BNB can of course be traded on Binance, but its popularity has resulted in other exchanges also listing the coin. Holding BNB on the Binance exchange gives traders certain benefits – trading fees are 25% lower if paid in the form of BNB, and holding the coin is also necessary to enter token sales on Binance Launchpad.īinance is constantly expanding the utility of BNB by securing partnerships with various service providers who accept BNB as payment. A year after the launch of the Binance Chain, the exchange launched Binance Smart Chain (later rebranded as BNB Smart Chain) to compete with smart contract platforms like Ethereum and Cardano. The token launched on Ethereum as an ERC20 token, but was later swapped at a 1:1 ratio for an equivalent amount of BEP2 BNB tokens on Binance’s own blockchain. BNB is used for certain BNB Chain operations such as paying fees on Binance DEX or creating new assets.
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