Binance Issues ONT-33 D Token for Decentralized Exchange Trading
CBW -External Analyst
Sep, 29 2020
Binance has launched an ONT backed Token dubbed as ONT-33D which has been pegged by ONT coins on a 1:1 ratio on the blockchain of Binance exchange.
The Token has been developed on the Ontology blockchain of Binance and will be governed by the set of parameters called BEP2.
How ONT-33 D Token pegged by ONT coins?
Each ONT-33D token will be backed by one ONT coin at a 1:1 ratio. This ensures that the token price will be equivalent to the ONT coins traded on the open crypto market. A per the protocols, the ONT coins travel on Ontology’s main blockchain that makes them incompatible with the Binance decentralized exchange(DEX) and thus the two will operate on two entirely different blockchains.
While revealing about the ONT-33D, the a spokesperson from Binance said, “It will allow ONT holders to have decentralized exchange service.”
It is noteworthy that the Ontology has been ranked as one of the top 30 by analytics firm Coin market Cap which has been acquired by Binance for $400 million. Currently, it possesses a market cap of $271 million and a trading volume of about $93 million. The estimated supply for the total ONT has been assumed around 1 billion but currently, only 650 million are under circulation.Binance intends to increase the capabilities in the coming times. They have indicated that they might add a staking feature to the token. After the integration with the DEX blockchain is complete, the users will be able to have more control in governance and on the asset itself.
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CBW - External Analyst