BNB is the native cryptocurrency of Binance, one of the world’s leading crypto exchanges. Initially an Ethereum-based token, BNB has since transitioned onto Binance’s proprietary blockchain network called Binance Smart Chain (BSC) allowing it to reduce trading fees on Binance and take part in exclusive token sales and DeFi opportunities; as well as hosting over 4,700 decentralized applications (dApps).
BSC is a highly scalable network with low transaction fees and fast processing times, and features EVM-compatible smart contracts and cross-chain bridging, making it easier for developers to migrate existing dApps onto this network. Furthermore, its BNB Chain uses an adaptive proof-of-stake algorithm with elements of Proof-of-Asset (PoA) validation method for validating blocks resulting in quicker transactions with reduced gas costs.
The BNB Chain is a highly programmable network, which makes it suitable for supporting new apps and protocols as they come out. Furthermore, tokenisation of items like gold, real estate, or art allows these assets to be traded on exchange.
Beyond its use on Binance, BNB coins are frequently employed in staking pools and DeFi applications. Users can join PancakeSwap Staking Pool to gain higher yields for staking their assets; or Venus Money Market Protocol allows borrowers and lenders to connect directly.
BNB holders have numerous uses for their coins beyond staking on Binance exchange, including discounted trading fees on PancakeSwap and Venus DeFi platforms and payment on these platforms. But most often BNB is utilized within its ecosystem – from discounted trading fees on Binance exchange to PancakeSwap payments or Venus DeFi platforms like PancakeSwap payments – where BNB holders use it for discounted staking fees on Binance itself.
Binance uses token burns to maintain scarcity and preserve value by burning 20% of total BNB coins every quarter, until only 100 million remain in circulation.
To start using BNB, register on one of the supported crypto wallets such as Trust Wallet or MetaMask and purchase BNB on Binance exchange before transferring it back into your wallet – another convenient method would be Bitcoin Quark which offers fast and secure transactions at among the lowest rates on the market.