It's also worth noting that the Binance Futures platform follows a slightly different Fee Schedule. Keep in mind that the deduction for trading fees follows a specific schedule, so make sure to check the current spot trading Fee Schedule. Therefore, if you trade a lot on Binance, you should consider getting BNB and using them to pay for your fees. If you choose to pay in BNB, you will get a special discount. You can either pay the trading fees using the assets you are trading, or you can pay for them with BNB. When trading cryptocurrencies on the Binance Exchange, each trade will incur a standard fee of 0.1% ( trading fees are determined by your monthly trading volume and BNB holdings). Let’s take a look at how BNB can help you with trading fees. On Binance’s trading platform alone, approximately two million users have used BNB to pay for trading fees totaling more than 40 million BNB on more than 127 billion trades. Many people also use BNB to pay transaction fees. We estimated that millions of BNB had been consumed by users for travel expenses, payment of goods, for lending, for rewards, to create smart contracts, and for other transactions. For instance, you can use BNB to pay for your travel expenses, buy virtual gifts, and much more. What is BNB used for?Īs mentioned, BNB has many use cases both within the BNB Chain ecosystem and elsewhere, so it is up to you to decide how to use your BNB. This means that you can now find BNB in three different forms:īNB BEP-2 on the BNB Beacon Chain (formerly Binance Chain).īNB BEP-20 on the BNB Smart Chain(formerly Binance Smart Chain).Ĭlick here to check the latest BNB prices. In September 2020, Binance launched the BNB Smart Chain, a blockchain network that runs in parallel with the BNB Beacon Chain. The BEP-2 BNB is the native coin of the Binance Chain, and the mainnet launch was announced on April 18th, 2019. ![]() Īlthough initially based on the Ethereum network, the ERC-20 BNB tokens were later swapped with BEP-2 BNB at a 1:1 ratio. If you want to know more about coin burns, and why BNBs are being permanently destroyed, check out What Is a Coin Burn?. 100 million BNB was offered in the ICO, but the current total supply is lower due to periodic burning events and a real-time burning mechanism. Although BNB was launched through an ICO, BNB does not provide users with a claim on Binance profits and does not represent an investment in Binance.īNB was originally issued as an ERC-20 token, running on the Ethereum network, with a total supply of 200 million coins. The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. Provide liquidity on Binance Liquid Swap.īNB was launched through an Initial Coin Offering (or ICO) that took place from June 26th to July 3rd, 2017 - 11 days before the Binance Exchange opened for trading. Participate in token sales hosted on the Binance Launchpad Pay for goods and services for both online and in-store purchases (e.g., using Binance Card or Binance Pay ) īook hotels, flights, and more at Ĭommunity utility token on the BNB Chain ecosystem (such as games and DApps) Pay for transaction fees on the BNB Smart Chain ![]() ![]() Pay for transaction fees on the BNB Beacon Chain Pay for trading fees on Binance DEX (Decentralized Exchange) Reduced trading fees on the Binance exchange The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap.BNB powers the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain and BNB Smart Chain. ![]() This article is not intended as, and shall not be construed as, financial advice. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is intended to be used and must be used for informational purposes only. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |