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BNB (BNB) price has declined today.
BNB (BNB) is priced at $588.32 today, with a 24-hour trading volume of $835,060,043.51. It is reflecting a 2.27% decline over the last 24 hours and a 5.53% increase over the past 7 days. With a circulating supply of 148 Million BNB, BNB’s current market cap is at $86,828,473,183.45.
Introducing BNB by Binance
Since its inception in July 2017, Binance has become the world’s largest cryptocurrency exchange, with a $6.7 billion daily trading volume as of September 2023.
Binance’s vision is to revolutionize global finance through cryptocurrency exchanges, hence the name Binance, derived from Binary Finance.
Beyond its status as a leading exchange, Binance has created an extensive ecosystem of services.
This ecosystem includes the:
- Binance Chain
- Binance Smart Chain
- Binance Academy
- Trust Wallet
- Research projects
They are all utilizing blockchain technology to usher in a new era of finance. The BNB token plays a crucial role in the functioning of various Binance sub-projects.
The Visionaries Behind BNB
Changpeng Zhao, also known as CZ, is the founder and CEO of Binance. His journey in the cryptocurrency and blockchain space dates back to 2013, when he became involved with blockchain technology and cryptocurrencies.
Before Binance, CZ held prominent positions at Bloomberg and Fusion Systems.
He Yi, the co-founder and chief marketing officer at Binance, started her career as a TV anchor before venturing into cryptocurrencies. She co-founded OKCoin in 2014, the largest fiat-to-crypto exchange in China at the time.
They collaborated with Changpeng Zhao and created Binance, now the largest global crypto exchange.
What Sets BNB Apart
Binance brings a unique ecosystem of decentralized blockchain networks to the table. As a cryptocurrency exchange, Binance has expanded its services to various domains, establishing itself as a leading exchange in numerous countries.
As stated on its website, the company aims to become the infrastructure services provider for the entire blockchain ecosystem.
Two major processes are in place:
- With the launch of BNB, Binance has witnessed increased investor interest in the token. BNB experienced a significant price surge at the beginning of 2021, capturing the attention of enterprise investors.
- An upgrade like BEP-95 has further enhanced the deflationary nature of BNB, reducing gas fees on the Binance Smart Chain while decentralizing the network. This proposal takes inspiration from Ethereum’s popular EIP-1559.
Despite facing challenges like protocol exploits and hacks, Binance remains a preferred choice for users due to its competitive fees and a diverse range of lucrative meme coins within its ecosystem.
Decoding BNB’s Auto Burn Mechanism
Token burn in cryptocurrency means permanently removing coins so they can’t be used anymore.
Binance burns its coins on purpose, doing it regularly to keep the value of its digital coins, like BNB, stable and a bit scarce. They started doing this in late 2017 and have since burned over 38 million tokens, with a plan to burn up to 100 million BNB tokens in total.
How does Binance burn BNB tokens? They use two main ways. One way burns some tokens when people pay transaction fees on the BNB Chain. The other way involves planned, quarterly BNB burn events. These events used to depend on money from the Binance exchange.
The BNB Auto-Burn program changes things up a bit. A formula, considering the total blocks on the Binance Smart Chain and the average price of BNB, decides how many tokens to burn each quarter.
By July 2023, Binance has conducted 24 BNB coin burn events, eliminating over 1.99 million BNB tokens. This means the original supply of 200 million BNB has decreased by 24.34%.
Understanding It’s Circulation
The BNB coin had a top limit of 200 million coins. Now, in September 2023, there are about 154 million BNB coins out there.
How does Binance burn tokens?
- Every three months, Binance burns tokens to eventually cut down the total number to 100 million BNB. On July 18, 2021, during the 16th burn event, they burned BNB coins worth $390 million.
- The priciest burn was on April 16, 2021, burning BNBs worth nearly $600 million.
- The latest burn was the 24th one, where Binance burned BNBs worth $482 million.
Back in July 2017, during the initial sale and launch (ICO) of BNB, Binance set aside half of all possible BNB coins for people to buy. They raised $15 million then, selling BNB at $0.10 per coin.
The current value of BNB represents an approximately 4200X return on investment (ROI). 40% of the total supply, approximately 80,000,000 BNB coins, were distributed among the founding members and team. The remaining 10% of the maximum supply was divided among angel investors.
Securing the BNB Network
Initially an ERC-20 token on the Ethereum blockchain, BNB transitioned to its own blockchain developed by Binance. The BNB tokens are now issued on the Binance blockchain, secured by the Tendermint Byzantine-Fault-Tolerant (BFT) consensus mechanism.
Firstly, ERC-20 tokens operate on the proof-of-stake (PoS) consensus, which enables scalability and smart contract capabilities. On the other hand, the Binance blockchain doesn’t offer support for smart contracts.
Meanwhile, the Bitcoin blockchain employs the proof-of-work (PoW) consensus. This consensus presents certain limitations and demands significant energy and computational resources.
How to Buy BNB?
The most convenient option for a straightforward acquisition of BNB coins is to purchase them through the Binance exchange.
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Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
Binance offers the widest range of trading pairs involving BNB and favorable trading rates for the token. Notably, the BNB to PHP price has gained significant interest with the launch of Play2Earn games.
For a step-by-step buying process, see our guide on how to buy how to Buy BNB on Binance.
To see the live BNB price in your preferred fiat currency, Coinweb’s converter feature comes handy on the BNB currency page. Alternatively, the exchange rate converter page is available.
Popular BNB price pairs include:
- BNB/USD
- BNB/GBP
- BNB/AUD
- BNB/CNY
- BNB/JPY
- BNB/EUR
If you are new to cryptocurrency, Coinweb’s educational portal – Crypto Wiki – offers valuable information on entering the market.
Binance is the world's largest cryptocurrency exchange, and BNB is its own token, which plays a vital role in various Binance sub-projects.
Changpeng Zhao, also known as CZ, and He Yi, who was once a TV anchor and co-founded OKCoin and Binance.
Binance burns BNB tokens regularly, using two main mechanisms: burning tokens from transaction fees on the BNB Chain and conducting quarterly BNB burn events. This helps maintain the token's value.
Initially, BNB had a maximum supply of 200,000,000 coins. As of September 2023, 153,847,113 BNB coins are in circulation, with plans to reduce the total supply to 100,000,000 BNB through quarterly burns.
You can buy BNB coins easily through the Binance exchange.
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