BNB or Binance coin is a cryptocurrency developed by Binance. Binance coin was run on the ethereum blockchain technology using the ERC 20 Protocol, But it subsequently became the Binance chain's native Coin. It was launched in 2017 with a maximum circulating supply of 200 Million. At the same time, 100 million BNB Coin was provided for the Initial coin offerings then the collection of funds thru ICO was used for branding and marketing purposes, remaining funds are intended to build the Binance ecosystem.
Binance Coin (BNB) Burning:
Due to the initial coin offerings activities 100 Million BNB Coins got staked which makes the actual total supply of the Binance coin smaller in the crypto market. Binance Network planned to repurchase the BNB by spending one-sixth of the revenue and permanently burn the Binance coin which is held in the treasury which is known as Coin Burn.This burning activity was held by Binance on a quarterly basis. Here is the List of Coin burning activities for every quarter.
Uses of Binance Coin:
Apart from crypto trading, the Binance coin (BNB) has several uses including the ability to,
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