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by Hideo Nakamura
Rank #4
BNB (BNB)

BNB BNB

$ 560.45
0.00862841 BTC
Marketcap
$ 86,223,096,238
Volume (24h)
$ 1,830,947,208
Circulating Supply
153,856,150 BNB
Total Supply
153,856,150 BNB
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Sell BNB
All time high price: $ 686.31 18.34%
All time high date: May 10, 2021
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    BNB (BNB) price has increased 3.56% today!

    BNB (BNB) is a cryptocurrency that operates on a blockchain. Currently, it is trading at $ 560.45 and a market capitalization of $ 86,223,096,238. The price of BNB has increased 3.56% in the last 24 hours. Currently, BNB ranks #4 among all cryptocurrencies by market capitalization and has a daily trading volume of $ 1,830,947,208.

    Introduction to Binance Coin

    Binance Coin, denoted as BNB, is a cryptocurrency token developed and issued by the globally-renowned cryptocurrency exchange, Binance. Launched in July 2017 as an ERC-20 token on the Ethereum blockchain, BNB transitioned to its own blockchain, Binance Chain, in February 2019, thereby making it the native coin of the Binance Chain.

    BNB’s growth story has been remarkable. Thanks to several token burn events, which purposefully reduce the supply of tokens and create scarcity, BNB’s price has appreciated considerably. Consequently, BNB has soared to the top-10 cryptocurrencies list, based on market capitalization. Currently, BNB can be traded in over 300 trading pairs across more than 120 tracked exchanges.

    About Binance: The Birthplace of BNB

    Founded by Changpeng Zhao and He Yi in July 2017, Binance is a leading global cryptocurrency exchange. Starting its journey with an Initial Coin Offering (ICO), Binance has matured into an exchange giant, securing top positions in terms of trading volume and market share.

    Binance offers a comprehensive trading ecosystem comprising the Spot market, Futures market, and its decentralized exchange, Binance DEX.

    The Multifaceted Use Cases of BNB

    Initially, BNB was conceived through an ICO for Binance, where it was set out to serve as a utility token offering discounted trading fees on the Binance platform. However, its utility has expanded beyond just the Binance platforms, which is why it has been thriving. Some of the key use cases of BNB are as follows:

    • Discounted Trading Fees: Binance offers a 25% discount on trading fees when paid in BNB.
    • Account Tiering: Binance users holding BNB and with a certain trading volume over the past 30 days can upgrade to VIP tiers for additional benefits and fee discounts.
    • Dust Conversion: Non-tradeable amounts of various cryptocurrencies, also known as dust, can be converted into BNB on Binance.
    • IEO Lottery: Binance’s Initial Exchange Offerings (IEO) are conducted using lottery allocations determined by the user’s BNB holdings.
    • Native Token for Binance Chain: BNB is used to pay for transaction fees on the Binance Chain, similar to how Ether (ETH) is used on the Ethereum Blockchain.
    • Payments: Beyond Binance’s platforms, BNB can be used to pay for travel, credit card fees, gifts, and more. For a full list of its applications, visit this link.

    Tokenomics: Binance Coin (BNB) Burn

    BNB is designed with a token burn mechanism, which aims to induce scarcity and increase the token’s value. As per Binance’s v1.1 whitepaper, 20% of Binance’s profits will be used to repurchase and burn BNB every quarter. This methodology changed in 2019 with the release of the v1.2 whitepaper, where BNB burns became contingent on the trading volume on Binance’s exchanges.

    Since Binance started burning BNB in October 2017, there have been 10 rounds of token burns. As of January 2020, approximately 16.7 million BNB, worth roughly $208 million, has been burned.

    How to Store Binance Coin (BNB)

    Storing BNB safely involves choosing between hardware wallets and software wallets. This choice largely depends on the user’s preference for convenience versus security.

    • Hardware Wallets: Devices like Ledger offer the highest security for storing BNB. As non-custodial wallets, they store the wallet’s private keys offline, making them less susceptible to hacking.
    • Non-custodial Software Wallets: Trust Wallet and Atomic Wallet offer convenience with an acceptable level of safety. As the private keys are stored online, there is a heightened risk compared to hardware wallets.
    • Custodial Wallets: Exchanges like Binance provide the most convenient option for storing BNB, albeit with higher risk. The exchange holds the private keys, making the funds susceptible to potential hacks.

    For a complete list of wallets that support BNB, visit Binance’s official list.

    Binance Coin (BNB) Derivatives

    For those looking to hold long or short positions on BNB, derivatives like perpetual swaps and futures are available. Binance’s own derivative exchange, Binance Futures, offers BNBUSDT perpetual swap pairs. BNB futures trading is currently only available on FTX.

    For a complete list of derivative products or exchanges, visit CryptokenTop.

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