Binance recently announced that they have completed the chain’s upgrade to its MainNet. One of the biggest crypto exchange, Binance is calling this latest version (v.0.6.0), Galileo. According to the announcement, the MainNet has been live and the said upgrade is a hardfork of the original Binance chain that is tipped to increase overall liquidity.
A hardfork update is when the chain is upgraded after a specific block number in the chain (in this case, the block number is 20,300,000). All the upgraded nodes would not be able to communicate with the old nodes. It can be said that the previous running chain becomes obsolete and all the users are required to update to the newest version. This update brings 4 major changes.
- The matching engine is revised to introduce concepts of ‘Taker’ and ‘Maker’ to reduce complexities of matching and avoiding surprises for the users making it more user-friendly.
- Trading pairs on Binance’s DeX can now be delisted. Validators can create a delisting proposal which would then be approved and voted upon to delist the trading pair. This will eventually increase overall liquidity.
- Tokens can now be time-locked for a predefined period of time.
- The state-syncing has been improved to make the syncing of the chain faster. Users can also select the height from where they want to state-sync.
The upgrade is named after the famous scientist Galileo Galilei in the spirit of his achievements and scientific breakthroughs. The full node operators are advised to change to the latest update so that they can connect and send transactions.
Binance has continued their listing of new currencies parallel with the MainNet upgrade. On the same date of the announcement of the MainNet upgrade, they have also announced the listing of a coin, MEETONE on their platform. The trading pair of MEETONE/BNB has been open for trading since 15th July. The currency which is ranked at 1995 at CoinMarketCap enjoyed 53% growth, at the time of writing this report, since Binance announced the listing news.
Binance has been very keen on working with factors that would promote their platform and help cryptos gain mass adoption. They have launched a few projects that have gathered the attention of a lot of retail investors and have the potential to gather more.
Projects like the introduction of margin trading and futures trading on their platform with facilities that make such utilities much easier for the users are a big breakthrough for the platform as well as for the introduction of cryptos to the masses. Apart from this, they have made new platforms specifically for different regions. The most recent one is the platform for the U.S. users, which they launched in partnership with BAM, a US-based trading service.
After the comprehensive success of their native coin BNB (currently rated at number 8 on CoinMarketCap), the decentralized exchange has also been working on bringing their own crypto pegged stablecoins that would use the features of Binance’s chain, like speed, but would have a valuation tightly pegged to a certain cryptocurrency. They have released such a coin for bitcoin, named BTCB, which maintains a 1:1 peg with bitcoin. For the future, they have plans to bring such pegged coins for most of the leading cryptocurrencies.