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What
Binance
What Is BNB?
BNB?
Is
Published Nov 28,
Beginner
Updated Aug
6,
4m
TL;DR
BNB powers the Binance Ecosystem and is the native coin of the
Binance Chain and the Binance Smart Chain. BNB has several use
cases:
Pay
for
trading fees on the Binance exchange;
Pay
for
trading fees on Binance DEX (Decentralized Exchange);
Pay
for
transaction fees on the Binance Chain;
Pay
for
transaction fees on the Binance Smart Chain;
Pay
for
goods and services for both online and in-store purchases
using Binance Card or Binance Pay);
(e.g.,
Book hotels, flights and more
at
Travala.com;
Community utility token on the Binance Smart Chain ecosystem
(such as games and DApps);
Participate
in
token sales hosted on the Binance Launchpad
;
Donate on Binance Charity;
Provide liquidity on Binance Liquid Swap.
What
is
Binance Coin (BNB)?
BNB was launched through an Initial Coin Offering (or ICO) that took
place from June 26th to July 3rd, 2017 - 11 days before the Binance
Exchange opened for trading. The issue price was 1 ETH for 2,BNB or 1 BTC for 20,000 BNB. Although BNB was launched through
an ICO, BNB does not provide users with a claim on Binance profits
and does not represent an investment in Binance.
BNB was originally issued as an ERC-20 token, running on the
Ethereum network, with a total supply of 200 million coins. million BNBs were offered in the ICO, but the current total supply is
lower due to periodic burning events, in which Binance destroys BNB
held in its treasury. If you want to know more about coin burns, and
why BNBs are being permanently destroyed, check out What Is a
Coin Burn?
.
Although initially based on the Ethereum network, the ERC-20 BNB
tokens were later swapped with BEP-2 BNB on a 1:1 ratio. The BEP-BNB is the native coin of the Binance Chain, and the mainnet launch
was announced on April 18th, 2019.
In September 2020, Binance launched the Binance Smart Chain
(BSC) a blockchain network that runs in parallel with the Binance
Chain. This means that you can now find BNB in three different
forms:
,
BNB BEP-2 on the Binance Chain.
BNB BEP-20 on the Binance Smart Chain.
BNB ERC-20 on the Ethereum network.
Click here
What
to
is
check the latest BNB prices.
BNB used for?
As mentioned, BNB has many use cases both within the Binance
ecosystem and elsewhere, so it is up to you to decide how to use your
BNB. For instance, you can use BNB to pay for your travel expenses,
buy virtual gifts, and much more We estimated that millions of BNB
had been consumed by users for travel expenses, payment of goods,
for lending, for rewards, to create smart contracts, and for other
transactions.
.
Many people also use BNB to pay transaction fees. On just the
trading platform, approximately two million users have used BNB to
pay for trading fees totaling more than 40 million BNB on more than
127 billion trades. Let’s take a look at how BNB can help you with
trading fees.
When trading cryptocurrencies on the Binance Exchange each trade
will incur a standard fee of 0.1% ( trading fees are determined by your
monthly trading volume and BNB holdings). You can either pay the
trading fees using the assets you are trading, or you can pay for them
with BNB. If you choose to pay in BNB, you will get a special
discount.
,
Therefore, if you trade a lot on Binance, you should consider getting
BNB and using them to pay for your fees. Keep in mind that the
deduction for trading fees follows a specific schedule, so make sure
to check the current spot trading Fee Schedule It's also worth noting
that the Binance Futures platform follows a slightly different Fee
Schedule
.
.
Apart from discounted trading fees, BNB is also powering the
Binance DEX (on the Binance Chain) and hundreds of applications
that are running on the Binance Smart Chain (BSC), which means
that you can use BNB outside the Binance trading platform as well.
Indeed, more than 180 digital assets have been issued on BSC, and
millions of users have consumed BNB for utility purposes in
connection with BSC.
Sneak
a
peek
at
the latest BNB prices right now.
Where do I get BNB?
Most purchases of BNB occur in the secondary market. That means
that you can buy and sell BNB on Binance.com and on other crypto
platforms. Here’s how to buy BNB right away!
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