Binance, the world’s largest cryptocurrency exchange by client count, volumes, and liquidity, has successfully integrated the Elrond Network’s Elrond Standard Digital Token (ESDT) standard.
In an update on April 19, Elrond, a highly scalable blockchain network supporting the deployment of high-profile dApps and enterprises, said the move would allow even more people to discover the rapidly growing Elrond ecosystem.
According to Beniamin Mincu, the CEO of Elrond, dApps launching on the network would “tap into the biggest markets and the deepest liquidity” and is a massive step forward for the ecosystem.
“The vast user base of our strategic partner will soon be able to explore digital assets operating at an internet-scale, and projects originating on Elrond Network will be able to tap into the biggest markets and the deepest liquidity. This integration is a massive step forward for the entire Elrond ecosystem.”
Following the integration, the UTK token, compliant with the new ESDT standard, is the first to be listed on Binance. The UTK token is native to Utrust–a payments protocol initially deployed on Ethereum before migrating to the low-fee and scalable Elrond Network.
With UTK available for trading in the broad Binance ecosystem, it will be a considerable boost, accelerating DeFi adoption and making blockchain-based payments mainstream.
Unlike Ethereum’s ERC-20 standard, which is a template for creating and issuing smart contracts, the ESDT standard supports the creation of customizable fungible native tokens. Subsequently, the template doesn’t need the virtual machine, meaning native tokens are scalable and fast.
When issuing ESDT tokens, sharding is natively handled and technically invisible to the user.