BNB or Binance Coin is the native cryptocurrency within the Binance ecosystem. The Binance exchanges platform allows crypto traders and investors to pay commissions and trade other cryptocurrencies with BNB. As is well known, Binance is the leading and the largest cryptocurrency exchange on the market in terms of trading volume. The token was developed by a group of developers led by Changpeng Zhao, the CEO of Binance.
BNB was designed to be of the ERC-20 standard and lived on the Ethereum blockchain. The total supply of BNB is capped at 200 million tokens, half of which will be burned through Binance's quarterly buybacks and burns. At the launch of the Binance Chain mainnet in April 2019 ERC-20 BNB tokens were burned and subsequently minted at a 1:1 rate on the Binance Chain. This is how BNB stopped circulating on the Ethereum blockchain and was converted to the BEP-20 standard.
The team did not stop and in September 2020 launched Binance Smart Chain. It is a blockchain service that allows developers to build dApps using smart contracts. The original Binance chain was not able to provide this functionality, but Binance Smart Chain was designed to provide equally fast and cheap transactions, as well as more opportunities for developers to build. BNB is also a native token of Binance Smart Chain having a wide range of use-cases.
The total supply of BNB is 200,000,000 BNB. The team regularly reduces the number of coins in circulation by burning tokens. This will continue until the moment when 100,000,000 BNB remains on the market. On a quarterly basis, the exchange buys back BNB from the market for about 20% of the profits generated from transaction fees. The purchased coins are burned. This helps fight inflation, and every time it does, the coin rises in value. That said, BNB can be considered a deflationary asset.
Like most major cryptocurrencies, BNB is highly volatile. From early April to mid-May 2021, Binance coin chart impressive growth and doubled its value hitting an all-time high ($ 675.68). However, during the summer of the same year, it faced a severe correction lowering its value to $300. In the late Fall, it recovered and the BNB cryptocurrency price again reached its ATH. Binance Coin occupies a place within the ten largest cryptocurrencies by market capitalization and is available for trading at almost all cryptocurrency exchanges.
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