BNB (Binance Coin) is a cryptocurrency released by the cryptocurrency exchange Binance in 2017. Binance Coin was created to facilitate transactions on Binance and provide users with additional features.
Binance was founded in 2017 by Changpeng Zhao and has quickly become one of the most popular cryptocurrency exchanges in the world. Binance launched Binance Coin (BNB) as its first cryptocurrency in July 2017. BNB was initially issued as an ERC-20 standard token on the Ethereum blockchain but was later migrated to BNB Chain's own Layer 1 blockchain.
BNB was issued in a total of 200 million coins, of which 100 million were sold during the Initial Coin Offering (ICO) in 2017 and the remaining 100 million coins were saved by the Binance team for future needs. Binance uses BNB to pay trading commissions on its exchange and offers additional features for users, such as discounts on trading fees, participation in lotteries, and access to exclusive features on the Binance platform.
Why BNB is worth considering
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Binance was founded in 2017 by Changpeng Zhao and has quickly become one of the most popular cryptocurrency exchanges in the world. Binance launched Binance Coin (BNB) as its first cryptocurrency in July 2017. BNB was initially issued as an ERC-20 standard token on the Ethereum blockchain but was later migrated to BNB Chain's own Layer 1 blockchain.
BNB was issued in a total of 200 million coins, of which 100 million were sold during the Initial Coin Offering (ICO) in 2017 and the remaining 100 million coins were saved by the Binance team for future needs. Binance uses BNB to pay trading commissions on its exchange and offers additional features for users, such as discounts on trading fees, participation in lotteries, and access to exclusive features on the Binance platform.
Why BNB is worth considering
- In the last bull cycle of 2019-2021, BNB posted one of the best returns on par with Solana, outperforming BTC and ETH at the end of the cycle
- There is a real business behind BNB in the form of Binance
- BNB's Web3 direction is actively developing, BNB Chain regularly holds hackathons, looks for promising development teams and products, and actively implements an incubation program for startups
- Throughout the fall cycle in 2022, BNB was the only major asset that showed a positive trend against BTC
- From June 2022 to date, the average monthly return on BNB has been aloft
- BNB has the lowest covariance value against BTC compared to other major assets, which reflects its relative independence
- BNB is associated with Binance and in case of problems on the largest exchange, BNB will be under great volatility pressure
- BNB Chain network has few validators, 2022 there were examples of network shutdown
- If you are a portfolio investor, consider interest allocations for BNB
- If you are a futures day trader who use BNB in different market situations, BNB can show opposite dynamics to the whole market
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