Binance Coin (BNB) is a cryptocurrency that can be traded and used to pay fees on the Binance smart chain and on the Binance cryptocurrency exchange.
Binance Coin (BNB) is a cryptocurrency exchange-based token established and distributed by Binance.
BNB was launched on the Ethereum blockchain as an ERC-20 token in July 2017 and transferred to Binance Chain in February 2019 to become the Binance Chain’s native coin.
Binance Coin has seen massive growth in interest throughout the years. Several rounds of token burn events have appreciated BNB’s price and pushed it up as one of the top 10 cryptocurrencies by market capitalization.
Who Founded Binance?
Changpeng Zhao (popularly known as CZ)is the founder and CEO of Binance. In 2001, Zhao joined Bloomberg as head of trade book futures development. He spent four years with the company and later joined Fusion Systems as a partner.
Since 2013, CZ has been actively involved with blockchain technology and cryptocurrencies. He became head of development at Blockchain, and in 2015 he founded BijieTech. In 2017, Zhao officially launched Binance, and he has been the CEO of the company ever since.
He Yi is a co-founder and chief marketing officer at Binance. She started her career as a TV anchor and presenter on China Travel TV in 2012. Later, in 2014, He Yi co-founded OKCoin, which was the largest fiat-to-crypto exchange in China at the time. In 2017, she joined forces with Changpeng Zhao, and together they created the largest crypto exchange globally called Binance.
What Makes Binance Coin (BNB) Unique?
Binance is a unique ecosystem of decentralized, blockchain-based networks. The company has grown to be the leading crypto exchange in a number of countries, and their side organizations are attracting significant interest as well.
One of the biggest competitive advantages Binance has is its drive for development. While the company started only as a crypto exchange back in 2017, today, Binance has spread its services among numerous different spheres. According to the company website, its mission is to become the infrastructure services provider for the entire blockchain ecosystem.
Since launching the BNB, the exchange has also benefited from increased investor interest in the coin. BNB went through a significant price increase at the beginning of 2021, which has put it on the map of enterprise investors.
Measures like BEP-95 have upgraded the already deflationary tokenomics to make BNB even more deflationary. Following the proposal, gas fees on Binance Smart Chain have become even lower, as the network burns a part of the fees to decentralize further. The proposal was modelled after Ethereum’s famous EIP-1559.
This has helped Binance overcome several exploits of protocols on BSC, such as a $200M exploit of Pancake Bunny and several hacks of Cream Finance. Despite these hacks, users return to Binance for its low fees and the abundance of lucrative meme coins in its ecosystem.
What Is BNB Used For?
As mentioned, BNB has many use cases both within the BNB Chain ecosystem and elsewhere, so it is up to you to decide how to use your BNB. For instance, you can use BNB to pay for your travel expenses, buy virtual gifts, and much more. Millions of BNB have been consumed by users for travel expenses, payment of goods, lending, rewards, creating smart contracts, and other transactions.
Many people also use BNB to pay transaction fees. On Binance’s trading platform alone, approximately two million users have used BNB to pay for trading fees totalling more than 40 million BNB on more than 127 billion trades.
