Binance, one of the world’s largest cryptocurrency exchanges, has declared the winners of the Binance Dexathon, a community-driven initiative aimed at solving the speed and capacity issues faced by decentralized exchanges. Nine teams, including five university-based teams, emerged victorious in this coding competition.
The Binance Dexathon leverages the technological excellence of the cryptocurrency and blockchain community to solve the liquidity and efficiency problems presented by current decentralized exchanges. Since Dexathon’s launch on March 16, Binance received decentralized exchange prototypes from talented programmers and blockchain specialists worldwide. Participants of this decentralized exchange coding competition presented implementation protocols that enable the creation of a low-latency and high-throughput decentralized exchange.
Teams participating in the Dexathon worked in parallel with internal Binance development teams to advance decentralized exchange architecture, competing for substantial prizes paid in Binance Coin (BNB) and the potential to be considered for employment by the international cryptocurrency exchange. Binance has also encouraged academic participation in the Dexathon by providing qualified university development teams a sponsorship grant of $10,000 regardless of competition performance.
Binance Dexathon participants were provided with a list of requirements based on the core issues that affect the functionality of existing decentralized exchange solutions, with design considerations emphasizing speed and simplicity over fancy features. Development teams competing in the Dexathon were given free reign over parameters such as the consensus algorithm and matching engine used, as well as the option to incorporate bonus features such as natively supported ICO implementation.
Participants were provided with the option to either create new implementations from scratch, or fork an existing blockchain implementation and improve upon them to meet feature requirements, provided that copyright and license restrictions are met.
The conclusion of the Binance Dexathon has resulted in a major step forward for exchange decentralization, continuing the community-driven approach to decentralized exchange development adopted by Binance and advancing the technological foundation of next-generation blockchain technology. The winning implementations at the Dexathon exhibited the participants’ great talents and different approaches in solving challenges in decentralized exchanges.
In tandem with community-driven Dexathon, Binance is also spearheading the development of Binance Chain, the blockchain that will be powering the Binance DEX. The Binance Chain initiative will focus on performance, ease-of-use, and liquidity, building a framework for the decentralized exchanges of the future.
Launched in 2017, Binance has experienced rapid growth and user adoption that has seen the platform become a global cryptocurrency exchange leader. Binance’s focus on platform security, forward-leaning technological perspective, and strong relationship with the cryptocurrency community at large have made it the cryptocurrency trading platform of choice globally.