Launched in July 2017, Binance is the largest cryptocurrency exchange worldwide based on daily trading volume. Binance’s mission is to elevate cryptocurrency exchanges to the forefront of global financial activity. The name "Binance" represents this new paradigm in global finance — Binary Finance, or Binance. In addition to being the largest cryptocurrency exchange globally, Binance has developed an entire ecosystem of functionalities for its users. The Binance network encompasses the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, all of which leverage the power of blockchain technology to introduce new-age finance to the world. BNB is a crucial component for the successful operation of many of Binance’s sub-projects.

Changpeng Zhao is the founder and CEO of Binance. In 2001, Zhao joined Bloomberg, where he served as the head of tradebook futures development. After spending four years with Bloomberg, he became a partner at Fusion Systems. Since 2013, Changpeng Zhao has been actively engaged in blockchain technology and the cryptocurrency sector. He took on the role of head of development at Blockchain and went on to establish BijieTech in 2015. In 2017, Zhao officially launched Binance and has maintained his position as CEO since its inception. He Yi is a co-founder and the chief marketing officer at Binance. Her career began as a TV anchor and presenter on China Travel TV in 2012. In 2014, Yi co-founded OKCoin, which became the largest fiat-to-crypto exchange in China at that time. In 2017, she partnered with Changpeng Zhao to create what is now the largest cryptocurrency exchange globally — Binance.

Binance represents a distinctive ecosystem of decentralized, blockchain-based networks and has emerged as the leading cryptocurrency exchange across several countries. Its subsidiary organizations are also garnering significant interest. One of Binance's most significant competitive advantages is its commitment to development. Since its inception as a cryptocurrency exchange in 2017, Binance has expanded its services across various domains. According to the company's website, its mission is to serve as the infrastructure services provider for the entire blockchain ecosystem. With the launch of BNB, the exchange has experienced heightened investor interest in the coin. BNB witnessed a substantial price increase at the start of 2021, capturing the attention of enterprise investors. Initiatives like BEP-95 have enhanced the already deflationary tokenomics, rendering BNB even more deflationary. In line with this proposal, gas fees on Binance Smart Chain have decreased, as the network incinerates a portion of the fees for further decentralization. This proposal was inspired by Ethereum's well-known EIP-1559. These measures have enabled Binance to counteract multiple protocol exploits on BSC, such as a $200 million exploit of Pancake Bunny and various hacks of Cream Finance. Despite these incidents, users consistently return to Binance due to its low fees and the extensive range of lucrative meme coins within its ecosystem.

Within the cryptocurrency industry, coin burning is a deflationary mechanism employed to permanently eliminate coins from circulation. Most cryptocurrency projects, including Binance, routinely burn coins to maintain the value of their digital assets and induce a deflationary effect. Binance initiated its burn program in late 2017 and has thus far removed over 38 million tokens through its quarterly burns. The crypto exchange aims to destroy up to 100 million BNB tokens through these quarterly events, effectively eliminating 50% of its circulating supply. BNB employs two distinct coin-burning mechanisms. The first involves burning a portion of the tokens utilized for transaction fees on the BNB Chain, while the second mechanism is its quarterly BNB burning events. Historically, the quarterly burn events were based on revenue generated from the Binance centralized exchange. However, the new BNB Auto-Burn program calculates the number of tokens to be burned using a formula based on the total number of blocks produced on the Binance Smart Chain and BNB's average dollar-denominated price over the quarter. As of July 2022, Binance had successfully completed 20 BNB coin burn events. In total, 38,683,447.66 BNB tokens have been extinguished, decreasing its original 200 million supply by 19.34%.

The initial maximum supply of BNB coins is set at 200,000,000, with 168,137,036 currently in circulation as of September 2021. Binance engages in a quarterly burning of the BNB supply, aiming to reduce the total supply by half, targeting 100,000,000 BNB. On July 18, 2021, Binance executed its 16th quarterly burn, valued at $390 million based on the BNB price at the time. However, the most significant burn occurred on April 16, 2021, when Binance burned approximately $600 million worth of BNB at the prevailing price. As outlined in the Binance whitepaper, precisely half of the maximum BNB supply was allocated for the initial coin offering (ICO) and public sale. The ICO took place in July 2017, shortly after the exchange's launch, raising $15 million with the BNB priced at $0.10 during the offering. Considering today's BNB price, this translates to an approximate 4200x return on investment (ROI). An additional 40% of the total supply, or about 80,000,000 BNB coins, was distributed among the founding members and team. Lastly, the remaining 10% of the maximum supply was allocated to angel investors.

Initially, BNB was launched as a standard ERC-20 token on the Ethereum blockchain. Subsequently, the company developed its own blockchain, and tokens began to be issued from the Binance blockchain, which is secured by the Tendermint Byzantine Fault Tolerant (BFT) consensus mechanism. ERC-20 tokens utilize the proof-of-stake (PoS) consensus, which supports high scalability and the creation of smart contracts. Unlike PoS, the Binance blockchain does not facilitate smart contract functionalities. Conversely, the Bitcoin blockchain is secured by the proof-of-work (PoW) consensus, which is significantly more constrained and requires substantial electrical and computing resources. For further information, please refer to Eulerpool.

As the designated utility token of the Binance exchange, the most straightforward method to acquire BNB coins is by purchasing them through Binance. The original exchange supports the largest variety of trading pairs with BNB and offers the most competitive trading rates for the coin. With the advent of Play2Earn games, interest in the BNB to PHP conversion rate has increased significantly. To check the live BNB price in the fiat currency of your choice, you can use Eulerpool’s converter feature directly on the BNB currency page. Alternatively, you can utilize the dedicated exchange rate converter page. Popular BNB price pairs include: BNB/USD, BNB/GBP, BNB/AUD, BNB/CNY, BNB/JPY, and BNB/EUR. New to cryptocurrency? You can read more about how to enter the market and how to buy BTC, BNB, or any other token in the Eulerpool education portal — Alexandria.