This has become more important with the emergence of decentralised finance ( DeFi) applications and NFTs (non-fungible tokens). As the Binance Chain was not designed to support smart contracts, unlike Ethereum, the BSC was launched in September 2020 as a parallel chain to run smart contract-based applications. The company later launched its own Binance Chain blockchain, which uses the Tendermint Byzantine Fault Tolerant (BFT) consensus mechanism. The Binance coin was initially an ERC-20 token operating on the Ethereum blockchain. The 22nd burn, scheduled for the fourth quarter, is expected to burn more than two million BNB coins, valued at nearly $582m on 11 November.
On 19 April 2022, the 19th BNB burn destroyed 1.8 million BNB in an auto-burn worth around $741m. Binance reduces the supply of BNB every quarter in coin burns based on the amount of trading volume.īinance will continue the quarterly coin burns until 100 million BNB are destroyed, equivalent to half the total supply. Exchange users who pay their transaction fees with BNB receive discounts of 10% to 25%. The BNB token is used to pay for transaction fees on BSC, participation in token sales and digital payments.
The Binance ecosystem spans beyond the exchange to include the Binance Chain, Binance Academy, Trust Wallet, Binance Research and Binance Launchpad projects, which use blockchain technology to provide various financial services. The name Binance is based on the concept of “binary finance”. He is a former head of tradebook futures development at Bloomberg, head of development at Blockchain, and a co-founder of the Chinese fiat-to-crypto exchange OKCoin in 2014.
BNB is the native token of the Binance ecosystem, which includes its cryptocurrency exchange.īinance, which was banned in the UK in 2021, was co-founded in July 2017 by Changpeng "CZ" Zhao, who is now its chief executive.
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