What is Binance Coin (BNB)?
BNB is a cryptocurrency native to the Binance ecosystem. Binance exchange is currently the leading cryptocurrency trading platform in terms of daily trading volume, and BNB is used to pay for trading fees, among other things, on the platform. The token was launched in July 2017 to be used as a tool for crowdfunding in the Binance ICO. In 2019, Binance launched the Binance Chain, a blockchain network on which it issued a new version of BNB tokens using the BEP-2 standard. In 2020, the exchange launched another parallel chain called Binance Smart Chain, on which it created, yet again, another version of BNB using a newer BEP-20 standard. There are, therefore, three versions of the BNB coin in the marketplace: ERC-20 BNB tokens (used during the ICO), BEP-2, and BEP-20 tokens. They are different versions of the same token, serving the same purpose.
Utility of BNB Tokens
As explained within the Binance whitepaper, BNB was created to serve as a means for platform users to pay their fees. The whitepaper lists the four uses of BNB as follows:
Exchange fees
Withdraw fees
Listing fees
Any other fee
Benefits of BNB Tokens
Token benefits are all the perks that holders enjoy by having the token in their possession or using it to achieve a certain outcome. Some of these benefits associated with BNB include:
Discounts: Binance users can use BNB to pay for transaction fees with 25% discounts on spot and margin markets and a 10% on futures trades.
Token sales: Binance conducts regular token sales on its Launchpad platform, allowing BNB token holders exclusive access to these sales.
Staking rewards: BNB holders can earn rewards in BNB tokens by staking their BNB coins to help secure the blockchain.
BNB & Borabora DEX
As a trading symbol on Borabora DEX, BNBUSD represents the exchange rate of BNB to USD.
BNBUSD Trading Symbol on Borabora DEX
On Borabora DEX, users can select BNBUSD as a trading symbol to buy long and sell short. Please read this article for details.
https://medium.com/@Borabora_DAO/bora-class-how-to-select-trading-symbols-37c1876a92e8
Borabora DEX Denominated Cryptocurrencies — USD
This is the real-time price curve of BNB denominated in USD, through which Borabora islanders can view the price trend of BNB and make trading decisions.
Follow Borabora DEX on:
🔥Website: https://borabora.ooo/
💬 Telegram: https://t.me/Borabora765
🕊 Twitter: https://twitter.com/Borabora_DAO
📃 Medium: https://medium.com/@Borabora_DAO