Here it has a place as the network’s native token and also powers the recently launched BNB Smart Chain. Deployed initially on Ethereum as an ERC-20 token, BNB has since migrated to its new home: BNB Chain. These cases aren’t just limited to the Binance ecosystem either. We are now dealing with a token with its own native blockchain and a vast range of use cases. BNB’s simple purpose of paying discounted Binance trading fees was only the beginning. What started as a simple utility token has evolved into something much more complex. How did BNB get to where it is now, from not even being in the top five just two months ago? March 2021 saw over 84 million alone, and the upward trend looks to grow. There is a long journey ahead indeed, but let’s look at the journey so far.įrom paying Binance trading fees through to sending tokens on BSC, the amount of BNB transactions has continuously ris en. To reach ETH’s position, BNB needs to multiply its market cap five times to reach BTC, it needs to grow twenty times. It follows Ethereum in second place and Bitcoin in first. In this article, we'll explore BNB’s rise to the top, its utility and use cases, and a comparison of BNB to other top-ranking cryptocurrencies.īNB holds the third-largest cryptocurrency position by market cap at the time of writing at over $42 billion (USD). The initial price during the ICO was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB, which, at the time, equaled roughly $0.15 per 1 BNB. Paying transaction fees in BNB offers users a significant discount. BNB was immediately usable as payment for transaction fees on the new cryptocurrency exchange,, launched just 11 days after the ICO. It initially found its way to the crypto market through an Initial Coin Offering (ICO) taking place from June 26 to July 3, 2017. The development of new blockchain technologies could create new use cases for BNB.BNB launched just over three years ago. The development of new blockchain technologies.If the cryptocurrency market as a whole is doing well, then BNB is likely to do well too. The price of BNB is likely to be correlated with the overall performance of the cryptocurrency market. The overall performance of the cryptocurrency market.The success of these products and services could drive up demand for BNB. Binance offers a wide range of products and services, including a cryptocurrency exchange, a decentralized finance (DeFi) platform, and a staking service. The success of Binance’s other products and services.Here are some additional factors that could influence the price of BNB in the future: If you are considering investing in BNB, it is important to do your own research and understand the risks involved. However, there are a number of factors that could contribute to the growth of the token in the years to come. The regulatory environment for cryptocurrencies is still evolving, and this could have a significant impact on the price of BNB. The regulatory environment for cryptocurrencies. The cryptocurrency market is very volatile, and the price of BNB could go up or down significantly in the short term.
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