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Margin Ethereum? Binance mainnet does not open ETH trading market.

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Margin Ethereum? Binance mainnet does not open ETH trading market.

The world's largest exchange Binance, since announcing the launch of its native token Binance Coin (BNB) mainnet, has never ceased the discussion on competition with Ethereum. Following the launch of the decentralized exchange Binance DEX this year, it seems to be continuously squeezing and challenging Ethereum's position.

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According to the official announcement from Binance, the list of new coins includes popular tokens like BitTorrent (BTT) that gained popularity earlier this year, to the recent addition of Dogecoin on July 5th. Interestingly, among the projects listed this year, there is no trading pair available for Ethereum. A report highlights Ethereum as the second most traded cryptocurrency in the crypto market, excluding USDT, and has held this position for years. Exchanges primarily generate revenue from trading fees charged to users, so why would they not open ETH trading pairs to collect transaction fees? Sanctioning the ETH Market Initially, Binance's trading market included BTC, ETH, USDT, and BNB. However, with the introduction of other USD stablecoins, Binance renamed the USDT market to "USDโ“ˆ" and rebranded the ETH market to "ALTS" on December 24th, categorizing it under the altcoin market. In addition to not opening new ETH trading pairs, existing ETH pairs on Binance are gradually decreasing. For instance, in the announcement regarding the migration of Red Pulse PHX to Binance Chain on May 20th, Binance declared the removal of the PHX/ETH trading pair: Binance will open trading markets for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, PHB/PAX on May 24th, 2019 at 12:00 PM (Hong Kong time). PHX/BNB, PHX/BTC, PHX/ETH will be delisted simultaneously. Founder's Public Statements Despite concerns of Ethereum being sidelined, Binance CEO Changpeng Zhao (CZ) denies any allegations and expresses a desire to see Binance and Ethereum "grow together". In April, media outlets pointed out on Twitter that Binance's decentralized exchange was challenging Ethereum's dominance, to which CZ responded that the launch of Binance DEX was merely a challenge to Binance as an exchange. Ethereum founder Vitalik Buterin has consistently raised concerns about the excessive power of exchanges. At a blockchain event in Switzerland in 2018, he stated, "I definitely hope centralized exchanges go burn in hell as much as possible," adding: These centralized exchanges decide which projects succeed by charging exorbitant listing fees. We can take back that power as we move further away from these centralized exchanges, closer to the values of freedom and transparency in blockchain. As projects undergo listing processes in the future, Binance DEX can continually expand its BNB trading pairs while gradually stifling the ETH market. However, projects eager to list on Binance DEX must also realize they may not be granted ETH trading pairs. Currently, it seems that this issue is not a concern for many. Further Reading

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