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Binance Coin BNB. Overview of the BNB Chain blockchain

Sep 22, 2022
Binance Coin BNB. Overview of the BNB Chain blockchain
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Binance Coin BNB and Binance Chain - a global ecosystem. BNB token is in the top10 cryptocurrencies by capitalization. Current price $265 USD. Number of coins in circulation 161,337,261.09 BNB. Capitalization $43,253,156,008

History of the BNB coin creation

The BNB token was created in 2017 by the Binance exchange. In 2020, based on BNB, a blockchain with BSC (Binance Smart Chain) smart contracts was developed.

BSC rebranded to BNB Chain in 2022.

MetaFi

After rebranding into the BNB chain, they are planning to develop the MetaFi direction.

MetaFi — involves the integration of the DeFi infrastructure and projects of various directions, such as Metaverse, GameFi, Web3 and NFT, where "Meta" is for metadata, and "Fi" is for DeFi.

On the BNB Chain blockchain in the BEP-20 network, decentralized projects and tokens can be issued.

The most popular decentralized applications on the blockchain:

PancakeSwap (CAKE) $2,9 billion
Venus (XVS) $677,4 million
Alpaca Finance $498,7 million

Scopes of BNB token:

  1. Payment for transactions on the BNB Chain blockchain;
  2. Use as a utility token in the BNB Chain ecosystem;
  3. Reducing trading fees on the Binance exchange;
  4. Participate in token sales on Binance Launchpad;
  5. Provision of liquidity on Binance Liquid Swap;
  6. Payment for goods and services in online stores.

Payment for transactions on the BNB Chain blockchain

When sending tokens on the BEP-20 network, you need to pay for transactions in BNB.

Use as a utility token in the BNB Chain ecosystem

BNB can be used as a utility token in games, dapps or when buying NFTs.

Reducing trading fees on the Binance exchange

By activating the option to pay trading fees in BNB when trading on the Binance exchange, you can reduce its cost.

Participation in token sales on Binance Launchpad

By holding BNB on the Binance exchange, you can participate in Launchpad and receive other tokens.

Provision of liquidity on Binance Liquid Swap

By providing BNB coin as liquidity on Binance Liquid Swap, you can earn up to 20% per annum.

Payment for goods and services in online stores

Some online stores have implemented accepting payments via BNB coin, or you can pay via Binance Card or Binance Pay

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