âđ The Cryptos Born from Exchange: The Heart of the Binance Ecosystem.
âBinance is not just an exchange; it is a builder. To fuel its Web3 empire, the platform has created its own core assets.
â1. BNB (Binance Coin): The Engine
âThe BNB is the flagship asset and the pillar of the entire ecosystem. Launched initially in 2017, it migrated to its own blockchain, the BNB Smart Chain (BSC).
âIts role is threefold and vital:
âTransaction fees: It is used to pay fees for all operations on the BSC (known for its low costs and speed).
âGovernance: BNB holders participate in the governance of the network.
âPlatform utility: It is crucial for obtaining discounts on trading fees and for participating in the launches of new projects on the Binance Launchpad.
âThe BNB is, in essence, the crypto that makes the Binance ecosystem operational.
â2. The BEP-20 Standard
âAlthough Binance does not create every listed crypto, it has created the BNB Smart Chain. The technical standard that governs the creation of all tokens on this chain is the BEP-20. All the thousands of dApps, projects, and tokens on the BSC use this standard, an essential infrastructure put in place by the platform.
ââ ïž Note on BUSD
âThe BUSD (Binance USD) was the official stablecoin of Binance, backed by the dollar. However, due to regulatory changes, BUSD is currently in the process of being phased out and is no longer supported by the exchange.
âIn summary, the BNB is the only crypto on the platform that is the true heart of the Binance reactor. Mastering the BNB is mastering access to DeFi on one of the most active blockchains!
â#Binance #BNB #Crypto #Web3 #BSC
