Binance(BNB)
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Modified on: Fri, 22 Sep, 2023 at 3:27 PM
BNB is the token powers the ever-expanding Binance ecosystem. and is one of the leading altcoins in terms of market capitalization. BNB can be used by holders to pay for discounted exchange fees, gain access to new tokens through Initial Exchange Offerings (IEO) on the Binance Launchpad, participate in Binance Community Vote to help determine new project listings, as well as having active BNB trading pairs on Binance exchange to allow traders to be able to buy and sell crypto using BNB directly. BNB was initially issued as an ERC-20 token on the Ethereum network with a total supply of 200 million BNB in 2017. Since then, however, Binance has migrated BNB onto the Binance Chain, enabling it to become the native coin of the entire Binance ecosystem. Furthermore, the Binance team conducts quarterly BNB coin burns every three months using funds from Binance’s treasury and will do so until they permanently remove 50% of all BNB from circulation. Binance was launched in 2017 and has grown into the largest cryptocurrency exchange globally. Since its inception, Binance has expanded its offerings to include a comprehensive ecosystem of products and services, including the Binance Exchange, Binance Decentralized Exchange, Binance Chain, Binance Smart Chain, and other services and projects aimed at furthering their mission of bringing new-age finance to the world.
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