![]() ![]() Binance has continuously performed quarterly burns since 2017.īinance will continue burning BNB coins every quarter until it has purchased and destroyed 100 million Binance coins, or half of its original maximum supply. BNB Burningīinance spends some of its revenues each quarter to purchase back and burn Binance Coins, totally eliminating them. The latter is a consensus layer, Ethereum Virtual Machine compatible, and has hubs to multi-chains. The former is focused on BNB Chain governance that allows BNB holders to participate in staking and voting. The BNB chain consists of the BNB beacon chain and BNB Smart Chain. Moreover, BNB chain transactions are fueled by a blockchain gas token called BNB, which stands for "Build and Build" (previously known as Binance Coin). When constructing the BNB chain, Binance tailored the blockchain for optimal performance when it came to trading on-chain, basing Binance DEX, Binance’s decentralized exchange (DEX), on this newly formed chain. On a more technical level, the layer-1 blockchain of Binance is merged to form the BNB Chain (previously the Binance Smart Chain and the Binance Chain). As always, though, be sure to research and abide by any applicable jurisdictional laws. One might also wonder how to buy Binance Coin? People can buy BNB via a number of avenues such as Binance’s own crypto exchange, for example. People can hold BNB in compatible wallets off crypto exchanges and send the coin directly to others for payments or otherwise. ![]() ![]() How does Binance Coin work?īNB is a crypto asset similar to other digital assets on the market in that it rises and falls in value as people use and trade it. Users received the new BNB coin in exchange for their BNB ERC-20 tokens via a token swap in 2019. With BC came the blockchain’s own native BNB coin. Binance opened its crypto exchange platform a matter of days after the conclusion of its mid-2017 ICO.īinance launched its own native blockchain in 2019 calling it Binance Chain (BC). Binance raised a total of $15 million in Bitcoin ( BTC) and Ethereum ( ETH) from this ICO.įrom the $15 million raised, 35% was utilized to upgrade the Binance platform and exchange system, 50% was used for Binance branding, marketing and education of new innovators and the remaining 15% was set aside as a reserve in case of any emergencies or unusual circumstances.ĭuring its ICO and early days, BNB was an ERC-20 token built on the Ethereum blockchain. Here's a quick rundown of how BNB tokens were distributed at first:ĭuring the ICO, all 100 million BNB tokens available for public sale were sold for 15 cents each. BNB tokens were dispersed among various participants including angel investors and the Binance founding team as part of the ICO. Binance Coin was launched in July 2017 with an ICO. Telling the story of Binance Coin’s beginnings would prove difficult without talking about the history of the Binance exchange. Since then, BNB has retained a role in Binance’s growing ecosystem as Binance has expanded into more than a digital asset exchange. What is a Binance Coin? BNB began as an asset sold in Binance’s initial coin offering (ICO), becoming a way Binance exchange users could pay less trading fees on the platform once the exchange launched. Sometimes, a cryptocurrency exchange may have its own asset that is used for certain purposes on its related exchange such as fee discounts on the trading platform.īinance Coin ( BNB) of the Binance exchange is one such crypto exchange asset. Although each exchange may vary in construction and features, they aim to give crypto traders a place to swap their assets in a broader sense. Several crypto exchanges exist, for example. It is not uncommon to see projects aimed at solving similar needs. The cryptocurrency and blockchain industry includes numerous projects and assets aimed at different goals. ![]()
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