BNB
| Token name | BNB |
| Ticker | $BNB |
| Website | BNB Chain |
| Network | Ethereum Binance |
| Summary of Token | BNB (Binance Coin) is a cryptocurrency created by Binance, one of the largest cryptocurrency exchange, in 2017. BNB serves as a utility token to pay for trading fees on the exchange, pay for goods and services on Binance's partner platforms, participate in token sales on Binance Launchpad, and more. Additionally, Binance uses 20% of its profits to buy back and "burn" BNB, reducing the overall supply and potentially increasing the value of remaining tokens. |
| Overview of Token | Binance Coin (BNB) started as an ERC-20 token which ran on the Ethereum Blockchain. It was created as a utility token that provided discounted trading fees on the Binance Exchange, but the Binance team created Binance Smart Chain or BSC where developers can build Decentralized Applications like DEXs, Yield Farms, and other DeFi protocols. |
| Audit | Certik |
| Advisors & Partners | Founded by Changpeng Zhao, who is also the CEO of Binance. Co-founded by He Yi, who is the co-founder and CMO of Binance. |
| Circulating Supply | 157,901,960 BNB |
| Contract Address | 0x242a1ff6ee06f2131b7924cacb74c7f9e3a5edc9 |
| Max Supply | 200,000,000 BNB |
| Number of Holders | 310,550* |
| Blockchain | BSC (EVM compatible) |
| Year in-corporated | 2017 |
| Governance Token | BNB |
| Fun Facts | Binance does a regular burn of BNB tokens because of a commitment made in 2017, which was to remove 100 million BNB (50% of its max supply).
The burn is done automatically with an Auto-Burn Formula. The Auto-Burn is auditable and the figures are reported quarterly of which the burn process is independent of the Binance Exchange. |
| Where to Buy & Sell | Trade $BNB on CoinsPro or Coins.ph, a BSP-regulated licensed crypto wallet in The Philippines |
| Token Use Cases | BNB can be used for making payments, planning of travel arrangements, purchase virtual gifts, buy NFTs, joining of ICOs or used as gas fee when transacting on the Binance Smart Chain. Users can also donate their BNB to Binance Charity which is a non-profit organization dedicated to supporting Web3 technology used for the force of good. |
| *as of writing |
Binance Coin or BNB is the native token for the Binance Smart Chain (BSC). BNB is the 4th largest Cryptocurrency by capitalization with more than 301,000 holders.
The BNB token comes with different utilities like the ability to participate in Binance LaunchPad, BNB Vault, DeFi Staking, and even get discounted trading fees when using Binance Exchange. If you are looking are the DeFi space, the BNB token is used for gas fees on Dapps that are built on BSC. Fees are low and the transaction speed is fast, which makes BSC one of the leading chains for developers who are looking to build Dapps.
Who founded BNB?
BNB was founded by Changpeng Zhao and He Yi who are the Founder and Co-Founder respectively for Binance Exchange. BNB has an ICO in 2017, with the ICO price at $0.15 per BNB, of the 200 Million Maximum Supply, 100 Million tokens were offered through the ICO to retail investors. In total, the ICO raised $15 million, giving birth to one of the largest crypto exchanges, Binance.
BSC Ecosystem
Being a token for the Centralized Exchange (CEX), Binance, BNB gives users discounts on their trading fees.
If you are using the BSC, it has more than 500 Protocols that use BNB as a gas fee and it holds a Total Value Locked (TVL) of $4.85bn which makes it the 2nd largest EVM just behind Ethereum.
For Gamers, BSC holds games like Thetan Arena, Summoners Arena, Meta Apes, and much more.
For Swaps or DEXs, the most notable DEX on BSC is Pancake swap which allows users to do liquidity mining, trade perpetual swaps, and even leverage on the earn products that are offered on the platform.
The ecosystem for BNB looks vast but always keep in mind that interacting with Dapps does come with risks like potential smart contract vulnerabilities, hacking, and even manipulation.
Keeping BNB supply low
When Binance did an ICO, a commitment was made to reduce the circulating supply of BNB from the Max Supply of 200 million to 100 million.
As of Quarter 1 of 2023, a total of 44,098,071.95 has been burnt as shown in bnbburn.info. There are 2 methods used to reduce the supply of BNB the first being an Auto-Burn system which happens quarterly. The 2nd method was introduced in Binance Evolution Proposal 95 (BEP-95) where part of the BNB spent as a gas fee on the BNB Chain will be burnt to reduce the supply of BNB.
Via Coins Pro, BSP Licensed Spot Exchange:
- Step 1: Log into your Coins Pro account and click [Balance].
- Step 2: Select the currency you want to deposit, click on [Deposit] and enter your desired cash-in amount.
- Step 3: Select BNB/PHP pair and enter the [Order Quantity] you would like to trade.
- Step 4: Click Buy or Sell to place your Limit and Stop Orders.
- Step 5: Wait for your order to be filled
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
Get your crypto journey started with Coins.ph
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Get P50 in BTC when you sign up(with level 2 verification) and fund P200 into your coins wallets with promo code: coinsacademy
Start trading your favorite Crypto on Coins Pro with fees as low as 0.05%!
Join the Coinmunity
Connect with like-minded crypto enthusiasts! Be the first to learn about our news and campaigns.
Join us on:
- Twitter: https://twitter.com/coinsph
- Discord: https://discord.io/coinscommunity
- Telegram (Announcements): https://t.me/coinsph_announcements
- Telegram (Community): https://t.me/coinsphfilipino
- Instagram: https://www.instagram.com/coinsph/
- Facebook: https://www.facebook.com/coinsph/
- TikTok: https://www.tiktok.com/@coinsph_official
- YouTube: https://www.youtube.com/coinsph
