BNB

BNB Price

About BNB

BNB is the native utility token of the BNB Chain ecosystem, designed to power high-speed decentralized applications (dApps) and provide tiered fee discounts within the Binance exchange.

• It functions as the primary asset for paying transaction gas and smart contract deployment fees across multiple interconnected blockchain layers.

• The token utilizes a programmatic burning mechanism, a process that permanently removes tokens from circulation, to manage the long-term economy of the system.

• It enables decentralized governance, allowing holders to influence the technical direction of the network through staking and voting.

What Is BNB

BNB is a multi-chain utility token that facilitates value exchange and network security across the BNB Chain ecosystem. Value moves through the system as users pay for computational services, such as executing smart contracts (self-running code on the blockchain) or transferring digital assets. 

The token is put to work through staking, where users lock their assets with validators to secure the network in exchange for rewards, and through real-time burning, which removes a portion of every transaction fee from the total supply. As the ecosystem grows to include decentralized storage and scaling solutions, BNB scales its utility by serving as the unified settlement and data availability layer for all integrated networks.

What Makes BNB Chain Unique

• Unified Multi-Chain Architecture: BNB operates seamlessly across three distinct layers: the smart contract platform, a Layer 2 scaling solution (a secondary network that increases speed), and a decentralized data storage network.

• Proof of Staked Authority (PoSA): The network uses a hybrid consensus model that combines Proof of Authority, where identity-verified nodes validate blocks, with staking to achieve 3-second block times.

• Programmatic Supply Management: It features a dual-burn strategy involving both real-time fee destruction and quarterly buybacks to reduce the total supply over time.

• EVM Compatibility: The system is fully compatible with the Ethereum Virtual Machine, the standard software environment for smart contracts, allowing for easy integration of existing tools and applications.

What Can You Use BNB for?

• Fee Discounts: Securing reduced rates on trading, listing, and transaction fees when using the Binance exchange platform.

• Network Gas: Paying the required costs to process transactions and run applications on the BNB Smart Chain.

• Staking and Rewards: Participating in network security by delegating tokens to validators to earn a share of transaction fees.

• Governance: Proposing and voting on network upgrades or changes to the token's economic parameters.

• Cross-Chain Utility: Facilitating the movement of assets and data between the smart contract, storage, and scaling layers of the ecosystem.

How Does BNB Chain Work?

BNB operates using a Proof of Staked Authority (PoSA) mechanism. In this system, a set of 21 active validators, known as the Cabinet, are responsible for verifying transactions and producing blocks. These validators are elected every 24 hours based on the total amount of BNB they have staked or had delegated to them by the community. 

To ensure the network remains secure, it employs fast finality, a technical milestone where a block is considered permanent once it receives enough validator signatures. If a validator acts maliciously or fails to stay online, they face slashing, a penalty that deducts a portion of their staked tokens to protect the network's integrity.

Team Info and Investors

BNB was launched by the Binance platform in 2017. During its initial distribution, 50% of the total 200 million token supply was sold to the public through an Initial Coin Offering. The remaining supply was allocated with 40% going to the founding team and 10% to angel investors, who provided early-stage backing for the project. Initially issued as a token on the Ethereum network, it later migrated to its own autonomous blockchain architecture.

Where can you buy BNB?

BNB tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade BNB is Binance, where the most active trading pair BNB/USDT has a trading volume of $89,580,652.56 in the last 24 hours. Other popular options include Gate and KuCoin.

What is the daily trading volume of BNB (BNB)?

The trading volume of BNB (BNB) is $1,179,214,793.77 in the last 24 hours, representing a 32.00% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for BNB (BNB)?

BNB (BNB) reached an all-time high of $1,369.99 and an all-time low of $0.03982. It’s now trading -55.10% below that peak and 1,545,103.80% above its lowest price.

What is the market cap of BNB (BNB)?

Market capitalization of BNB (BNB) is $83,865,163,414 and is ranked #4 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of BNB tokens (140 Million tokens are tradable on the market today).

What is the fully diluted valuation of BNB (BNB)?

The fully diluted valuation (FDV) of BNB (BNB) is $83,865,163,414. This is a statistical representation of the maximum market cap, assuming the maximum number of 200 Million BNB tokens are in circulation today. Depending on how the emission schedule of BNB tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of BNB compare against its peers?

With a price decline of -4.90% in the last 7 days, BNB (BNB) is underperforming the global cryptocurrency market which is down -3.30%, while underperforming when compared to similar FTX Holdings cryptocurrencies which are down -2.50%.