Binance: Cryptocurrency and Exchange Ecosystem

Binance is a leading global digital asset exchange founded in 2017 by Changpeng Zhao. Its native token, Binance Coin (BNB), was originally issued on Ethereum but migrated to its own Binance Chain and Binance Smart Chain (now BNB Chain).

The main purpose of BNB is as a utility token: paying exchange fees, participating in IEOs, staking, DeFi, NFT applications, and merchant payments via Binance partners.

You can view BNB transactions via the BNB Smart Chain Explorer or Binance Chain Explorer. Binance operates its own blockchains: BNB Beacon Chain (formerly Binance Chain) and BNB Smart Chain (BSC), both designed for high speed and scalability.

BNB Chain uses a Proof of Staked Authority (PoSA) consensus algorithm, offering faster and cheaper transactions than networks like Bitcoin or Ethereum.

You can store BNB on hot wallets (Trust Wallet, Binance Wallet, Metamask) or hardware devices like Ledger or Trezor. To create a cold wallet, generate a private key on an offline device and securely store your seed phrase.

BNB is supported on all major exchanges: Binance, KuCoin, Gate.io, Bitfinex, and also on decentralized platforms such as PancakeSwap.

Since its launch, BNB's price has multiplied thousands of times. At its 2021 peak, BNB was among the top 5 cryptocurrencies by market cap, trailing only Bitcoin, Ethereum, Tether, and Solana.

As of 2024, BNB's market capitalization is in the tens of billions of dollars. BNB's price volatility is lower than Dogecoin or Shiba Inu, but higher than stablecoins like USDT and DAI.

BNB operates on two main networks: BNB Beacon Chain and BNB Smart Chain. Many other tokens function in these networks, such as PancakeSwap (CAKE), Venus (XVS), Trust Wallet Token (TWT), and various BEP-20 tokens.

The network is also compatible with assets like Ethereum (via bridges), Polygon, Avalanche, and Uniswap through cross-chain solutions.

To send a BNB transaction, you need the recipient's address and some BNB in your wallet. On BNB Smart Chain, transaction (gas) fees are extremely low—typically around $0.05–$0.15, much cheaper than on Ethereum.

Transactions are confirmed within seconds thanks to the PoSA consensus.

• Scalability and Speed: High throughput, low fees.
• Multi-functionality: Used for exchange fees, staking, DeFi, NFTs.
• Quarterly Burn: Binance regularly burns BNB, reducing total supply.
• Vast Ecosystem: BNB is integrated into many Binance services and third-party apps.

These features set BNB apart from Bitcoin, Litecoin, Monero, and other tokens.