What is Binance Chain

Binance Chain, the original blockchain mainnet of the Binance ecosystem, was built with on-chain trading in mind. Binance’s decentralized exchange (DEX), Binance DEX, runs on BC. The functionality of this type of blockchain, however, is limited. To offer different features, Binance Smart Chain was launched. BSC has Ethereum Virtual Machine (EVM) functionality.

Assets built on BC are called BEP-2 tokens, while assets built on BSC are known as BEP-20 tokens.

Binance Coin price

Several factors potentially impact the price of BNB, given the asset’s broad range of use cases along with the speculatory nature of the crypto industry. Among BNB’s list of uses is functioning as a vehicle for fee payments on-chain and as money via Binance’s payments card.

Binance also burns some of its profits in the form of Binance Coin each quarter, which is expected to carry on until the maximum BNB coin supply drops to 100 million, down from its initial count of 200 million. Binance also has an initiative called the BNB Pioneer Burn Program that helps certain Binance Coin holders who have unrecoverably lost BNB due to a mistake, under certain specific conditions. At times, Binance may send holders Binance Coin to replace what they lost and then deduct that amount of BNB from the next burn.

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