How to Use Mithril (MITH) on the First Binance Decentralized Exchange: A Step-by-Step Guide

Mithril (MITH) is a cryptocurrency that gained early recognition as one of the first tokens listed on Binance's decentralized exchange (DEX). For users looking to trade or interact with MITH in a non-custodial environment, understanding how to navigate the Binance DEX is essential. This guide walks you through the practical steps to use MITH on this platform.

Before you begin, it is important to clarify that the "first Binance decentralized exchange" refers to the original Binance DEX, which operates on Binance Chain (the older, non-Ethereum-compatible blockchain launched by Binance). Unlike the newer Binance Smart Chain (BSC) or the evolving Binance Chain ecosystem, the original DEX requires the use of the Binance Chain Wallet (also known as the Binance Chain extension wallet).

Step 1: Set Up a Binance Chain Wallet
To use the Binance DEX, you need a compatible wallet. The most straightforward option is the Binance Chain Wallet browser extension. Install it from the official Chrome Web Store. Once installed, create a new wallet by generating a seed phrase. Write down this phrase and store it offline—do not share it. The wallet is your private key interface for signing transactions on Binance Chain.

Step 2: Acquire MITH Tokens
If you already hold MITH tokens on an exchange (like the main Binance.com platform), you must withdraw them to your Binance Chain address. When withdrawing, select the Binance Chain network as the destination network. If you do not own MITH, you can purchase it on the main Binance.com exchange and then withdraw it. Remember: MITH on Binance Chain is a BEP-2 token, not ERC-20 or BEP-20.

Step 3: Access the Binance DEX
Navigate to the official Binance DEX website (dex.binance.org). This interface is built for trading BEP-2 tokens. Once there, connect your Binance Chain wallet by clicking the "Connect Wallet" button in the top-right corner. Your wallet must be unlocked and installed in your browser for the connection to succeed.

Step 4: Deposit MITH to the DEX
On the Binance DEX, you need to deposit your MITH tokens into the exchange's smart contract (not a typical deposit, but rather a transfer to a DEX-controlled address). Click on the "Assets" button at the top of the screen, then select "Deposit". Search for MITH in the list. If it appears, click the deposit icon and enter the amount you wish to send. Confirm the transaction in your wallet. If MITH does not appear in the list, it might have become inactive on the DEX due to low liquidity—check the DEX markets or the official Mithril community for updates.

Step 5: Trade MITH on the Order Book
After the deposit confirms, go to the "Exchange" or "Trade" section on the Binance DEX. The interface functions as a traditional order book. You can swap MITH for other BEP-2 tokens, such as BNB. Select the trading pair (e.g., MITH/BNB). Enter the price and quantity, and choose between a limit order (set your price) or a market order (fill at current price). Submit the order and sign it with your wallet.

Step 6: Withdraw MITH Back to Your Wallet
When you finish trading, withdraw your MITH or other assets from the DEX back to your Binance Chain wallet. Go to "Assets" → "Withdraw", select the token and amount, then confirm the withdrawal. Your tokens will now be fully in your custody again, stored in your wallet.

Important Considerations
The original Binance DEX has seen reduced activity over time as the broader crypto market shifted toward Ethereum and BSC-based decentralized exchanges like PancakeSwap. However, if you still hold legacy BEP-2 MITH tokens, the DEX remains a functional way to trade or convert them. To bridge MITH to BSC or Ethereum, you may need to use the Binance Bridge, but that requires a separate process and a compatible wallet like MetaMask.

Always double-check token addresses and network selections when moving funds. The Binance Chain ecosystem is separate from the BSC ecosystem, and mistakenly sending a token to the wrong chain can result in permanent loss. Enjoy using MITH on the first Binance decentralized exchange.