From today, the popular cryptocurrency wallet Trust Wallet will support the Binance DEX market order book feature. The update expands on Trust Wallet’s “Multi-DEX” feature, added back in July, which integrated the Kyber Network Protocol to provide users of Trust Wallet access to multiple decentralized exchanges.
This means that traders can swap and exchange funds on Binance’s decentralized exchange, without compromising the ownership of funds—one of the main criticisms of centralized exchanges. That’s because, on DEXs, all trades happen on the blockchain, meaning that there’s no central point of failure. Unlike centralized exchanges, users are always in control of their assets.
The new feature lets users place limit orders and look at trade history. It also adds a Trust Wallet Dark Mode for mobile users.
“Trust Wallet was created with the vision of being a multi-purpose and easy-to-use cryptocurrency wallet that is accessible everywhere“, said Trust Wallet Founder Viktor Radchenko. “Adding an Order Book helps our power users to gain full control over their trading experience.”
DEX users are still relatively few in number, and in trade volume: $1.3 million was traded on Binance DEX in the past 24 hours, according to CoinMarketCap. By comparison, Binance traded $1.01 billion in the past 24 hours.
One reason for the relative lack of popularity of DEXs is the price: because trades are done on-chain, transaction fees can be expensive. Alex Wearn of IDEX, one of the most popular DEXs, told Decrypt earlier this week that trades can cost up to $10. But IDEX is releasing an update, slated for early next year, would reduce transaction costs by up to 98 percent.
Watch out, Binance, for, uh, Binance.