Binance Coin (BNB) is the native token of the world’s leading cryptocurrency exchange, Binance. It is used to cover trading fees, participate in token sales, stake for rewards, and access a variety of services and platforms within the Binance network. Despite market conditions and regulatory pressures, BNB’s trading price stands at $216.31, having shown a 3.12% increase over the past 24 hours.Binance is continuously innovating and expanding its product portfolio, creating additional use cases and driving demand for BNB. Recent developments include Binance Labs investing $5 million in Curve DAO Token (CRV), Binance’s London and Athens hard forks for BSC, and the introduction of zkBNB, allowing private BNB transactions through zero-knowledge proofs.The total supply cap for BNB stands at 200 million tokens, with 100% of the token supply reserved for the community. 50% is earmarked for the presale, 30% for community rewards, and 20% for ensuring liquidity on exchanges. There is no allocation for the project team, ensuring it remains community-driven without the risk of a ‘rug pull’.To commemorate the BNB presale launch, the team is orchestrating a $50k airdrop, accessible to holders who engage with their social media channels. BNB follows a deflationary supply model, with Binance conducting quarterly token burns determined by its profits. The aim is to reduce the total BNB supply from 200 million to 100 million. The latest token burn occurred on July 18, during which Binance eliminated over 1.2 million BNB, equating to approximately $393.6 million.
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Elon Musk, Jacob Crypto, Wall Street Memes, Binance Labs, Binance. |
| Companies | Binance, Hedera, Injective, Curve DAO Token (CRV), Binance Chain, Binance Smart Chain, Binance DEX, Binance Launchpad, Ethereum Improvement Proposals (EIP-1559), Binance Labs, Binance Smart Chain (BSC), zkBNB, Compound, Nexo. |
| Currencies | Sonik Coin, Hedera, Injective, BNB, Bitcoin, Ethereum, Wall Street Memes. |
| Securities | None |
