Abstract

Binance Coin (BNB) empowers the Binance ecosystem and is also the native token of Binance Chain and Binance Smart Chain. BNB has the following uses:

• Pay transaction fees on the Binance exchange;

• Pay the transaction fees of Binance DEX (decentralized exchange platform);

• Pay the transaction fees of Binance Chain;

• Pay transaction fees on Binance Smart Chain;

• Pay for goods and services purchased online and in-store (e.g. using coins Anka or Binance payment);

• Book hotels, air tickets, etc. through Travala.com;

• Binance Smart Chain Community utility tokens for ecosystems (e.g. games and DApps);

• Participate in token sales hosted by Binance Launchpad;

• Donate to Binance Charity;

• Inject liquidity into Binance Liquidity Mining.

What Is it Binance Coin (BNB)?

BNB passed the initial coin offering ("ICO") event held from June 26 to July 3, 2017 come out. Eleven days later, the Binance trading platform officially opened for trading. Its initial issuance price is that 1 Ethereum and 1 Bitcoin can be exchanged for 2,700 Binance Coins and 20,000 Binance Coins respectively. Although BNB is issued through ICO, BNB holders are not shareholders of Binance, nor investors of Binance.

The initially issued BNB is an ERC-20 token circulating in the Ethereum network, with a total supply of 200 million. A total of 100 million BNB were issued during the ICO activity, but after multiple periodic burns (Binance destroyed the BNB saved in its own vault), the total supply has declined. To learn more about the token burning plan and the reasons for permanently burning BNB, please read "What is Token Burning?" 》.

Although initially based on the Ethereum network, later developed, ERC-20 BNB tokens can be exchanged for BEP- at an exchange rate of 1:1 2 BNB. BEP-2 BNB is the native token of Binance Chain, and its mainnet was officially launched on April 18, 2019.

In September 2020, Binance launched Binance Smart Chain (BSC), a blockchain that runs parallel to Binance Chain An operational blockchain network. This means that there are currently three different forms of BNB:

• BEP-2 on Binance Chain BNB.

• BEP-20 BNB on Binance Smart Chain.

• ERC-20 BNB in the Ethereum network.

Click here to view the latest BNB price.

What are the uses of Binance Coin?

As mentioned earlier, BNB is widely used in the Binance ecosystem and other environments, so users can flexibly decide how to use their BNB. For example, you can use BNB to pay for travel, purchase virtual gifts, and more. According to our estimates, millions of BNB have been used by users to pay for travel expenses, purchase goods, borrow money, reward, create smart contracts and other transactions.

In addition, many people use BNB to pay transaction fees. In the trading platform alone, 2 million users paid transaction fees in BNB for more than 127 billion transactions, totaling more than 40 million BNB. Let’s take a look at how to pay trading fees with BNB.

When trading digital currencies on Binance, a standard 0.1% fee will be charged per trade (trading fees depend on monthly volume and BNB holdings). Traders can pay transaction fees using the asset being traded or BNB. You can also enjoy special discounts when you choose to pay with BNB.

So, if you are conducting large-scale transactions on Binance, you should consider obtaining BNB and using it to pay fees. Please note that the deduction of transaction fees follows a specific fee schedule. Therefore, it is essential to check the current fee schedule for spot transactions. It’s also worth noting that the Binance Futures platform follows a slightly different fee schedule.

In addition to discounted trading fees, BNB also provides support for Binance DEX (on top of Binance Chain) and on Binance Smart Chain It is supported by hundreds of applications running in (BSC), which means that BNB can also be used in scenarios outside of the Binance exchange platform. In fact, Binance Smart Chain (BSC) has issued more than 180 digital assets, and millions of users have consumed BNB in practical scenarios related to BSC.

Come and see the latest price of BNB.

Where to get Binance Coin (BNB)?

Most BNB purchases occur in the secondary market. Therefore, you can buy and sell BNB through Binance and other digital currency platforms. Click to learn how to buy BNB and act now!