From the year 2017, BNB coin’s price has been increasing to high levels. The Binance coin update over the years has shown that Binance crypto exchange platform has become the largest platform globally according to the daily trading volume. The name Binance displays the new paradigm of global finance which denotes Binary Finance.
Other than being the most popularly known cryptocurrency platform worldwide, there is a whole new ecosystem launched by Binance for different functions for the users. It has the Binance Smart Chain, Trust Wallet, Binance Academy, and Research Projects.
Binance has a unique point which is its ecosystem that has decentralized and blockchain-based networks. With its growth over the period of time, it has become the leading crypto exchange in various countries attracting interest from different clients.
The biggest competitive advantage of Binance is that it is driven towards development. Meaning, the company had only just started as a cryptocurrency exchange platform in the year 2017. But today, it has a lot of services that have been spread among numerous different spheres. As per the website of Binance, their mission is to cover up the entire blockchain ecosystem and become its infrastructure provider.
About the BNB cryptocurrency, after the launch, there have been various benefits to the exchange since the interests of the investors in the coin also increased. BNB coin has been through a significant increase in price leading it to come in the eyes of enterprise investors.
There are various measures such as the BEP-95 which have already increased the deflationary tokenomics of the coin to make it even more deflationary. Due to this, the gas fees on Binance smart chain has come down since the part of the fees for decentralization is burned by the network. This proposal was shared after the EIP-1559 one.
With the help of that, there have been various exploits that Binance has come over. And despite these hacks, Binance gets its users back easily because it has low fees and there are a lot of lucrative meme coins in its ecosystem.
Total supply is 145,936,012 BNB coins
Maximum supply is not set
The fully diluted market cap is $82,741,680,244 and the current price is $566.94.
Binance coin’s initial supply was 200,000,000 BNB coins. There is a burning mechanism followed by Binance coin quarterly burning exactly half of the coins that are being supplied.
Here, the comparison between Binance coin and Ethereum is explained.
To compare the two, Ethereum was started as a concept paper in 2013 by Vitalik Buterin and got life as an independent blockchain in 2015. There are smart contract capabilities in the Ethereum blockchain making it a significant choice for dominating the blockchain for building and growing substantially and due to which the construction of DApps is also easier.
But Ethereum has faced an issue while scaling which is a high gas fee that burdens the network users during specific periods. This gas fee is paid in exchange for interacting with the Ethereum blockchain. It has proven itself in the crypto space and dominates it but after facing the scalability woes, users started looking elsewhere.
On the other hand, BNB smart chain is basically a new blockchain aimed at helping developers with the creation of high-performing DApps. In early 2022, Binance Smart Chain was rebranded as BNB Smart Chain to separate itself from the Binance exchange app.
There is an Ethereum Virtual Machine (EVM) provided by the BNB Smart Chain along with smart contract abilities that does not produce any congestion in the network and reduces the throughput. This BNB Chain was developed for the promotion of quick and decentralized trading in the year 2019 but it is not as flexible and scalable.
