Unraveling the Mystery of Binance (BNB): Everything You Need to Know
Launched in July 2017, Binance has skyrocketed to become the world's largest cryptocurrency exchange, setting the pace for daily trading volume. The mission behind Binance is to put cryptocurrency exchanges at the center of global financial activity. The name itself — a fusion of "Binary" and "Finance" — reflects this revolutionary vision for the future of finance.
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But Binance is more than just a trading platform; it has cultivated an entire ecosystem brimming with features for its users. Within the Binance network, you’ll find the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and various research projects, all harnessing the power of blockchain technology to redefine finance. At the heart of many of these innovative projects lies BNB, a crucial component that fuels Binance's success.
Who Are the Visionaries Behind BNB?
At the helm of Binance is Changpeng Zhao, the founder and CEO. Zhao's journey began in 2001 at Bloomberg, where he led the development of tradebook futures. After four years, he joined Fusion Systems as a partner. His passion for blockchain and cryptocurrency ignited in 2013, leading him to spearhead development at Blockchain and later establish BijieTech in 2015. By 2017, Zhao had launched Binance, and he has been steering the ship ever since.
Joining him is He Yi, Binance's co-founder and chief marketing officer. Yi kicked off her career as a TV anchor on China Travel TV in 2012, before co-founding OKCoin in 2014, which dominated the fiat-to-crypto exchange scene in China. In 2017, she teamed up with Zhao, and together they built Binance into the largest crypto exchange on the planet.
What Sets BNB Apart?
BNB shines as a cornerstone of a vibrant, decentralized ecosystem. As Binance has grown to become the leading crypto exchange in numerous countries, its diverse range of side projects continues to capture substantial interest.
A key factor behind Binance's competitive edge is its relentless pursuit of innovation. What began as a simple trading platform has transformed into a multi-faceted service provider. According to their mission statement, Binance envisions itself as the backbone of the entire blockchain ecosystem.
Since the introduction of BNB, interest in the coin has surged. In early 2021, BNB experienced a remarkable price surge, catching the attention of institutional investors. Recent initiatives like BEP-95 have further enhanced BNB's deflationary tokenomics, driving down gas fees on Binance Smart Chain by burning a portion of transaction fees—a concept inspired by Ethereum's EIP-1559.
These improvements have enabled Binance to navigate through challenges, such as the $200 million exploit of Pancake Bunny and various hacks of Cream Finance. Yet, users continue to flock to Binance for its low fees and the wealth of enticing meme coins available.
How Many BNB Coins Are in Circulation?
BNB has a capped supply of 200 million coins, with 168,137,036 currently in circulation as of September 2021. Binance engages in a quarterly coin-burning process aimed at halving the total supply to 100 million BNB. On July 18, 2021, they completed their 16th quarterly burn, valued at $390 million at the time. But that wasn't even the largest; a notable burn on April 16, 2021, reached nearly $600 million.
According to Binance's whitepaper, half of the total BNB supply was earmarked for the initial coin offering (ICO) and public sale, raising $15 million with BNB priced at just $0.10 during the ICO launch in July 2017. Fast forward to today, and that represents an astounding 4200X return on investment! An additional 40% of the total supply (around 80 million BNB) was allocated to the founding team, while 10% went to angel investors.
In summary, BNB stands out not just as a cryptocurrency, but as a vital part of Binance's expansive ecosystem, driving innovation and community engagement in the world of decentralized finance.
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