What is BNB?
BNB is a cryptocurrency issued by Binance. It is an ERC-20 token based on the Ethereum blockchain network and was launched in 2017. BNB is the core currency of the Binance exchange ecosystem and has a wide range of uses and application scenarios.
Background of Binance Exchange
Binance is one of the world's largest cryptocurrency exchanges. It was established by Changpeng Zhao in 2017 and has rapidly developed into a leading digital asset trading platform in the industry. Binance offers trading pairs for a variety of cryptocurrencies and provides a safe and trustworthy trading environment.
Uses of BNB
BNB has a variety of uses, including but not limited to the following:
1. Payment of transaction fees: When using BNB to trade on Binance, users can choose to use BNB to pay transaction fees, so that they can enjoy preferential transaction rates.
2. Lending and staking: Binance has launched a lending and staking platform where users can use BNB as collateral to obtain lending quotas for other cryptocurrencies. This allows users who hold BNB coins to gain more investment and financial opportunities.
3. Participate in Binance Ecosystem Projects: BNB coins can be used to participate in a variety of innovative projects issued by Binance, such as purchasing newly listed cryptocurrencies, participating in Initial Coin Offerings (ICOs) and Token Sale on Binance Launchpad.
4. Binance Mall Payment: Binance partner online merchants accept BNB coins as a payment method. Users can use BNB coins to purchase goods and services.
Advantages of BNB Coins
BNB coins have the following advantages over other cryptocurrencies:
1. Transaction fee discounts: In the Binance exchange, using BNB coins to pay transaction fees can enjoy discounts, which is very attractive for high-frequency traders and large-volume traders.
2. Sustainability: Binance plans to use 20% of its profits to repurchase BNB coins and destroy them every quarter, which will reduce the supply of BNB coins and help maintain currency value stability.
3. Wide application scenarios: BNB coins are not only a digital asset, but also used for payment in the Binance exchange ecosystem and partner merchants.
