In the ICO, Binance issued the Binance Coin was called by its own token, since the symbol together with BNB. BNB runs natively on the Ethereum blockchain and follows the ERC20 token standard.The token was established with a total supply of 200 million. According to our whitepaper, Binance intends to use 20% of our earnings each Quarter to buyback and burn off BNB, until 50 percent of the total BNB supply (100 million) is burnt.
The BNB token itself contains multiple forms of utility, essentially being the gas that powers the Binance Ecosystem. The current use cases that are most notable include using BNB to:
- Purchase trading fees on the market, getting the equivalent of a 50% reduction on trades (throughout the first year).
- Monaco has added service for Binance?s BNB token to its platform that includes the Monaco Visa Card and program.
- Uplive platform supports gifts that are virtual to be bought by BNB.
BNB Value & Repurchasing Plan
1. You can use BNB to pay for any fees on our platform, including but not limited to: Exchange any other fee fees, and fees. You will Get a significant reduction when you use fees to be paid for by BNB:
1st year: 50%
2nd year: 25%
3rd year: 12.5%
4th year: 6.75percent
Year: no reduction
2. Repurchasing plan
Every quarter, we will use 20% of our earnings to purchase back BNB and ruin them, until we purchase 50 percent of all of the BNB (100MM) back. All of buy-back trades will be announced on the blockchain. We will ruin 100MM BNB, leaving 100MM BNB remaining.
Later on, Binance will construct gas as well as a market, where BNB will be utilized among the base assets.