1. Project Introduction
From the ICO, Binance issued its own coin called the Binance Coin, with BNB as the symbol. BNB runs natively on Binance chain. The coin was established with a total supply of 200 million. Every quarter, Binance will destroy BNB based on the trading volume on their crypto-to-crypto platform until 50% of all the BNB are destroyed. All transactions will be on the blockchain. Binance eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
The BNB coin itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to:
- Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year).
- Crypto.com has included support for Binance’s BNB token to its platform which includes the MCO Visa Card and mobile app.
- Uplive platform supports BNB to buy virtual gifts.
- Nexo platform supports the BNB coin as collateral for instant crypto loans.
BNB Value & The Burn
(1). You can use BNB to pay for any fees on Binance platform, including but not limited to: Exchange fees, Listing fees, and any other fee. When you use BNB to pay for fees, you will receive a significant discount:
- 1st year: 50%
- 2nd year: 25%
- 3rd year: 12.5%
- 4th year: 6.75%
- 5th year: no discount
(2). The Burn
Every quarter, Binance will destroy BNB based on the trading volume on their crypto-to-crypto platform until 50% of all the BNB are destroyed. All transactions will be on the blockchain. Binance eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
(3). Decentralized Exchange
On April 23, 2019, Binance has completed the Binance Coin (BNB) mainnet swap.
In the future, Binance will build a decentralized exchange, where BNB will be used as one of the key base assets as well as gas to be spent.
2. Token Info
- Max Supply: 200,000,000
- Total Supply: 186,727,826
- Circulating Supply: 154,727,825
- Issue Date: July 7, 2017
- Issue Price: $0.150000
- Consensus Protocol: POS
- Cryptographic Algorithm: dBFT
3. Useful Links
- Official Website: https://www.binance.com/
- Whitepaper: https://resource.bnbstatic.com/books/20190418/1555582477981.pdf
- Explorer: https://explorer.binance.org/
- Twitter: https://twitter.com/binance
- Telegram: https://www.binance.com/en/community#goTG