BNB
Crypto Overview
Purpose and Utility
BNB (formerly known as Binance Coin) was created by Binance in 2017. Its primary utility is as the native token of the BNB Chain (formerly Binance Smart Chain) ecosystem and the Binance exchange. The token serves multiple purposes: payment of trading fees on Binance with discounts, fuel for transactions on BNB Chain, participation in token sales on Binance Launchpad, and governance voting.
Business Model Analysis
The business model centers around facilitating transactions within the Binance ecosystem, which includes the world's largest cryptocurrency exchange and a thriving blockchain network. BNB's utility is transparent and well-documented. While some DeFi applications on BNB Chain involve interest-bearing products, the core token itself doesn't inherently involve riba.
Real-World Adoption
BNB has achieved significant adoption. It is actively used for: reduced trading fees on Binance, gas fees for millions of daily transactions on BNB Chain, participation in Binance Launchpad token sales, and payments at numerous merchants through Binance Pay.
Platform Development
The BNB Chain ecosystem shows robust development activity with regular updates and improvements. The platform hosts thousands of decentralized applications and processes millions of daily transactions. The development team maintains consistent communication and transparency about updates and changes.
Token Distribution
Initial token distribution included allocations to the founding team and investors, with vesting periods. Binance implements a token burn mechanism, regularly destroying BNB tokens to reduce supply. While Binance holds significant influence over the ecosystem, the token distribution model has proven sustainable over multiple market cycles.
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salam alaikum, i want to start by appreciating your effrots. the PIF team has been doing some very hardwork to let the ummah know of the crypto that are halalto invest in. my question is, some days back(getting to a week or two now) some reports regarding the halal status of some meme coins was made available, i went through them and the reason behind PIF's rating. Alhamdullilah, i found some very interesting things i learnt but recently, i have been trying to look for some meme coins and i cannot find their report. my question is what is the reason for retracting the reports, as i have bought some earlier and i dont know what to do nw. pls respond to a brother in need if you see this message.
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