Binance has a new DEX trading interface

Published: 2018-12-06

 

Binance has taken a very brief break from coding just to show you some of the things that we've been working on recently. So we have a new trading interface for the DEX to show you we have a web wallet and we have a blockchain Explorer and all of these things will be made available on a test net soon.

The first thing we'll do is create a new wallet and we have a couple of options. Here we also plan to add some more options in the future so we'll choose this option which will generate a 24 word seed phrase for us and this seed phrase should be backed up in a safe location. Ideally on a piece of paper or on a USB Drive that is in a safe place.

So this is our seed phrase and I'll copy that to the clipboard there's also an option here to export your private key. If you wish to do so but for now I'll just continue to unlock the wallet. To do that I'll enter the phrase that I was just given and I'll be then taken to the trading interface which will look very familiar to you if you've used the binance.com platform in the past. The only real difference aside from layout changes is that there is a balances tab on the bottom panel here that will tell you the balances of your account and right now you'll see that I don't have any funds in this particular account.

Another change to the interface is that there is a user icon in the top right corner here and that tells me my wallets address. I'll copy that for later use and in order to fund this account. I'll just switch over to the unlock screen again and log into a wallet that has some test net funds that I can send. Once I've unlocked that wallet. I'll be able to click the balances navigation button at the top and that will tell me my account balances this account has just under a million test net BNB tokens so I will send some of those to my wallet that I created previously. There's a flat fee for transfers on Binance chain and my available tokens are shown on the right side here and I just have to confirm what I've entered in order to send that transaction to the blockchain. So I'll just log in to my previous wallet again and we should now see the BNB that I sent to this wallet so there it is and now I'm able to place an order.

I'll just buy 100 NNB for a price of 11 BNB, that one filled immediately so there it is in order history and in the trade history we can see the list of individual trades that filled my entire order and in balances I can now see that I have 100 NNB which is a test net token that we use to test the system.

In order to demonstrate an order that will not fill immediately. I will sell the NNB that I just bought for a high price let's say 25 BNB and I want to sell 100 NNB. I've added that order now and it's shown up in the open orders tab and it hasn't filled but this order probably won't fill because the price is too high, so I will cancel this one for now and in the order history.

I can see that that one was cancelled so the last thing to show you then is the blockchain Explorer which looks like this and in this search box at the top we can search for an individual block by block height. We can search for a transaction an address or order ID so in this case I'm going to paste a transaction ID which corresponds to the first order that I placed on the last screen and when I search for that transaction ID. I can see that the transaction type was placed order. I can see the value of this transaction and I can see the order data here.

I can also click on the address to see my addresses balances and you can see the NNB coin that we bought earlier here as well. There's also a list of assets on the Explorer and this will list all of the coins that are that were issued on the platform and the home page gives us some basic stats about both the blockchain and the price of the BNB coin. There's also a list of blocks and a list of transactions to see as well and this is the page for an individual block we can navigate through the blockchain using these arrows and we can also view the transactions that were included in this particular block.

 

Filed Under: Binance