What is Bnb?

BNB, short for Binance Coin, is the native cryptocurrency of the Binance ecosystem, one of the world's largest cryptocurrency exchanges, having been launched in 2017. Originally built on the Ethereum blockchain as an ERC-20 token, BNB later migrated to its own blockchain, the Binance Chain, and more recently expanded into the Binance Smart Chain (BSC), now part of the BNB Chain ecosystem. BNB was initially created as a utility token to offer users discounted trading fees on the Binance exchange but has evolved beyond this primary use. It is an integral component within Binance's ever-expanding suite of services, including decentralised finance (DeFi) applications, token launches, and financial products. With a capped supply and quarterly burn events, BNB aims to drive value through scarcity. Its growing adoption reflects Binance's ambition to extend cryptocurrency's reach into numerous financial and non-financial systems, underscoring its utility and expanding role.

What can you do with Bnb?

• Pay for trading fees with discounts on Binance exchange.
• Participate in token sales and Initial Exchange Offerings (IEOs) on Binance Launchpad.
• Pay transaction fees on the Binance Chain and Binance Smart Chain.
• Utilize BNB as collateral for loans on Binance lending platforms.
• Use BNB for payment at select merchants supporting Binance Pay.
• Stake BNB to earn additional rewards and participate in Binance Chain governance.
• Utilize BNB in various DeFi applications and DApps on the BNB Chain ecosystem.
• Support cross-border transactions and remittances using BNB as an intermediary currency.

Frequently Asked Questions

What is the BNB coin?

BNB, also known as Binance coin, was developed and issued by Binance, which is a crypto exchange, back in 2017.

What is Binance?

Binance is the world's biggest crypto exchange by users and trading volume, founded by Changpeng Zhao and He Yi in 2017. It is known for its fast, secure, and cost-effective platform that supports millions of users.

Where can you use the BNB coin?

BNB can be used to pay fees while trading on the Binance exchange, participate in DeFi, and interact with products built on the BNB chain.

How is BNB different from other coins?

BNB is the native token of the Binance ecosystem. Its deep link with Binance, wide range of use cases, and regular token burns make it unique among other cryptos.

What are some parameters to analyse BNB?

Active addresses, Exchange volume, NVT ratio, and TVL are some important parameters to be taken into consideration while analysing BNB.