Binance Chain Native Token Price
(BNB)
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Binance Chain Native Token (BNB) Live Price Chart
Binance Chain Native Token Price Live Data
Binance Chain Native Token(BNB) Info
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Ethereum 0xB8c774...D52BSC 0xbb4CdB...95c
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Limitless Crypto Investments Sequoia Capital Funcity Capital Black Hole Capital Vertex Ventures Southeast Asia & India Vertex Ventures China Plutus21
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-0.02%
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+5.64%
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168,137,035
168,137,036
About BNB
What Is Binance Coin (BNB) Crypto?
Binance Coin (BNB) is the native digital asset of the Binance ecosystem, encompassing the Binance crypto exchange and the BNB Chain (BSC). Created initially as a utility token for discounted trading fees on the exchange, BNB has evolved into a versatile cryptocurrency with numerous applications and a growing market cap.
Initially launched as an ERC-20 token on the Ethereum blockchain during an ICO in July 2017, BNB later transitioned to become the native currency of Binance's own blockchain, the Binance Chain. This migration to Binance Chain brought several advantages, including improved scalability and faster transaction speeds.
As of July 2023, BNB holds the position as the fifth-largest cryptocurrency by market capitalization, following only Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and XRP (XRP). Its market cap has benefited from the rising popularity and adoption of the Binance ecosystem, which includes a vast range of dApps and innovative financial services.
Binance offers incentives for users to utilize BNB in their trading activities. Additionally, Binance regularly conducts token burns, permanently destroying a portion of the BNB supply, which can positively impact its scarcity and value over time.
You can also use BNB to pay transaction fees on the BNB Chain and as a payment method for purchasing goods and services online. It has seen increasing adoption among decentralized applications (dApps), particularly in the booming DeFi space, contributing to its value and utility.
How Does BNB Coin Work?
Binance Coin (BNB) powers various functionalities across the Binance exchange, the Binance Chain, and the BNB Chain (BSC). As of July 2023, Binance Exchange is the world's largest cryptocurrency exchange.
The BNB Chain, formerly Binance Smart Chain, is an evolution of the Binance Chain, offering support for smart contracts and dApps. While the Binance Chain is primarily optimized for on-chain trading and operation of the Binance DEX, the BNB Chain provides enhanced capabilities. It serves as a fertile ground for various dApps.
As the native digital asset of the Binance ecosystem, BNB offers multiple benefits for its users. One of the prominent uses of BNB is for settling transaction fees on both the Binance Chain and the BNB Chain. Moreover, BNB holders are entitled to exclusive benefits within the Binance exchange, including discounted trading fees.
BNB implements an Auto-Burn system that periodically reduces its total supply to ensure scarcity and enhance its value. The amount of BNB burned is adjusted based on its price and the number of blocks generated on the BNB Chain each quarter. This mechanism offers transparency and predictability to the BNB community.
As Binance Coin's popularity rises, its real-world utility has also expanded. Users can now spend BNB at more than 60 million merchants worldwide through the Binance Visa Card. Additionally, Binance Pay allows for seamless send and receive crypto payments, and BNB can also be used for crypto loans through Binance Loan.
History of Binance Coin
Binance Coin (BNB) made its debut in July 2017 through an initial coin offering (ICO), during which it was designed as an ERC-20 token on the Ethereum network. Since then, BNB has evolved significantly, becoming an essential part of the Binance cryptocurrency exchange ecosystem.
The BNB ICO commenced on June 26, 2017, and concluded on July 3, 2017, successfully raising $15 million from the sale of 100 million BNB tokens for $0.15 per token. During the ICO, 40% of the total supply was allocated to the Binance founding team, 10% to angel investors, and the remaining 50% was made available to the public.
In 2019, Binance launched its proprietary blockchain, the Binance Chain (BC), and the BNB tokens migrated to become the native currency of this blockchain. Binance facilitated a token swap, allowing users to exchange their ERC-20 BNB tokens for the BC-based BNB coins, ensuring a seamless transition.
Following Binance's mainnet swap in 2019, BNB migrated to its own BNB Chain, comprising two blockchains - the BNB Beacon Chain (Binance Chain) and the BNB Smart Chain (BSC). As Binance continues to innovate and support its ecosystem, BNB's importance is likely to grow, attracting investors and users seeking enhanced functionalities within the Binance platform and beyond.
FAQ
How can I buy Binance Chain Native Token (BNB)?
How much is 1 Binance Chain Native Token (BNB) worth?
Is Binance Coin (BNB) a Good Investment?
Here’s why you could consider investing in BNB token:
BNB’s Integral Role in the Binance Ecosystem
As the native token of Binance, the world's largest cryptocurrency exchange, BNB holds a crucial role within the Binance ecosystem. It offers various use cases, such as paying for trading fees, investing in new projects, and facilitating faster and low-cost transfers within the BNB Chain.
Enjoy Discounts and Benefits on Binance
Binance Coin holders enjoy benefits and discounts on the Binance exchange. These include discounts on trading fees for spot/margin trading and futures trading, which can be attractive for frequent traders seeking cost efficiency.
What Is BNB Coin Price Prediction?
Although it is impossible to provide a reliable BNB price prediction for any timeframe, you could follow these factors to understand the price action in this cryptocurrency better:
Level of Adoption of Binance Ecosystem
BNB's value is closely tied to its adoption and use cases within the Binance ecosystem. As the native token of the Binance exchange, its demand is influenced by the number of users and the extent of its utilization for paying trading fees, staking, investing in new projects, and other activities within the Binance ecosystem.
Future Developments in BNB Chain
Upgrades and advancements in the underlying technology of the BNB Chain can influence the token's utility and attract more users and developers to the ecosystem, potentially positively affecting the BNB to USD price.
BNB Tokenomics
BNB's tokenomics, including its total supply, token-burning mechanism, and staking rewards, can play a role in determining the Binance Coin price dynamics. Token burning, which reduces the token's circulating supply over time, may contribute to scarcity and drive the BNB price.
Crypto Market Sentiment
Positive news, developments, and partnerships related to BNB or the Binance exchange can increase buying activity and drive the price of BNB token upward. Conversely, negative news or regulatory concerns can trigger selling pressure and cause the BNB Coin price to decline.
How to Use BNB Token
Binance Coin (BNB) is a versatile cryptocurrency that serves various purposes beyond being a utility token on the Binance cryptocurrency exchange, including:
Get Discounts on Trading Fees on Binance
BNB offers users the advantage of reduced transaction fees when used to pay for crypto trading on the Binance exchange. This cost-effective method makes it appealing to traders seeking to maximize their profits. To explore this feature further, users can follow official Binance accounts on the Binance app and receive updates on the latest crypto news, including fee discounts regularly shared through Binance Feed.
Payment Method for Online Purchases of Goods and Services
Beyond its role in crypto trading, BNB is a convenient payment option for online purchases across various businesses. Users can buy goods, book hotels, and airfare, shop for games, and pay for financial services using BNB through gateways and partner platforms.
Pay Transaction Fees in Binance Chain and BNB Chain
As Binance's native token, BNB plays a pivotal role in Binance Chain (BC) and BNB Chain. Users can use BNB to pay transaction fees on both blockchains, enabling efficient and seamless operations within the Binance ecosystem.
Trade BNB Crypto
Trade BNB token against fiat currencies, other cryptocurrencies, and stablecoins, making it a valuable asset for traders looking to generate profits and diversify their crypto portfolios. Before engaging in trades, users should perform careful analysis and stay updated on BNB's price, market cap, and trading volume.
Earn Passive Income with BNB on KuCoin
BNB holders can generate passive income by staking or lending their tokens on DeFi and other lending platforms. For instance, users can lend their BNB on KuCoin for specific periods to earn attractive returns.
How to Earn Passive Income with BNB Tokens
While it is impossible to mine BNB, you can earn BNB through staking. Binance offers a feature called BNB Vault, which combines rewards from Simple Earn and Launchpool, providing competitive returns to participants.
To become a staker, users need to hold BNB and participate as delegators. This process involves staking BNB in a wallet to support the network's operations and secure the blockchain. In return for their contribution, stakers receive rewards, creating a win-win situation.
Staking BNB is straightforward. Depending on the exchange or platform used, holders must stake a minimum amount of BNB in their wallets. Once staked, BNB is locked in the wallet, and users receive rewards based on their contributions. You must unstake your staked BNB when you want to trade it.
Stake BNB on KuCoin Earn
Stake BNB conveniently on KuCoin via our KuCoin Earn product to earn attractive APRs on flexible or fixed-duration periods. Visit this section of our platform to review all available ways to earn stable profits with KuCoin’s professional asset management services.
Lend Liquidity in BNB
Lend liquidity in Binance Coin on KuCoin Crypto Lending to earn passive income risk-free and conveniently. Visit this section to check out the latest lending APYs, and subscribe by selecting the timeframe you would like to lend liquidity in BNB on KuCoin.
Why Does Binance Burn BNB Tokens?
Binance Coin (BNB), the native cryptocurrency of the Binance ecosystem, employs an innovative Auto-Burn mechanism to reduce its total supply over time. BNB adopts two coin-burning mechanisms:
BEP-95 Burning Mechanism
The first burn mechanism involves real-time burning based on a portion of the gas fees spent on the BSC. This mechanism started burning around 860 BNB daily after the BNB Smart Chain upgrade in 2021.
Binance’s Quarterly Auto-Burn
In the second mechanism, Binance buys back a specific amount of BNB from the open market and destroys it. BNB's Auto-Burn system creates a deflationary effect by reducing the circulating supply of BNB. The mechanism automatically adjusts the amount of BNB to be burned based on two critical factors: the BNB price and the number of blocks generated on the BNB Chain during a quarter.
The BNB Auto-Burn mechanism aligns with Binance's commitment to community engagement and feedback-driven evolution. It enhances transparency and predictability, benefiting BNB holders and contributors.
How much Binance Chain Native Token (BNB) is there in circulation?
As of 12 10, 2023, there is currently 168,137,035 BNB in circulation. BNB has a maximum supply of 168,137,036.
How do I store Binance Chain Native Token (BNB)?
You can securely store your Binance Chain Native Token in the custodial wallet on the KuCoin exchange without having to worry about managing your private keys. Other ways to store your BNB include using a self-custody wallet (on a web browser, mobile device, or desktop/laptop computer), a hardware wallet, a third-party crypto custody service, or a paper wallet.
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2023-12-11 03:51:58 (UTC+8)
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