اقتصاد توکنی Binance Coin (BNB)

The BNB token, initially launched on Ethereum in 2017, serves as the native cryptocurrency for the BNB Chain ecosystem, which includes BNB Smart Chain (BSC), opBNB, and BNB Greenfield. The tokenomics of BNB are designed to be deflationary, aiming to reduce the total supply over time through various burning mechanisms.

Issuance Mechanism

The BNB token was initially launched with a maximum token supply of 200 million. This supply was pre-mined, meaning no new tokens are generated through a mining algorithm.

The token supply is actively reduced through a deflationary mechanism known as token burning, which aims to permanently remove 50% of the initial supply from circulation, setting a long-term target of 100 million BNB in total supply. As of December 18, 2024, the total token supply has been reduced to approximately 150.54 million.

The primary burning mechanisms currently in place are:

• Auto-Burn: A quarterly mechanism that automatically adjusts the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Smart Chain during that quarter. This mechanism is designed to be objective and auditable, independent of the centralized Binance exchange.
• Real-time Burn (BEP-95): A mechanism where a fixed ratio of the gas fees collected by validators in each block on the BNB Smart Chain is burned in real-time. This burn is solely dependent on network activity.
• Pioneer Burn Program: A program that counts BNB tokens accidentally lost by users of BNB Chain toward the quarterly burns, with the project team reimbursing users for accepted cases.

Allocation Mechanism

The initial maximum token supply of 200 million BNB was allocated as follows:

The Initial Coin Offering (ICO) was held from June 30, 2017, to July 20, 2017, raising $15 million. The 50% allocated to the Public Sale was further broken down for use:

• Binance: 50%
• Marketing: 35%
• Emergency Fund: 15%

Usage and Incentive Mechanism

BNB is a utility token with extensive use cases across the BNB Chain ecosystem and the Binance exchange, serving as the core economic driver and incentive mechanism.

Network Utility and Incentives (BNB Chain)

• Transaction Fees: BNB is used to settle transaction fees on BNB Smart Chain, opBNB, and BNB Greenfield.
• Staking and Validation (PoSA): BNB Smart Chain operates under a Proof-of-Staked Authority (PoSA) consensus mechanism.
  • Validators: Users must self-stake a minimum of 2,000 BNB to become a validator candidate. The top 45 candidates become active validators, responsible for proposing blocks and validating transactions. Validators receive BNB rewards derived from transaction fees.
  • Delegators: Tokenholders can delegate BNB to active validators and receive a proportionate share of the rewards, minus any commission set by the validator.
• Slashing: Validators are subject to penalties (slashing) for malicious or negligent behavior:
  • 200 BNB is slashed for double-signing a transaction.
  • 10 BNB is slashed for missing more than 150 blocks in a 24-hour period.
• Ecosystem Development: BNB is used in various programs to support the ecosystem, including:
  • Bug Bounty Program: Rewards paid in BNB for finding network vulnerabilities.
  • Accelerator and Incubation Programs: Funding and resources provided to decentralized applications building on BNB Chain.

Exchange Utility and Incentives (Binance)

• Trading Fee Discounts: Users can pay trading fees on the Binance exchange (spot and futures) using BNB to receive discounts (e.g., 25% for spot trading and 10% for futures trading).
• Launchpad Participation: Users can stake BNB to participate in token sales for new projects on Binance Launchpad.
• Earn Platform: BNB can be used in various yield-generating features:
  • Simple Earn: Deposit BNB for flexible or fixed durations (up to 120 days) to earn APRs ranging from 0.05% to 0.5%.
  • BNB Vault: Lock BNB to earn aggregated rewards from Simple Earn and Launchpool features (approximately 0.18% APR as of December 2024).
  • Dual Investment: Deposit BNB and subscribe to a future selling price to earn high APRs (3.65% to 139.35%).
• Payments: BNB can be used for payments and services at various merchants, including Travala.com, CryptoRefills, CoinsBee, and L’Exception.

Locking Mechanism and Unlocking Time

BNB tokens are subject to locking mechanisms primarily related to staking and participation in exchange products, rather than a fixed, long-term vesting schedule for the initial allocation (which was pre-mined).

Locking Mechanisms

• Validator Staking: BNB staked to operate a validator or delegated to a validator is locked to secure the network.
• Delegator Unbonding Period: If a delegator chooses to remove staked BNB, there is a seven-day unbonding period before the tokens are available.
• Binance Earn Products:
  • Simple Earn (Locked): BNB can be locked for fixed durations (15, 30, 60, 90, or 120 days).
  • Launchpad/Megadrop: BNB committed to token sales on Launchpad or Megadrop is temporarily locked during the subscription and calculation periods.
  • BNB Vault: BNB is locked to aggregate rewards.

Information regarding the specific unlocking times for the initial allocation of BNB tokens (Founders and Angel Investors) was not available. However, the primary locking mechanisms currently in effect are tied to network security (staking) and exchange products (yield generation).