Binance (BNB)
The native cryptocurrency of the Binance exchange, has become a significant player in the crypto market. Initially launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB has since migrated to Binance's own blockchain, Binance Chain.
Key Uses of BNB
Trading Fee Discounts: Users get discounts on trading fees when paying with BNB on Binance.
Binance Smart Chain (BSC): BNB is essential for transaction fees and staking on BSC, which supports smart contracts and DeFi applications.
DeFi Applications: BNB is used in various DeFi platforms for activities like yield farming and liquidity provision.
Token Burns: Regular token burns reduce the supply of BNB, potentially increasing its value.
Payments: BNB is accepted by many merchants, including travel services like Travala.com.
Recent Performance
BNB has seen significant price increases due to:
Adoption of BSC: BSC’s lower fees and faster transactions attract DeFi projects, boosting BNB demand.
Ecosystem Growth: New Binance products and services expand BNB’s utility.
Strategic Partnerships: Collaborations enhance BNB's use cases and market presence.
Positive Market Sentiment: Increased investor confidence drives demand. $BNB