Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Binance Coin (BNB) is the native currency of the Binance platform.
BNB is used to pay fees, including listing fees, and exchange fees. BNB can also be used to purchase other assets on the Binance platform.
The Binance token was created during the ICO held in July 2017. The ICO raised $15 million and a total of 200 million BNB tokens were sold.
The token launch was conducted on the Ethereum blockchain and each BNB token was issued as an ERC20 token.
In September 2017, Binance announced that it would be migrating its entire platform to its own blockchain, known as the Binance Chain. The migration of the platform and token was completed in April 2019.
As part of the migration, all ERC20 BNB tokens were swapped for native BEP2 tokens on the Binance Chain.
NOTE: Warning: Binance tokens may not be suitable for all investors. Before investing in Binance tokens, it is important to understand the risks associated with them. Binance tokens are highly volatile and can be subject to market fluctuations. They are also subject to various regulations and restrictions, so it is important to research the current legal and compliance requirements before investing. Investing in Binance tokens carries a high degree of risk and you should only invest what you can afford to lose.
The total supply of BNB tokens is capped at 200 million. Of this total supply, 100 million tokens were sold during the ICO, 40 million tokens were allocated to the team and advisors, 10 million tokens were allocated to the angel investors, and 50 million tokens were retained by Binance for ecosystem growth.
The circulating supply of BNB is currently around 107 million as some of the team and advisor tokens have been locked up for 4 years. The remaining tokens will be released over a period of 2 years after the mainnet launch.
Binance plans to use 20% of its profits each quarter to buy back and burn BNB tokens until 50% of the total supply has been burned. This will reduce the total supply of BNB from 200 million to 100 million over a period of 4 years.
The burn process started in October 2017 and will continue until 50% of the total supply has been burned. So far, 6 quarterly burns have been completed and a total of 30 million BNB tokens have been burned.
What Are Binance Tokens? – Conclusion
Binance Tokens are native tokens that are used on the Binance cryptocurrency exchange. The Tokens are used to pay fees, including listing fees and exchange fees. They can also be used to purchase other assets on the platform.
The Tokens are issued on both the Ethereum blockchain (as ERC20 Tokens) and on the Binance Chain (as native BEP2 Tokens). The total supply of Tokens is capped at 200 million with 100 million being available for sale during the ICO held in July 2017.
8 Related Question Answers Found
A token is a digital asset that is issued on a blockchain. Tokens can represent anything from commodities to shares in a company. In the case of Binance, tokens are used to represent different assets on the Binance platform.
Binance, the world’s largest cryptocurrency exchange by trading volume, is set to launch its own crypto-based stock exchange. The new exchange, called the Binance Stock Token Exchange (BST), will allow users to trade digital tokens that represent shares in traditional stocks and commodities. BST will be built on the Binance Chain blockchain platform and will use the Binance Coin (BNB) as its native currency.
Binance Pegged Tokens are a type of cryptocurrency that is pegged to another asset, such as the US dollar or gold. These tokens are designed to give users the stability of the underlying asset, while also providing the benefits of cryptocurrency. For example, Binance USD is a stablecoin that is pegged to the US dollar, and Binance Gold is a token that is pegged to gold.
Binance Chain is a decentralized cryptocurrency exchange platform developed by Binance and its community. It is a blockchain-based system that allows for the issuance and trading of digital assets on a secure and decentralized platform. Binance Chain uses the native Binance Coin (BNB) as its base currency.
Binance Leveraged Tokens are a new type of cryptocurrency token that offers leveraged exposure to the underlying asset. For example, a 3x Leveraged Token on Binance would offer 3 times the price exposure to the underlying asset. Binance Leveraged Tokens are currently available for BTC, ETH, XRP, BCH, LTC, EOS andBNB.
Binance Fan Token is a new cryptocurrency that was created by the popular cryptocurrency exchange Binance. The token is based on the Ethereum blockchain and is intended to be used as a loyalty program for Binance users. The token sale for the currency was conducted in January of 2018 and raised over $30 million.
Binance Leverage Token (BLVT) is an ERC20 token that allows users to trade on the Binance Futures platform with up to 100x leverage. The token was created by Binance and is currently only available on the Binance Chain. The Binance Futures platform allows users to trade a variety of cryptocurrency pairs with up to 100x leverage.
Binance Smart Chain is a decentralized finance (DeFi) protocol and public blockchain that runs in parallel with Binance Chain. The native token of the Binance Smart Chain network is BNB. The Binance Smart Chain mainnet was launched on September 1, 2020.
