Max Supply --- 200,000,000 BNB
🤝 Consensus ----- Tendermint BFT consensus
💲 Cost p. T. ------ 0.000375 BNB
🏃 Speed ---------- 1,500 TPS
⌚ 1 Block --------- 1-3 s
BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.
The BNB coin itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to:
- Pay for trading fees on the exchange
- obtaining the equivalent of a 50% discount on trades (during the first year).
- Crypto.com has included support for Binance’s BNB token to its platform which includes the MCO Visa Card and mobile app.
- Uplive platform supports BNB to buy virtual gifts.
- Nexo platform supports the BNB coin as collateral for instant crypto loans.
- Every quarter, we will destroy BNB based on the trading volume on our crypto-to-crypto platform until we destroy 50% of all the BNB. All transactions will be on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
- Crypto exchange Binance has just hit a massive $1 billion mark in cumulative profit
- In Q3 of 2019 alone, the exchange made a profit of $183.5 million
- Binance CEO CZ said: “We will continue to hunker down, and BUIDL”
“Keeping barriers to entry low” mantra seems to have paid off well for cryptocurrency exchange Binance. The exchange has just crossed a whopping $1 billion in cumulative profit as of Sept. 30, 2019, according to The Block’s research.
Binance today completed a ninth quarterly burn of its native token Binance Coin (BNB), according to a blog post by the exchange’s CEO, Changpeng Zhao “CZ.” The burn involved 2,061,888 BNB tokens (worth nearly $36.7 million).
The USD value of Q3 burn is nearly the same as the value of Q2 and Q1 burns combined. In Q2, Binance burned 808,888 BNB tokens, while in Q1, it burned 829,888 tokens, totaling to 1,638,776 tokens.
Binance burns BNB tokens worth 20% of its profits every quarter. Since it burned $36.7 million worth of tokens in Q3, we can deduce that it made approximately $183.5 million in profit in Q3 alone. And if we look at all the nine burns to date, the cumulative profit has crossed a whopping $1 billion-mark.
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