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Imagine having a coin that virtually represents all major functions that crypto offers today – from being an investment vehicle to a token of a blockchain platform and even functioning as a launchpad utility token while saving you trading fees. Binance coin (BNB) does exactly that. In this article, we will take you to the complete analytical and technical guide of Binance coin today.
Binance Coin: Introduction and purpose
Binance Coin (BNB) is a utility token introduced by the global cryptocurrency exchange platform, Binance. It was introduced in 2017 and in 4 years has seen phenomenal growth. As of today, BNB is the third largest cryptocurrency.
BNB was initially launched on Ethereum as an ERC-20 token. It appeared via an ICO or Initial Coin Offering. Soon, Binance set itself free from the Ethereum chain and launched its blockchain – called the Binance Chain. This was then upgraded to the Binance Smart Chain (BSC), with BNB being its token. Over time, the Binance Smart Chain has certainly given Ethereum a run for its money, appealing to both developers and traders.
Binance uses profits from the ecosystem to purchase more BNB coins and then it burns them. This process reduces supply and inflates BNB’s value over time.
The Binance Ecosystem
In March 2021 alone, Binance saw a whopping 84 million transactions on the Binance Smart Chain. Binance offers a significant amount of discount on trading fees to customers who use Binance Coin to pay transaction fees on Binance exchange and Binance DEX. Using BNB can lead to a significant amount of savings as the discount on transaction charges can range anywhere from 10% to 25% depending upon the risk level.
BNB targets not only the audience on the Binance Smart Chain, but also the larger DeFi community. With Binance Earn, a user can use their BNB holdings for several purposes like Staking,…
