BNB Crypto Pops as Binance Rolls Out Big Rebrand for ‘Binance Smart Chain’

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The BNB crypto is gaining after Binance announced a major rebrand for its Binance Smart Chain


The world's most popular blockchain ecosystem is facing a transformation. binance tr announced today that the Binance Chain and the binance review Smart Chain (BSC) will merge to form the BNB Chain. And there were a lot of BNB crypto aficionados in the audience. BNB (BNB-USD) is up 8% today in response to the rebrand.


So, what do you need to know about the latest news from the world's largest crypto exchange?


BNB, which stands for "Build and Build," is the most recent version of Binance's blockchain, and it represents a significant step toward decentralization. According to the official declaration, BNB has grown in popularity. BNB, formerly known as Binance Token, is the coin that powers the BNB blockchain's transactions.


However, this isn't strictly a name change. With the switch to BNB Chain, users, projects, and developers in the Binance community will benefit in a variety of ways. The BNB chain will, according to Binance, "embrace large-scale applications such as GameFi, SocialFi, and the Metaverse."


What else do you need to know about Binance’s latest big play?


binance tr also offers a number of new features that come with the redesign. The Binance Smart Chain's throughput will be improved as a result of the rebranding to BNB Chain. It will also include on-chain governance, scaling solutions, and a multi-chain environment.


The BNB cryptocurrency has been on a roller coaster ride over the last few months. The bears appear to have taken control of the cryptocurrency just as it achieves fresh highs, sending it plunging back down. BNB, the fourth-largest cryptocurrency by market capitalization, has reached as high as $90. It is currently trading near $430.


It remains to be seen whether today's upgrade will result in a cryptocurrency renaissance. Regardless, Binance's dedication to working for further decentralization and user benefits is certain to excite BNB supporters.


Is Binance good for beginners


What is Binance Coin (BNB)?


BNB was introduced through an Initial Coin Offering (ICO) that ran from June 26th to July 3rd, 2017, just 11 days before the Binance Exchange began for business. The issuance price was 2,700 BNB for 1 ETH and 20,000 BNB for 1 BTC. Despite the fact that BNB was founded through an ICO, it does not give users a claim on binance tr revenues and does not constitute a Binance investment.


With a total amount of 200 million coins, BNB was first released as an ERC-20 token that ran on the Ethereum network. The ICO promised 100 million BNBs, but due to frequent burning events in which Binance destroys BNB held in its treasury, the current total supply is smaller. Check out What Is a Coin Burn? to learn more about coin burns and why BNBs are being permanently destroyed.


Although the ERC-20 BNB tokens were initially based on the Ethereum network, they were eventually switched 1:1 with BEP-2 BNB tokens. The Binance Chain's native coin, BEP-2 BNB, has its mainnet debut announced on April 18th, 2019.


Binance released the Binance Smart Chain (BSC) in September 2020, a blockchain network that runs alongside the Binance Chain. As a result, BNB is currently available in three different formats:


  • On the Binance Chain, BNB BEP-2.
  • On the Binance Smart Chain, BNB BEP-20.
  • On the Ethereum network, BNB ERC-20.


What is BNB used for?


As previously stated, BNB has a wide range of applications both within the binance tr ecosystem and outside; it is up to you to determine how you will utilize your BNB. You can, for example, use BNB to pay for travel expenditures, purchase virtual presents, and much more. Users had spent millions of BNB on travel expenditures, products payment, lending, rewards, smart contract creation, and other transactions, according to our estimates.


BNB is also widely used to pay transaction fees. Approximately two million customers have utilized BNB to pay for trading costs of more than 40 million BNB on more than 127 billion trades on the trading platform alone. Let's look at how BNB can help you save money on trading fees.


Each trade on the Binance Exchange will incur a normal charge of 0.1 percent (trading fees are determined by your monthly trading volume and BNB holdings). You can pay your trading fees with BNB or with the assets you're trading. You will receive a significant discount if you pay in BNB.


If you trade frequently on Binance, you should consider purchasing BNB and utilizing it to pay your costs. Keep in mind that trading costs are deducted according to a set of rules, so make sure to review the current spot trading Fee Schedule. It's also worth mentioning that the Fee Schedule for the Binance Futures platform is slightly different.


Apart from lower trading fees, BNB also powers the Binance DEX (on the Binance Chain) and hundreds of binance tr Smart Chain (BSC)-based applications, allowing you to use BNB outside of the Binance trading platform. Indeed, BSC has released more than 180 digital assets, and millions of consumers have used BNB for utility purposes.


Where do I get BNB?


The majority of BNB purchases are made on the secondary market. This means you may buy and sell BNB on Binance.com and other cryptocurrency exchanges. Here's how to get your hands on some BNB right away!

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