Binance Coin (BNB): What is it? What's the point ?
$BNB is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency trading platforms in the world. Launched in 2017 during an ICO (Initial Coin Offering), BNB was initially created as an ERC-20 token on the Ethereum network before migrating to its own blockchain, Binance Chain.
Usefulness of BNB:
BNB finds utility through various use cases within the Binance ecosystem. Here are some of its main functions:
1. Discounts on transaction fees: Binance users can enjoy significant discounts on transaction fees by using BNB to pay these fees.
2. Participation in ICOs on Binance Launchpad: BNB holders have the opportunity to participate in ICOs organized on the Binance Launchpad platform.
3. Use on the Binance Smart Chain: With the launch of the Binance Smart Chain, BNB has gained importance as a fuel for transactions and smart contracts on this new blockchain.
- Key Figures
- Stock market capitalization:
As of the last update (January 2024), the market capitalization of BNB was approximately $690 million, placing it among the leading cryptocurrencies.
- Total supply:
The total number of BNB in circulation is limited to 200 million, which helps create scarcity and can potentially affect long-term value.
- Future of BNB
The future of Binance Coin looks bright, supported by several factors. The Binance Smart Chain continues to gain adoption, providing a competitive alternative to other blockchains. Binance's continued initiatives, such as product development and ecosystem expansion, could also positively influence the value of BNB.
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