Binance Coin (BNB) is the native cryptocurrency of the Binance exchange. Primarily used for fee payments, BNB offers discounts on trading fees, transaction costs, listing fees, and other platform-related charges.
What Is Binance Coin (BNB)?
Binance Coin (BNB) serves as the utility token for Binance, one of the world’s largest cryptocurrency exchanges. Key use cases include:
- Fee Discounts: Reduced charges for trading, withdrawals, and listings.
- Governance Participation: Voting rights for new token listings.
- Earning Opportunities: Staking, lending, and borrowing within Binance’s ecosystem.
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How to Invest in Binance Coin
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BNB Supply and Distribution
Initially, 200 million BNB were minted during Binance’s 2017 ICO. The supply is gradually reduced through quarterly "burn" events until only 100 million BNB remain, promoting scarcity and potential price appreciation.
Original Allocation:
- 50% sold during ICO
- 40% allocated to team, advisors, and investors
- 10% reserved for ecosystem development
Migration to Binance Smart Chain
Originally an ERC-20 token on Ethereum, BNB later transitioned to Binance’s proprietary Binance Smart Chain (BSC), enhancing scalability and utility.
Frequently Asked Questions (FAQ)
Q: What is Binance Coin used for?
A: BNB reduces fees, enables governance voting, and supports DeFi activities like staking and lending.
Q: How many BNB were initially created?
A: 200 million BNB were issued in 2017, with planned burns to cap supply at 100 million.
Q: Can I stake BNB?
A: Yes, Binance offers staking rewards for BNB holders.
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