Binance Chain Native Token Price

The Binance Coin has several uses, some of which are listed below:

➢ Get Discounts on Trading Fees on Binance

Pay fees on Binance exchange using BNB to get discounts, making it a cost effective way to transact for crypto trading on the exchange.

➢ Payment Method For Online Purchases of Goods and Services

You can use BNB to pay for buying goods and services online across several businesses that support it as a payment option. You can use BNB as a payment method via gateways, book hotels and airfare online, shop for games and pay for financial services.

➢ Pay Transaction Fees in Binance Chain and Binance Smart Chain

BNB serves as the native token within both BC and BSC blockchains. You can pay for transactions on these networks with the help of Binance Coins.

➢ Trade BNB Crypto

Trade the BNB cryptocurrency against fiat currencies, other cryptocurrencies and stablecoins to generate profits and grow your crypto portfolio. Ensure that you review the BNB price, market cap, trading volume and price action and perform careful analysis before placing trades in Binance Coin.

➢ Earn Passive Income With BNB

You can stake BNB or lend them on DeFi apps and other platforms to generate interest on your holdings in Binance Coin. You can use KuCoin’s crypto lending option to add liquidity in the platform using your BNB tokens over a period of 7 days, 14 days or 28 days to earn attractive APRs.

It is not possible to mine Binance Coin (BNB) since all the tokens have already been pre-mined at the time of launch. In addition, BNB employs a deflationary mechanism of using token burn to reduce the circulating supply of the crypto, sending the Binance Coin price and market cap upwards.

You can, however, earn BNB via staking. Check out the next section to learn more about how to stake Binance Coin.

You can stake BNB in multiple ways - directly on Binance, via crypto wallets, DeFi apps and more. You can also earn attractive interest on your BNB holdings on KuCoin via our Crypto Lending feature.

Head to the Lend BNB page and enter the amount of BNB you wish to lend. Select the number of days you wish to lend your BNB coins for - choose from 7 days, 14 days and 8 days.

Review the daily interest rate on offer. This number changes dynamically based on demand and trading volume on the KuCoin platform. You will get to see an estimated profit after entering all details.

Binance has employed an Auto-Burn system to bring down the total supply of BNB from 200 million at the time of launch to 100 million. This mechanism automatically adjusts the number of BNB tokens to be burned at each cycle based on the BNB price and the number of blocks generated on BSC over a period of three months.

The process of burning or destroying tokens creates a deflationary effect in the market, reducing the circulating supply of Binance Coin and driving the BNB price and market cap higher, as a result. This in turn helps support the BNB value in the market.

In addition to the Auto-Burn, there is also a real-time burning mechanism in place. This depends on the gas fees on the Binance Smart Chain. BSC validators decide on the ratio of BNB collected as gas fees which get burned when each new block is added to the blockchain.