What are the uses of BNB in DeFi ecosystem
BNB allows holders to store their assets without the intervention of a third party.
In the development of the cryptocurrency industry, the development of the sector did not occur in conceived companies and projects, but also based on the size of some entities. Considered an important cryptocurrency exchange, Binance has a cryptocurrency called BNB, formerly known as Binance Coin, trading under the symbol BNB.
The use of Binance Coin, according to the publication, ranges from various types of activities that include paying fees on BNB blocks to lending on Binance. Entities can even use Binance Coin to hold and transfer value. Some of the uses of BNB are listed below:
BNB can be used as a payment method for Smart Chain projects and also to pay fees through Binance Coin when using a decentralized application (dApp) such as a decentralized exchange (DEX) on BNB Smart Chain. Binance Coin can be used for devices such as decentralized finance (DeFi), liquidity pools, DEX trading and non-fungible token (NFT) market payments.
Savings Amount and Transaction Vehicle
Binance Coin allows holders to store their assets without the intervention of a third party. If the price of Binance Coin changes due to factors such as parties selling the asset for profit or using it for payments around Binance, it can serve as a storage and transfer value.
Other uses of BNB
Users can use Binance Coin as a method to generate passive income. The solutions reward users with a percentage earned when they place their assets in one of the products. A range of products under the Binance Earn segment provide options to utilise Binance Coin, as Binance Coin can be used as a form of payment through Binance card to pay for shopping bills. Moreover, users can gain access to cryptocurrency loans without any fee or penalty by staking Binance Coin as collateral. They can borrow Ether, Bitcoin, Binance USD, Tether and other cryptocurrencies for a term ranging from seven to 180 days. Binance Coin can also be made available for payments related to accommodations, travel, shopping, real estate, and gaming.