However, with the launch of BNB Chain in 2019, Binance decided to give owners the ability to swap their tokens to the BEP2 variety at a 1:1 ratio.
The token was initially named Binance Coin but was later renamed to BNB as a part of the broader rebranding effort by Binance, which put emphasis on the BNB token’s use cases beyond the confines of the exchange ecosystem.ĭue to its Ethereum origins, the BNB token was initially an ERC20 digital asset. Creation of BNBīNB was launched in 2017 via an ICO on the Ethereum platform. BNB can of course be traded on Binance, but its popularity has resulted in other exchanges also listing the coin. Holding BNB on the Binance exchange gives traders certain benefits – trading fees are 25% lower if paid in the form of BNB, and holding the coin is also necessary to enter token sales on Binance Launchpad.īinance is constantly expanding the utility of BNB by securing partnerships with various service providers who accept BNB as payment. A year after the launch of the Binance Chain, the exchange launched Binance Smart Chain (later rebranded as BNB Smart Chain) to compete with smart contract platforms like Ethereum and Cardano. The token launched on Ethereum as an ERC20 token, but was later swapped at a 1:1 ratio for an equivalent amount of BEP2 BNB tokens on Binance’s own blockchain. BNB is used for certain BNB Chain operations such as paying fees on Binance DEX or creating new assets. The Binance exchange was launched in July of 2017 - with the exchange’s rapid rise to the top of the industry, the BNB cryptocurrency has also quickly advanced up the market cap rankingsīNB is a native asset of the blockchain network created in 2019 by the Binance cryptocurrency exchange.Binance intends to destroy half of the initial 200 million BNB token supply using scheduled quarterly burns and real-time token burning mechanics.The Binance blockchain network features smart contract functionality, is open source, and shares many other blockchain similarities with Ethereum.Native asset of Binance’s BNB Chain, used for gas fee payments and community governance.Holding the token provides trading fee discounts and other trading perks on the Binance exchange.Issued through an initial coin offering (ICO) campaign in 2017 by the Binance cryptocurrency exchange.Here’s a quick overview of key facts about BNB and its core blockchain features: For more information about BNB, click here. BNB functions as a native asset of the BNB Chain and is used to pay for certain on-chain operations such as paying fees on Binance DEX or creating new assets. However, the tokens were migrated to their own blockchain called Binance Chain (later renamed to BNB Chain) in 2019.
Originally, BNB existed on the Ethereum blockchain as an ERC20 standard token. BNB is the native governance and gas fee payment digital currency of Binance’s blockchain network. Binance raised around $15 million through its ICO by selling 100 million BNB tokens (half of the total supply). In terms of market cap, Binance Coin is currently ranked #1 in the Exchange Tokens sector, ranked #1 in the Binance Smart Chain sector and ranked #3 in the Layer 1 sector.īNB (stands for “Build and Build”) is a cryptocurrency that entered circulation via an initial coin offering (ICO) by the Binance cryptocurrency exchange in 2017. The current yearly supply inflation rate is -4.64% meaning -7.49M BNB were created in the last year. The Binance Coin price prediction sentiment is currently bearish, while Fear & Greed Index is showing 41 (Fear).īinance Coin's current circulating supply is 153.85M BNB out of max supply of 200.00M BNB. The highest BNB price since the last cycle low was $ 386.87 (cycle high). The lowest price since it's ATH was $ 185.52 (cycle low). The BNB price increased 0.88% in the last 24 hours.īinance Coin reached its highest price on when it was trading at its all-time high of $ 689.33, while Binance Coin's lowest price was recorded on when it was trading at its all-time low of $ 0.526755.
Binance Coin price today is $ 216.90 with a 24-hour trading volume of $ 645.52M, market cap of $ 33.37B, and market dominance of 3.14%.
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