A look back at BNB’s rise to prominence
BNB was first introduced in 2017 as a utility token on the Binance exchange to enjoy lower trading fees. In 2019, its price was around $0.30. However, as Binance gained more market presence, the need for BNB also increased. BNB went beyond trading discounts to include the ability to participate in token sales (IEOs) that were introduced on the Binance Launchpad. BNB’s price surged over $600 by the end of 2021, a startling 2,000x increase from its 2019 pricing.
Important Elements of BNB’s Success?
The rise of Binance: BNB’s impressive financial performance is closely related to the success of the Binance exchange. Demand for BNB increased in tandem with Binance’s rise to prominence as the world’s largest crypto exchange.
Increasing Utility: BNB’s utility went beyond trading discounts to include IEO participation, trip reservations on Binance’s travel portal, and even loan applications.
Burning…
