12 Best Altcoins of 2024 Based on Their Market Cap:
2.) The 2nd rank is occupied by $BNB with a spectacular market cap of US$101.2 billion. Of course, BNB is a coin that is familiar to us Binanceans. Yes, BNB is the native utility token of the Binance exchange, the world's largest cryptocurrency exchange. BNB supports the ecosystem of decentralized applications (dApps), decentralized finance (DeFi), and established Binance exchange users. According to records, on any given day in 2023, Binance Smart Chain, a key pillar of the Binance network, handled more than three times the volume of transactions processed on Ethereum. Since its founding in 2017, Binance has become one of the biggest brands in the blockchain industry. In addition to being the largest crypto exchange, Binance has launched an entire ecosystem of crypto-related functionality. BNB is an integral component of this ecosystem. This token can be used to pay for goods and services on and off the network. BNB is also used to pay gas fees on the BNB Smart Chain.
Beyond that, BNB has a number of useful functions on the BNB Chain. These include:
Discounted trading fees when you pay in BNB on the Binance exchange
Access to exclusive token sales
Access to the BNB Chain ecosystem of DeFi games, DApps, and more
BNB uses an automatic burn mechanism to continuously reduce its total supply to 100,000,000 BNB . This mechanism helps the network manage ongoing supply and demand pressures.
