In the past, Binance Token has evolved into the native coin of the Binance chain from its first ERC 20-compliant Ethereum blockchain implementation. There is a rigorous cap of 200 million BNB tokens for this initial coin offering (ICO), which was launched in July 2017. 10%, or 20 million BNB tokens, were made available to angel investors, 40%, or 80 million tokens, were made available to the founding team, and the remaining 50%, or 100 million tokens, were distributed to various participants through the ICO process.
In 2017, Binance was developed as a utility token for lower trading commissions. But since then, a variety of apps on different platforms have been added to its list of uses. On Binance.com, Binance DEX, and Binance Chain, it is used to pay transaction fees.
Additionally, it can be used to make payments (at locations like Crypto.com, Monetha, and HTC), reserve lodging for travel (at destinations like TravelbyBit, Trip.io, and Travala.com), participate in games of chance (virtual gifts, card packs, lotteries), pay for online services (BitTorrent, Canva, Storm), and even conduct financial transactions (take out a loan at ETHLend or make investments at Moeda).
Other partnerships' backing for the cryptocurrency token has aided in the currency's adoption. It includes a relationship with Uplive, the top live video streaming service in Asia, which offers virtual gifts to Uplive's 20 million users in exchange for BNB tokens.
Burning activities have been frequently conducted by Binance. From 170,532,825 to 169,432,937 BNB were available overall.
With a market worth of more than $56 billion, Binance is the fourth most valuable cryptocurrency behind Bitcoin, Ethereum, and USD Tether.