Loki Gets Listed on Binance DEX
Congratulations to Loki on its listing on Binance DEX. “We’re extremely excited to announce that as of today (like, right now), Loki is listed on Binance DEX”, an official post from Loki said.
To make the listing possible, Loki had to create a new token called B-Loki – which was specially designed to provide a fast and smooth experience on Binance Chain. The sole purpose of B-Loki is to enable trading on Binance DEX. As a result, it does not have the basic properties of the current Loki. It is not secure, private, or fungible.
A secured but centralized Loki Bridge has been created to facilitate swapping of Loki to B-Loki (and vice versa) on Binance Chain. Loki Bridge was built by a third-party provider, Lunar8. Once funds are deposited on the bridge, the equivalent amount of Loki or B-Loki will be credited to a user’s wallet. All things being equal, a swapping process is supposed to be executed within an hour.
Talking about centralization, the Loki Foundation still maintains full rights to the bridge.
The Loki Foundation maintains full rights to audit the bridge at any time and works with the service provider to ensure that the correct amount of B-Loki and Loki is being held on the bridge at any given time. The service provider may never use the Loki held on the bridge for any other purpose than usage on the bridge (except for fees) and must adhere to strict security policies set by the Loki team.