Leo Learn: Binance

Leo Learn: Binance

Gooooood day Lions what a great start to 2023 the Crypto Market appears to be Roaring into action as the bear market looks to be over for now. How long this run will last and what it will look like once through the other end no one knows.

Today we're back with another info session this time focusing on a long time crypto market leader Binance so strap yourself in while we provide you a look into what the platform and token is all about.

Some Quick Stats

Binance is one of the most popular and successful cryptocurrency exchanges in the market. Founded in 2017 by Changpeng Zhao, the platform has grown rapidly, and as of this year now boasts over 89 Million users globally. Binance is known for its wide range of trading pairs, low fees, and high liquidity, which have made it a go-to destination for traders and investors.

Binance has also become the second largest platform for GameFi which is the development of games built on blockchains as well as the go to destination for Non-Fungible Tokens (NFTs) now being the largest NFT Marketplace in the world! source

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The Platform

The platform offers a wide range of trading services, including spot trading, margin trading, and futures trading. Binance has a user-friendly interface that makes it easy for both experienced and novice traders to navigate. The platform has a robust security system that includes two-factor authentication, SSL encryption, and cold storage of user funds to protect against hacking and other security breaches.

Binance also offers a mobile application available on Apple and Google play stores that allows users to trade on the go. The app has a similar interface to the web-based platform and offers all the same features and functionality. The mobile app has received positive reviews and has been downloaded 50 Million + times.

Binance Coin: BNB

One of the most distinctive features of Binance is the Binance Coin (BNB). Binance Coin is the native cryptocurrency of the Binance platform. It commenced as an ERC 20 Token on Ethereum network for $US0.11c. Binance Coin was created to be used as a utility token on the Binance platform, and it can be used to pay for trading fees, listing fees, and other services on the platform.

In 2019, Binance launched its own chain called Binance Beacon Chain and the BEP 20 token was created which enabled users to swap the ERC 20 token 1:1 for the new chains.

Binance Platform Launch

It was initially planned when users utilised Binance Coin to pay for trading fees they would receive a 25% discount. This discount was planned to decreases by 1% each year until it reached 0% in the fifth year. However, Binance recently announced they are extending the 25% discount until the 13th of July 2023.

Binance Coin can also be used to purchase a wide range of digital assets on the Binance platform, including Bitcoin, Ethereum and an ever growing portfolio of Crypto currencies as well as NFTs.

Binance Coin also has a number of other use cases. For example, it can be used to participate in token sales on the Binance Launchpad, which is a platform for upcoming initial coin offerings (ICOs). Binance Coin can be used to vote for new coin listings on the platform, giving users a say in which digital assets are listed on the exchange.

Giving Back in more ways than one

Binance Coin has also been used to fund community projects and initiatives. For example, Binance has launched a number of social impact projects, such as Binance Charity, which uses Binance Coin to raise funds for charitable causes.

Binance Coin has seen significant growth in recent years and the token has appreciated significantly since its launch, it has become one of the top performing cryptocurrencies in the market. The token has also been listed on a number of other exchanges, which has increased its liquidity and made it more accessible to investors.

Market Leader

Binance continues to be one of the leading cryptocurrency exchanges in the market offering a wide range of trading services and has a user-friendly interface that makes it easy for traders to navigate which gives the platform a significant market edge.

Binance has also implemented a market burn and thus far have burned 1,959,595.29 BNB and with it's now with it's stable coin BUSD which is pegged to the US dollar, Binance is doing well.

Did I miss anything in today's article? feel free to add further information in the comments section and tell us what you think about Binance

Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

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