Learn about the origin of Binance Coin in one article

Binance Coin Release Time Binance Coin (BNB) was first issued on July 14, 2017. Origin of Binance Coin Fundraising and Platform Construction Binance issued 200 million BNB through an initial coin offering (ICO), raising $15 million. These funds are used to develop the Binance exchange and ecosystem. Transaction Fee Discount BNB began as a utility token used to pay transaction fees on the Binance exchange. Holders can use BNB to enjoy discounts on trading fees, up to 50%. Expanding Use Cases As the Binance ecosystem matures, BNB’s use cases continue to expand. It is now available to: Pay for token sales on BinanceLaunchpad Participate in Binance Savings and Binance Staking

Binance Coin Release Time

Binance Coin (BNB) was first issued on July 14, 2017.

Origin of Binance Coin

Fundraising and Platform Building

Binance via Initial Coin Offering (ICO) 200 million BNB were issued and $15 million was raised. These funds are used to develop the Binance exchange and ecosystem.

Transaction fee discounts

BNB started out as a utility token used to pay trading fees on the Binance exchange. Holders can enjoy discounts on trading fees using BNB, up to 50%.

Expanding use cases

As the Binance ecosystem matures, BNB’s use cases continue to expand. It is now available to:

• Pay for token sales on Binance Launchpad
• Participate in Binance Savings and Binance Staking to earn interest
• Purchase NFTs on Binance NFT Market
• Exchange for other cryptocurrencies

Governance Token

BNB also serves as the governance token for Binance Chain. Holders can participate in decision-making and voting in the on-chain network by staking BNB.

Deflation Mechanism

Binance regularly buys back and burns a portion of BNB tokens to reduce supply and increase value. This deflationary mechanism helps increase BNB’s scarcity and value.

Mining

Unlike other cryptocurrencies like Bitcoin, BNB cannot be obtained through mining. The total supply of tokens is 200 million and is distributed through an initial issuance and subsequent buyback/burn.

The above is the detailed content of Learn about the origin of Binance Coin in one article. For more information, please follow other related articles on the PHP Chinese website!