BNBCHAIN

Innovation never sleeps, and it’s clear that the future goes Beyond Binance into a world of over 1 billion users. MetaFi is also a key part of this too, helping to create a future where interoperability makes lives easier. BNB Chain’s mission is to build the infrastructure powering the world’s parallel virtual ecosystem, and BNB Chain’s commitment to the community is that it will be: 

• Open

• Multi-chain

• For creators and inventors

• Permissionless

• Forever decentralized

• And bigger than Binance

 BNB Chain is comprised of:

• BNB Beacon Chain (previously Binance Chain) - BNB Chain Governance (Staking, Voting)

• BNB Smart Chain (BSC) (Previously Binance Smart Chain) - EVM compatible, consensus layers, and with hubs to multi-chains

BNB (formerly known as Binance Coin) stands for “Build and Build.” Along with “fueling” transactions on BNB Chain (similar to gas on Ethereum), BNB also acts as a governance token. Holding BNB gives you the right to make your voice heard and is necessary to participate in BNB Chain’s decentralized on-chain governance. With this name change also comes more advancements to benefit users, projects and developers connected to the BNB Chain community. Over the past year, the BNB Chain community has made even further technical upgrades for progressive decentralization, including:

• Initiating the Bruno hard fork to increase the BNB burn rate.

• A new BNB Auto-Burn protocol that is objective and verifiable

BNB Chain will also embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular:

• Scaling from one chain to multi-chain 

• Boosting the throughput of BSC

• Introducing on-chain governance mechanisms

• Improving scaling solutions and an expansion of the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers)

Above all, BNB Chain remains a community-driven, open-sourced and decentralized ecosystem. The support of its community of users, developers, validators and delegators is vital to its health. With BNB Chain gaining major technical updates, it’s time for the community to take a flight towards MetaFi.

Binance and BNB were established in 2017, while BSC was introduced three years later. As Binance gained popularity, so did BSC. BSC was formed around the time the DeFi movement was also taking off. Over time as public interest in alternative financial solutions grew, the use cases of blockchain technology also increased.

According to Binance, the BNB token has continuously evolved since its debut. It was initially created as an ERC-20 token on the Ethereum network in 2017. By 2019, it switched over to the Binance Chain and fueled the establishment of the BSC network, which was officially launched in September 2020.

As a result of the token’s growth on BSC, Binance now considers BNB as the token for a greater ecosystem, including the Binance Chain and BSC. This move is part of the crypto giant’s effort to go beyond Binance. BNB is now the token for the BNB Chain.

BNB is widely used to pay transaction fees. According to Binance, approximately 2 million users have used BNB to pay trading fees amounting to more than 40 million BNB on more than 127 billion deals on Binance’s trading platform, alone.

Paying for standard trading fees on the Binance Exchange using BNB will allow users to enjoy a special discount. At present, each trade made on the exchange incurs a 0.1% fee, payable using traded assets or BNB. In addition, traders who mainly rely on Binance are encouraged to purchase BNB to save on transaction fees.

To purchase BNB on Binance Exchange, follow these steps:

1. Go to your Profile.

2. Access your Dashboard.

3. Navigate to Your Trading Fee Level.

4. Turn on the button that says, “Using BNB to pay for fees (25% discount).”