![]() ![]() It was initially created to provide discounts on trading fees for Binance users, but has since evolved into a versatile digital asset with a wide range of use cases.Īs a utility token for the Binance exchange, BNB is used to pay for trading fees on the platform. How Does Binance Coin Work?īinance Coin (BNB) works as a utility token for the Binance exchange and a native token for the Binance Chain. A marketplace for buying and selling non-fungible tokens (NFTs).īNB investors can also use the token to provide liquidity on Binance Liquid Swap, pay for transaction fees on Binance Smart Chain, pay for goods and services when using Binance Card, pay for trading fees on Binance DEX, and so on. A blockchain network with a rich DeFi ecosystem and smart contract functionality. A platform for launching new cryptocurrencies Binance has also launched other products and services that utilize BNB, such as: It has become a popular cryptocurrency in its own right, and is now used for a wide range of purposes beyond just trading fees.įor example, Binance has created a decentralized exchange (DEX) that runs on the Binance Chain, and BNB is used as the native token for this platform. Futures traders save up to 10% on fees via BNB.Īdditionally, Binance periodically uses a portion of its profits to buy back and "burn" (i.e., destroy) BNB tokens, which helps to reduce the total supply of BNB over time.īNB has evolved beyond just a utility token for the Binance exchange. When users pay their trading fees with BNB, they can receive a discount of up to 25% on spot and margin trading fees. The main purpose of BNB is to provide discounts on trading fees for users of the Binance exchange. This allowed Binance to have more control over the token, and also enabled faster and cheaper transactions. ![]() However, in 2019, Binance launched its own blockchain, the Binance Chain, and migrated BNB to this new blockchain. The Binance exchange was founded in 2017 by Changpeng Zhao (also known as "CZ"), and quickly gained popularity among traders due to its user-friendly interface and low trading fees.īNB was created as a utility token for the Binance exchange, and was initially launched as an ERC-20 token on the Ethereum blockchain. What Is Binance Coin (BNB)?īinance Coin (BNB) is a digital asset that was created by Binance, one of the largest cryptocurrency exchanges in the world. In this article, we'll take a closer look at what Binance Coin (BNB) is, how it works, and whether it’s a good investment. One cryptocurrency that has gained significant attention and adoption is Binance Coin (BNB), the utility token created by Binance – one of the largest cryptocurrency exchanges in the world.īNB was initially launched as a way to provide discounts on trading fees for Binance users, but has since evolved into a versatile digital asset with a wide range of use cases beyond just the Binance exchange. In broader economic news, the US Federal Reserve's Meeting Minutes indicated a cautious policy stance without hinting at a rate cut.Cryptocurrency has become an increasingly popular asset class in recent years, with more and more people looking to invest in digital assets like Bitcoin, Ethereum, and others. With the decline in BNB value, decentralized exchange (DEX) tokens like SNX (+2.4%) and DYDX (+7.0%) may see increased attention. Other major cryptocurrencies, including Tether, Ripple, Solana, Cardano, Dogecoin, Tron, Chainlink, Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash, also experienced losses alongside BTC, ETH, and BNB.ĭespite this, Uniswap, Iota, and Braintrust emerged as profit-makers. This penalty contributes to a 2.45% drop in the overall cryptocurrency market cap, now standing at $1.38 trillion. ![]() In the last 24 hours, the US Department of Justice imposed a historic fine of over $4 billion on Binance. This decline is attributed to the recent developments involving Binance CEO Changpeng Zhao, who has admitted guilt in violating US anti-money laundering laws.Īs part of a $4.3 billion settlement to conclude a year-long investigation into Binance's operations, Zhao is stepping down as the CEO.Įther also faced a 2.63% decrease, resulting in a $36 loss, with its current trading value at $1,977.īinance Coin (BNB), the native token of Binance, recorded a substantial 11.69% decrease, now trading at $232 compared to yesterday's $270. On Wednesday, cryptocurrency market witnessed a downturn, with Bitcoin experiencing a 3.26% drop, bringing its value to $36,343.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |