BNB launch: The trade perspective
04 November 2020 | ZebPay Trade Desk
The Binance token (BNB) is now live on ZebPay! Trade BNB on ZebPay, or open a Binance account.
BNB was launched in 2017, a few days prior to the launch of the Binance cryptocurrency exchange. Originally an ERC-20 token running on the Ethereum network, the ERC-20 BNB coins were later swapped with BEP2 BNB on a 1:1 ratio in April 2019 with the launch of the Binance Chain mainnet. They are no longer hosted on the Ethereum network.
BNB is used as a payment method, a utility token to pay for fees on the Binance exchange, and for participation in token sales on the Binance launchpad. BNB also powers the Binance DEX (decentralized exchange). Read more about the technology behind BNB.
Binance Coin (BNB) Snapshot
At the time of writing:
Market Capitalization$3,770,217,980 USDMarket Rank (by Market Cap.)#7Current Price$26.11 USD24 HR Volume $427,935,077 USDAll Time High/Low$39.57 USD / $0.0961 USDScript in Circulation 144,406,561 BNBTotal Supply 176,406,561 BNB
BNB cannot be mined, since the Binance Blockchain uses the Byzantine Fault Tolerance (BFT) consensus mechanism. Instead, validators are used to validate blocks, and earn BNB for securing the network. Prior to migrating to the Binance Chain, Binance performed coin burns on the Ethereum network using smart contract burn functions. The number of tokens burned would depend on the volume of transactions done over a 3 month period on the exchange.