Binance Coin Binance Coin

$818.10 +3.28% BNB
Volume (24h)
$134,925,427
24h High
$854.32
24h Low
$817.85
Circulating Market Cap
$116,733,797,413
Total Market Cap
$116,733,797,413
Bid / Ask
$844.88 / $844.94
24h Trades
331,350

What is Binance Coin (BNB)?

Binance Coin (BNB) is the native utility token of the Binance ecosystem, introduced in July 2017 through an Initial Coin Offering (ICO). Initially, BNB was launched as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million tokens. In 2019, BNB transitioned to Binance's proprietary blockchain, the BNB Chain, which supports fast transactions, decentralised applications (DApps), and smart contracts. The BNB Chain consists of two key components: BNB Beacon Chain (formerly Binance Chain), used for governance and staking, and BNB Smart Chain (BSC), which supports smart contracts.

BNB has a maximum supply of 200 million tokens, but this number has been gradually decreasing through Binance's quarterly coin burns, a process that destroys a portion of BNB to reduce supply and potentially increase its value. A security breach in 2022, known as the BNB Chain Bridge Incident, resulted in the minting of an additional 2 million BNB tokens.

What is Binance Coin (BNB) used for?

BNB is primarily used to facilitate transactions within the Binance ecosystem. Some key uses include:

  • Reduced trading fees: Users can benefit from discounted fees on the Binance exchange when paying with BNB.
  • Transaction fees: BNB is used for transaction fees on both the Binance DEX and the BNB Smart Chain.
  • Payments: BNB can be used to pay for goods and services online and offline, via Binance Pay or the Binance Card.
  • DeFi & NFTs: BNB is utilised in DeFi as collateral, staking, and liquidity provision, as well as for buying and trading NFTs.
  • Travel: BNB is accepted by platforms like Travala.com for hotel and flight bookings.
  • Token Sales: BNB is used on Binance Launchpad to participate in token sales and Initial Exchange Offerings (IEOs).

Who created Binance Coin (BNB)?

Binance Coin was created by Changpeng Zhao (CZ), the founder and CEO of Binance, alongside co-founder Yi He. BNB was introduced through an ICO held from June 26 to July 3, 2017, raising approximately $15 million. Half of the total BNB supply (100 million tokens) was sold to the public during the ICO, with 40% allocated to the founding team and 10% to early investors.

The Binance Ecosystem

The Binance ecosystem includes several key components, all powered by BNB:

  1. Binance Exchange: One of the world’s largest cryptocurrency exchanges, offering spot, margin, and futures trading.
  2. Binance Smart Chain (BSC): A parallel blockchain to the BNB Beacon Chain, supporting DApps, smart contracts, and decentralised finance (DeFi) applications.
  3. Binance DEX: A decentralised exchange enabling users to trade cryptocurrencies directly from their wallets.
  4. DeFi and NFTs: BNB supports various decentralised applications, providing liquidity, staking, and collateral services, as well as facilitating the trading of NFTs.
  5. Binance Launchpad: A platform for launching new token projects and raising funds via token sales.