most DEX and CEX.

well, this is one from many way to increase the trading volume on BinanceDex mate
maybe this is only a strategy from Binance team,
i believe in the future a lot of altcoin-backed digital token on binance dex

i know that, i know all of that thing for increasing the progress of binance dex.
we also cannot deny the facts, both BTC and xrp have low demand on dex exchange.
or probably the fact is decentralized exchange indeed not in demand.

Quote from: magneto on October 13, 2019, 02:38:39 PM

Who's actually keeping the peg? Is it binance themselves?

If yes, then wouldn't there be a degree of centrality in terms of how the peg is kept, and thus they can't really call themselves a DEX with absolute confidence? If not, then isn't this the exact same as what Bitshares tried to do with their DEX earlier?

Either way, I don't see this as any sort of groundbreaking development whatsoever. It's not like Binance inventing anything new here.

i also have a same think.
I do not understand, what the point creating something like this,
this seems complicated, saving xrp in the binance dex wallet, why not save it directly in xrp wallet, it sounds a lot easier.

coinswebid

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Quote from: Bttzed03 on October 13, 2019, 07:22:01 AM

Quote from: ashmodeus on October 13, 2019, 06:16:30 AM

i guess it's a not making significant progress , u know why ?
because, basically, major coins like btc/eth/xrp buyed from centralized exchange.
although its backed by real XRP, its will no interest from dex buyer.
so, i just say it's a useless thing.

Only time will tell.

All these have been added to the Binance DEX so far to increase exchange liquidity:
BTCB - Bitcoin pegged
USDSB - Stable coin
and the latest XRP-BF2

You also have to consider that the exchange is still new compared to most DEX and CEX.

well, this is one from many way to increase the trading volume on BinanceDex mate
maybe this is only a strategy from Binance team,
i believe in the future a lot of altcoin-backed digital token on binance dex

lobat999

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Quote from: enhu on October 13, 2019, 09:12:45 AM

Projects today has to beg for votes to be listed in Binance DEX but XRP just did nothing and binance initiated this for them?
But why only 10M, seem too small that few XRP traders can push the price up already.

Quote from: Bttzed03 on October 13, 2019, 08:51:14 AM

Quote from: lobat999 on October 13, 2019, 07:49:46 AM

I really can't understand what is the point on why Binance listed this XRP pegged token when most people are well aware that XRP is already listed on almost all major exchanges and has extensive pairings, hence there is no real need for "liquidity" because I don't believe it!

I think this is just a marketing strategy to further promote XRP, Binance and its subsidiaries and in one way could be viewed as being redundant. Grin

~

It's all connected. marketing is meant to increase liquidity as well. In this case, it's more of increasing liquidity or volume of Binance DEX. Some of these so called XRP army may also prefer trading on DEXs .

Yeea XRP to the moon! CZ sure know how to make Binance stand out among the DEX created today. Should we expect more coins to be created by binance dex which are pegged to whichever coin they may pick that they wanna moon as well?

The real question is whether traders would buy this ploy, I mean why would they will prefer a Binance DEX to the comfortableness of Binance CEX and other major exchanges? not to mention the fact that this involves two different token standards along with its technicalities that could discourage ordinary users from trading it.

There maybe so called bridges to convert automatically or swap these two tokens with different standards but I guess most first time users of Binance DEX would find this process a little bit of a concern and anxiety, on what will happen if there would be some errors that may arise, but in fairness to Binance DEX, I've tried sending an ERC-20 token once to Binance DEX and it automatically converted it to the listed BEP-2 token, much to my relief.

Willitivity

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Activity: 1190

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I really applaud binance in most of their recent developments and activities. Since the binance DEX started trading, they have made sure it Remaining relevant by attributing so many things. This right here now us a win for both XRP and binance. In the meantime, will draw more traders to the DEX. But I just hope this goes well, judging the notion most people have for XRP.

tenakha

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Quote from: shinratensei_ on October 13, 2019, 08:38:08 AM

Quote from: notblox1 on October 13, 2019, 08:09:00 AM

I feel the same like some other members here,
and I can't understand why would anyone list XRP pegged token?

Probably it is just some money sponsorship deal and promotional stuff behind the scene.

The reason is XRP is building on its own blockchain and to be listed on binance DEX, XRP must create a token that built in the binance blockchain and that's why this token has already created. The article says if this will help XRP to increase its liquidity but the fact that will not help XRP a lot or even give a small impact.
You can try to compare how much daily volume trade will be received by that token backed by XRP and the total daily volume of real XRP coin.
Im not seeing a special thing from this news but some people above me who never tried even to read the article and understand the case will blatantly say nonsense things about that.

I do not think we need for such a great show to show that Zhao trusts XRP. This step takes by Binance desire to gather all the power within itself. What interests me is the community's interest in it. Already who wants to get XRP can find it in most exchanges, what is needed? I am sure there are hundreds of users trying to get it. Binance is trustworthy but it is not the only exchange in crypto space.

o48o

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Merit: 1166

Leading Crypto Sports Betting & Casino Platform

Hopefully they pair it with more then with their BTCB, that is paired with only 4 tokens in binance chain, one of them being bnb itself.
If they would pair everything with bnbc and pegged xpr (is that named xrpb then?), the liquidity would surely increase, as i think market makers would rather hold something other then bnb while waiting buy orders to hit.

magneto

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Who's actually keeping the peg? Is it binance themselves?

If yes, then wouldn't there be a degree of centrality in terms of how the peg is kept, and thus they can't really call themselves a DEX with absolute confidence? If not, then isn't this the exact same as what Bitshares tried to do with their DEX earlier?

Either way, I don't see this as any sort of groundbreaking development whatsoever. It's not like Binance inventing anything new here.

dcomomal

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Ripple is increasing its influence and integrating a bunch of new features. I hope that they will start operate with banks in Japan as soon as possible to near the mass adoption. But its centralisation makes me think that XRP is manipulated.

Bttzed03

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Quote from: BitHodler on October 13, 2019, 11:29:23 AM

Quote from: Bttzed03 on October 13, 2019, 08:51:14 AM

Some of these so called XRP army may also prefer trading on DEXs .

I doubt it. It's just one marketing-circus-show where both Ripple and Binance have agreed to a partnership behind the scenes. Nothing wrong with that of course, but I'm quite sure that there won't be much organic volume at all.

No one is stopping you to doubt that. The increase in volume remains to be seen and we might not see that immediately. I find the partnership strange also but hey, they probably know better.

Quote

All the XRP army cares about is to see institutions adopt it and create massive pools of liquidity for instant settlement of transactions. Time will tell whether or not that will happen, but this partnership is more beneficial to Binance.

Agree on both points.

asus09

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Binance Dex is not better tha Binance exchange market although launch with many altcoin kinds Binance exchange still become destination for investor to buy and invest with many altcoin kinds in Binance exchange market, now Binance DEX launched XRP backed digital token and I think will make Binance Dex become interested with listed many altcoin in their exchange, will make many investor want to save coin on Binance Dex.

BitHodler

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Quote from: Bttzed03 on October 13, 2019, 08:51:14 AM

Some of these so called XRP army may also prefer trading on DEXs .

I doubt it. It's just one marketing-circus-show where both Ripple and Binance have agreed to a partnership behind the scenes. Nothing wrong with that of course, but I'm quite sure that there won't be much organic volume at all.

All the XRP army cares about is to see institutions adopt it and create massive pools of liquidity for instant settlement of transactions. Time will tell whether or not that will happen, but this partnership is more beneficial to Binance.

safari88

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Quote from: Javi_Anibarro on October 13, 2019, 01:29:56 AM

CZ really knows how to create an opportunity for his project to grow, there is a high possibility for other blockchains to move out and create a token in Binance chain and pegged it with its native coin in order to get listed on their Binance Dex.
but why did XRP agree to do that? to increase its availability? I think it is very risky for them to allow CZ holds 10,000,000 XRP-BF2 pegged with real XRP native coin.

why it's very risky for CZ to hold the funds? i think it's a great move for both of them because it will increase the popularity xrp and binance

Quote from: enhu on October 13, 2019, 09:12:45 AM

Projects today has to beg for votes to be listed in Binance DEX but XRP just did nothing and binance initiated this for them?
But why only 10M, seem too small that few XRP traders can push the price up already.

maybe they will increase the amount later if many people request to increase the amount xrp in Binance DEX?

enhu

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Projects today has to beg for votes to be listed in Binance DEX but XRP just did nothing and binance initiated this for them?
But why only 10M, seem too small that few XRP traders can push the price up already.

Quote from: Bttzed03 on October 13, 2019, 08:51:14 AM

Quote from: lobat999 on October 13, 2019, 07:49:46 AM

I really can't understand what is the point on why Binance listed this XRP pegged token when most people are well aware that XRP is already listed on almost all major exchanges and has extensive pairings, hence there is no real need for "liquidity" because I don't believe it!

I think this is just a marketing strategy to further promote XRP, Binance and its subsidiaries and in one way could be viewed as being redundant. Grin

~

It's all connected. marketing is meant to increase liquidity as well. In this case, it's more of increasing liquidity or volume of Binance DEX. Some of these so called XRP army may also prefer trading on DEXs .

Yeea XRP to the moon! CZ sure know how to make Binance stand out among the DEX created today. Should we expect more coins to be created by binance dex which are pegged to whichever coin they may pick that they wanna moon as well?

Bttzed03

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Quote from: lobat999 on October 13, 2019, 07:49:46 AM

I really can't understand what is the point on why Binance listed this XRP pegged token when most people are well aware that XRP is already listed on almost all major exchanges and has extensive pairings, hence there is no real need for "liquidity" because I don't believe it!

I think this is just a marketing strategy to further promote XRP, Binance and its subsidiaries and in one way could be viewed as being redundant. Grin

~

It's all connected. marketing is meant to increase liquidity as well. In this case, it's more of increasing liquidity or volume of Binance DEX. Some of these so called XRP army may also prefer trading on DEXs .

Javi_Anibarro

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Quote from: shinratensei_ on October 13, 2019, 08:38:08 AM

The reason is XRP is building on its own blockchain and to be listed on binance DEX, XRP must create a token that built in the binance blockchain and that's why this token has already created. The article says if this will help XRP to increase its liquidity but the fact that will not help XRP a lot or even give a small impact.
You can try to compare how much daily volume trade will be received by that token backed by XRP and the total daily volume of real XRP coin.
Im not seeing a special thing from this news but some people above me who never tried even to read the article and understand the case will blatantly say nonsense things about that.

There is a special reason behind this, Binance wants to add all of the top cryptocurrency on their DEX but their DEX is created based on Binance chain. It is a specialized exchange for every project on Binance chain, the reason why Binance created XRP-bf2 because XRP does not have a token on Binance chain that is why Binance created it.
after they created the token, the users who is using Binance dex are able to buy XRP on that exchange and the token they created helping XRP in liquidity.
the daily volume might be little but it could help XRP in reaching the users on Binance chain.

libert19

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This isn't anything new, every coin you see on binance chain is supported by their counterparts.

Topic: Binance DEX launched XRP-backed digital token (Read 278 times)