“Binance DEX will list ARPA (ARPA) and open trading with ARPA/BNB trading pair on 2019/07/29 at 7 P.M. (GMT+8),” detailed the Binance announcement.
ARPA token holders can convert their ERC-20 ARPA tokens to Binance Chain’s BEP-2 standard using the ERC-20 to BEP-2 token bridge created by the ARPA team.
“A token bridge is a tool that swaps ERC20-based ARPA tokens to BEP2-based ARPA tokens, which is native to Binance Chain,” details ARPA’s team in their announcement of the bridge protocol.
Binance DEX Gaining Momentum and Promising Projects
DEXs across Ethereum have struggled to gain meaningful traction over the last several years due to friction in the user-experiences and lack of liquidity, which inevitably hinders the gravitation of more investors to them. As part of Binance’s ongoing transition towards a more non-custodial perspective on their business model, they launched Binance DEX on the exchange behemoth’s native Binance Chain to offer a non-custodial exchange in harmony with their liquidity draw amongst investors.
Since then, the results have been compelling, to say the least.
According to CoinGecko, Binance DEX had more than $7.7 million in volumes over the last 24 hours, vastly outpacing any other DEX on Ethereum by at least 6X over the same period. Similarly, SimilarWeb, the web traffic analysis site, places Binance DEX at nearly 1.3 million monthly visitors, which qualifies in the top 38k of websites in the world indexed by Amazon Alexa.
The ballooning volume growth on Binance DEX is a blend of the firm’s push to expand trading pairs of rising crypto projects, especially those coming out of its launchpad, and the natural preference of investors to use non-custodial exchanges. Binance is even extending its stablecoin offerings, recently integrating a British Pound-backed stablecoin with its Jersey arm. The company is expected to further integrate other tokens pegged to cryptocurrencies like bitcoin, which could be added to the DEX in the near future.
“ARPA is honored to be among the first batch of projects to join Binance Chain’s growing ecosystem,” detailed the ARPA team in the statement. “This is the first step towards developing a strong collaboration between ARPA and Binance.”
ARPA has also been gaining momentum parallel to the rise of Binance DEX. The layer two computation network, which relies on the bleeding-edge cryptographic technology called “multi-party computation” (MPC), currently has a testnet live and is expected to roll out the mainnet later this year.
ARPA enables a more secure, seamless sharing of data over public networks, which has compelling downstream consequences in applications ranging from exchange solvency verifiability to advanced, decentralized key management systems. MPC is widely viewed as a breakthrough in the field of cryptography, and ARPA’s listing on Binance DEX should grant the platform more exposure to the market as developments that blossomed during the 2018 bear cycle begin to materialize into tangible value for public blockchains.
Privacy is at a premium into today’s digital age, and the advancement of second layer solutions at the convergence of scalability and privacy (e.g., bitcoin’s lightning network) are important collateral barometers for progress in the crypto industry.
ARPA is on the forefront of exploration in that regard, and the platform’s blockchain-agnosticism should prove an invaluable advantage for privacy-preserving smart contracts at scale. With a Binance DEX listing in tow and a flurry of projects transitioning from ERC-20 to BEP-2, look for ARPA and Binance DEX to both experience outsized development in the coming months.
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