BNB is the incentive token of the Binance exchange. Binance exchange is arguably one of the biggest crypto exchange platforms in the world. The Binance officials launched BNB coin in 2017 to incentivize its users and offer them a few more utilities. At first, BNB was deployed on the Ethereum ERC 20 blockchain. However, it was later migrated to the Binance native blockchain called Binance Smart Chain (BSC).
At the moment, about 150 different altcoins and stablecoins are registered for trading on the Binance Platform. Last month the BNB hit an ATH of $317, while this month, it managed to hit a new threshold of $320 despite several correction curves. BNB has now become the 3rd most powerful digital asset in the world, with a market cap of over $560 million.
The Utility of BNB Keeps Growing Bigger and Better
The BNB coin keeps on raging forward with a massive boom. BNB started as a way of offering some incentive to the registered users of the Binance platform. However, it never stopped evolving and becoming stronger as it was later on migrated to a dedicated DeFi ecosystem BSC. That is not all; the BNB coin offers its users several utilities and offers that are not granted by other altcoins.
The owners of BNB can exchange it for an incentivized exchange against Bitcoin and Ethereum on the Binance exchange. Furthermore, BNB can be used for buying virtual gifts, hotels or restaurant services, credit card payments, transaction fees on Binance exchange, booking travel tickets, lottery tickets, stocks, ETFs, and even as collateral for loans. Some applications allow the users to split bills with their peers and settle bills in Binance coin.
Are the Trade Volume Readings on Binance Legitimate or Fake?
There have been several instances where the investors have heard the rumors that Binance Smart Chain has been broadcasting fake trade volumes. These allegations caught momentum when the PanCakeSwap started to swell up, showing massive numbers of liquidity. PanCakeSwap is the most popular automated market maker at Binance.
However, the top industry researchers like Andrew Kong decided to take matters into their own hands. Another important figure Sam Bankman Fried (SBF), the FTX derivatives exchange founder, was also involved in this fact. Both independent researchers found out the trade volumes presented at Binance thus far are real and authentic. The reason for such great traffic at the exchange is its presence in Asian and Western countries at the same time.