The management at Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has claimed that there are at least 83 different use cases for its cryptocurrency, the Binance Coin (BNB).
In March 2019, the Binance team identified around 55 legitimate use cases for BNB. However, after conducting more research, the exchange operator has been able to find more applications for the leading utility token.
According to a blog post published on Binance’s official website (on May 29, 2019), “most of the growth” in use cases for BNB are due to the launch of Binance Chain.
“At Least 24 Projects Publicly Declare” Intentions to Launch Tokens on Binance Chain
The Malta-based exchange’s management explained that since Binance Chain went live in late April 2019, there have been many crypto projects that have expressed an interest in releasing new tokens on the “high-performance blockchain.”
As confirmed by the Binance team, there were “at least 24 projects publicly declaring” that they will be launching crypto tokens on Binance Chain. Explaining how this leads to an increase in BNB use cases, the exchange operator noted that its utility token will be frequently used as “all transactions involving Binance Chain will use BNB” to pay fees.
Moreover, Binance’s blog mentioned that the “more projects use Binance Chain and more people use the tokens on the blockchain, [the] more BNB ends up being used.” Some of the blockchain projects that have launched their native cryptocurrency on Binance Chain include Mithril, Raven protocol, Harmony, ChangeNow, Fantom, among others.
More Ways to “Use, Store, Spend BNB”
As noted by Binance’s management, a relatively large number of new crypto projects are now running on Binance Chain, which has resulted in more ways to “use, store, or spend BNB.” For example, online entertainment-related projects such as Machi X and PlayGame are currently using Binance Chain.
Last month, Changpeng Zhao (“CZ”), the CEO of Binance, clarified that Binance Chain “does not challenge Ethereum.” Although there are some Ethereum-based projects that are considering migrating to Binance Chain, CZ said that the exchange’s blockchain network should not be considered an “Ethereum killer.”
When development work first began for Binance Chain (in March 2018), the exchange’s management had stated:
As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.