In the first BNB ( binance coin ) review, it is better to see for what purpose and by which company this currency was offered. Binance Exchange, which is one of the best crypto exchanges, has many advantages that we have discussed in binance review.
In addition to being one of the best crypto exchanges, its own currency, BNB, is also one of the most popular cryptocurrencies. In the continuation of BNB review, we first return to the beginning of the supply of this currency.
The reason of launching BNB in crypto market
You might think that this currency was offered by the binance team for very conceptual reasons. But in fact, the purpose of offering this cryptocurrency was to raise capital for the development of binance exchange.
Despite having a lot of reputation and users, this exchange has a lower activity history compared to many of its competitors. For this reason, it is natural that he wants to upgrade its exchange by attracting capital.
Binance coin network
Binance coin is also a cryptocurrency and is offered decentrally on the blockchain network. Initially, the currency was an ERC-20 token. But after a while, the company provided a dedicated network for it.
The network’s currencies are currently on its own blockchain. This blockchain is called BEP-2, which burned many of the tokens offered on the ERC-20 when binance wanted to migrate to the network.
Advantages of binance coin | BNB review
Some older cryptocurrencies are only used as money. Bitcoin, for example, which is the most famous cryptocurrency, is actually used as a currency and has no special advantages in other cases. But after the release, Ethereum introduced the possibility of registering smart contracts, which in addition to money, had another unique feature.
BNB (binance coin) has one of the most important roles in binance exchange. In this exchange, many currencies are paired with BNB. Binance has also tried to persuade its users to maintain this currency in various sectors. In the binance earn section, the exchange has provided the possibility to stake this currency, and users can receive a profit on their value by keeping it in this section. Several different plans for this currency in binance earn have been assigned to BNB.
Another useful feature of binance coin is the discount on trading fees. In this exchange, it is possible to pay the fees through BNB. This means that no matter what currency you trade, it reduces the binance fee from your BNB balance. It should be noted that this feature is not automatic and you must enable it.
If you enable this feature, then a 25% discount on the spot trading fee will apply to you. Your USDⓈ-M futures trading fee will also include a 10% discount. Read the binance fee rate page for more information.