What is Binance Coin? How does Binance Coin work?
Binance Coin: The native token of Binance Exchange
Binance Coin (BNB) is the native token issued by Binance Exchange in July 2017. First launched in month. As a utility token built on the Ethereum blockchain, its primary purpose is to inject power and support into the Binance ecosystem.
How Binance Coin works
The main features of Binance Coin include:
- Transaction fee discount: Users who hold Binance Coin on Binance Exchange Discounts on transaction fees are available when trading.
- Participate in Binance Launchpad: Binance Coin can be used to participate in new project token sales on Binance Launchpad.
- Pay Network Fees: Binance Coin can be used to pay network fees on Binance Chain and Binance Smart Chain.
- Community Governance: Binance Coin holders can participate in governance voting on Binance Chain and Binance Smart Chain.
- Other uses: Binance Coin can also be used to purchase travel bookings, gift cards, and entertainment services.
The value of Binance Coin
The value of Binance Coin is mainly affected by the following factors:
- Trading volume on Binance exchange: Binance The higher the trading volume on the exchange, the higher the demand for Binance Coin, driving its price higher.
- Growth of the Binance Ecosystem: The growth in the number of applications and users of Binance Chain and Binance Smart Chain will increase the demand for Binance Coin.
- Token Burning: Binance periodically burns a portion of Binance Coin to reduce its supply and thereby increase its value.
- Market Sentiment: The overall sentiment of the cryptocurrency market also affects the price of Binance Coin.
Binance Coin is considered a versatile utility token whose value is tied to the expansion of the Binance ecosystem and the overall performance of the cryptocurrency market.
The above is the detailed content of What is Binance Coin? How does Binance Coin work?. For more information, please follow other related articles on the PHP Chinese website!

Bitcoin is now trading above the $94,000 level, showing strong momentum after a sharp recovery from recent lows.

Bitcoin is now trading above the $94,000 level, showing strong momentum after a sharp recovery from recent lows.

The cryptocurrency market offers numerous investment opportunities, with Dogecoin (DOGE) and Shiba Inu (SHIB) being popular options among meme coins.

Bitcoin's trajectory has captured the imagination of investors, with ARK Invest's latest research update painting a transformative picture for the cryptocurrency's future.

Jed McCaleb's 2014 departure from Ripple sparked rumors, but was likely part of a strategy.

What if the next meme coin to make serious waves isn't trending yet, but hiding in the shadows of Telegram chats and crypto Twitter threads?

A clear underdog coming into the series thanks to injuries to Miro Heiskanen and Jason Robertson

The virtual currency market continues to display impressive recovery, with alternative cryptocurrencies gaining ground, driven by Bitcoin's recent resurgence.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

PhpStorm Mac version
The latest (2018.2.1) professional PHP integrated development tool

ZendStudio 13.5.1 Mac
Powerful PHP integrated development environment

DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

Atom editor mac version download
The most popular open source editor

Notepad++7.3.1
Easy-to-use and free code editor
