Binance coin (BNB) is the official native digital currency introduced by the Binance crypto exchange; this popular coin can be put to multiple uses such as paying transaction fees on Binance and making other online payments. Here is everything you need to know about BNB and how to earn Binance coin.
What is BNB?
BNB is a popular cryptocurrency that was developed by the world-renowned cryptocurrency exchange, Binance (a name that was coined from binary and finance). Binance is known for being one of the world’s largest crypto exchanges. It was created by the influential visionary Changpeng Zhao (CZ for short). CZ gave control over the promising crypto to a new executive after the Initial Coin Offering (ICO) became a success.
As we speak today, the Binance exchange boasts the most crypto-to-crypto pairs of any exchange, with daily trading volumes hitting over $49 billion. It is a truly massive exchange with its closest rival being Coinbase.
BNB was made publicly available in July 2017 and it uses the Binance Coin ticker symbol. Just as one Bitcoin has smaller units known as satoshis, one BNB comprises smaller divisions known as Jager. A single Jager equals 0.00000001 BNB.
This crypto was first launched on the Ethereum blockchain as an ERC-20 token before migrating to the Binance blockchain in 2019. BNB has a cap of 200 million coins, which means the coin is likely to surpass Bitcoin in terms of volume.
Per CoinMarketCap, BNB currently has a circulating supply of 153 million and a market cap of $92 billion. This establishes the digital currency as the third-largest crypto.
How to earn free BNB
Use Trust Wallet
To earn BNB coin with Trust Wallet:
- Download and install the Trust Wallet crypto app
- Buy or deposit Coin in your Trust Wallet. You can purchase BNB directly through your Trust Wallet app.
- Stake your BNB to earn 30%+ APY and daily staking benefits in BNB
Participate in DeFi Staking
With the introduction of the decentralized finance (DeFi) BNB earning app, you may want to leverage earning opportunities that are available for your tokens. For example, Binance DeFi Staking offers diverse products that guarantee annual yields as high as 60% using BUSD, DAI, and BNB among other cryptos.
The decentralized finance market is tipped to grow astronomically throughout 2021. Christine Kim of Coin Desk has pointed out that within the first quarter of 2021, DeFi apps grew from $20 billion to $50, representing an increase of 150%.
Earn interest from your Binance savings account
Binance exchange also offers Binance Savings, which is a savings product that allows you to store your cryptocurrencies and earn BNB tokens for free.
You can choose to go for Flexible Savings; this allows you to deposit and redeem your crypto anytime. Another option to consider is Locked Savings where you can secure your assets for many days and withdraw when you accrue bigger interest payouts.
The phenomenal value of BNB is partly due to the Binance Smart Chain (BSC); this is simply a parallel chain solely used for smart contracts, dApps, and DeFi services.
