Smart bnb

BNB is crucial fuel for the mammoth Binance ecosystem. But what does BNB do, and how does the flagship Binance blockchain work? This guide demonstrates buying BNB and everything else you need to know.In this guide:How to buy BNB What is BNB? How does BNB work?What is Binance Smart Chain (BSC)?Yield farms on Binance Smart ChainWhy is BNB popular?BNB vs. Other cryptocurrenciesBinance vs. Binance.USBNB ecosystem BNB wallets BNB stakingWhere to buy BNB1. Binance2. YouHodler3. Bybit4. KuCoinZhao’s big exit and its impact on BNB priceBNB: Should you buy into the hype?BNB price prediction 2024/2025/2030Buy BNB with cautionFrequently asked questionsHow to buy BNB Numerous top centralized and decentralized cryptocurrency exchanges support BNB purchasing and even trading. Although the methods to purchase BNB largely align across these exchanges, some nuances may exist. In this guide, we’ll highlight the process of buying crypto on YouHodler, which is notable for its user-friendly interface and significant presence in the DeFi lending arena.Step 1: Create an accountTo start with YouHodler, you must sign up on their platform. Once you’ve entered the required details, they’ll prompt you to undergo the Know Your Customer (KYC) verification. This step enhances trading security and compliance. After getting verified, you can dive in and kick off your BNB purchases.Step 2: Choose a currency and payment methodClick on “Buy Crypto” on YouHodler to see available options for buying BNB. Step 3: Pick your payment method to buy BNBKeep in mind that rates on YouHodler might fluctuate in real-time. Make sure you select the payment method that best fits your requirements, and double-check the preview on YouHodler before finalizing your purchase.Step 4: Store BNBOnce bought, store BNB in your personal crypto wallet or use it for trading. Before making any purchasing decisions, always check the official YouHodler website for announcements regarding its most recent services and updates.What is BNB? Binance Chain (BNB) was created in April 2019. It is the flagship blockchain of the Binance exchange (founded by ex-CEO Changpeng Zhao) and was primarily designed for fast and low-cost crypto trading.Just as Binance (global) is different from Binance U.S., Binance Smart Chain (BSC) is also a separate blockchain that was launched in September 2020. It was created to support smart contracts and decentralized applications (DApps). BNB was built using the Cosmos SDK, while BSC is a fork of the Go Ethereum client. In February 2022, BNB and BSC merged to form the BNB chain that we know today. How does BNB work?Binance blockchain ecosystem: BNB Chain documentationAfter its merge, the BNB chain became the beacon chain that runs parallel to BSC (BNB Smart Chain) while also serving as the governance or consensus layer. BSC is the smart contract or execution layer.BNB is an abbreviation

For “Build and Build.” The BNB coin serves as a governance token and fuels transactions on the BNB Chain (much like gas on Ethereum). It is important to note that Binance is sunsetting the BNB Beacon Chain. All governance tasks will now be conducted on the BNB Smart Chain. What is Binance Smart Chain (BSC)?Binance launched Binance Smart Chain (BSC) in September 2020 as a solution to the limitations of Binance Chain, which it had originally deployed in April 2019. While Binance Chain prioritized ultra-fast trading, it lacked smart contract functionality due to the high computational power required for these contracts. In contrast, BSC was designed as a sidechain to Binance Chain, specifically to support smart contract programmability while maintaining high transaction speed. This development came in response to congestion issues seen in other networks, such as Ethereum, which were particularly highlighted during events like the December 2017 CryptoKitties phenomenon.Yield farms on Binance Smart ChainThere are a number of leading yield farms on the Binance Smart Chain. These include:PancakeSwap: #1 AMM and leading yield farm on Binance Smart Chain; forked from UniSwap. It offers token exchange, liquidity farming, high yields, and rewards; it is noted for its user-friendly interface with themes like bunnies and pancakes.Venus Protocol: Allows collateral use for borrowing assets and minting synthetic stablecoins, enhancing investment opportunities in their financial products.Pancake Bunny: A yield aggregator and optimizer specifically for Binance Smart Chain, often paired with PancakeSwap.Autofarm: Features products like Vaults for strategic yield optimization and AutoSwap for best DEX trade prices.BakerySwap: An all-in-one DeFi platform offering AMM, DEX, and NFT Marketplace.Why is BNB popular?BNB is popular, largely due to the weight that the name Binance carries in the industry. However, the blockchain also offers low gas and transaction fees compared to Ethereum, which is attractive for developers and decentralized application (DApp) users.BNB vs. Other cryptocurrencies BNB metrics: CoinGeckoAs of July 15, 2024, the price of BNB is $571, with a 24-hour trading volume of $1,806,626,296. It has a market cap of $84,344,136,005 and a circulating supply of 147,582,218 BNB tokens. Out of all cryptocurrencies, BNB ranks number four according to market cap.BNB vs. Ethereum: An ultimate comparisonEthereum and BNB are very similar in many aspects. For example, BSC is an Ethereum fork. Moreover, Eth 2.0 has a beacon chain and a smart contract layer, and BNB also has a beacon chain and a smart contract layer.In other words, both had a merge event and have somewhat similar architectures. However, the difference lies in the architecture of the beacon chains. Lastly, BNB uses a proof-of-stake authority (PoSA) mechanism, while Ethereum uses proof-of-stake. Simply put, BNB uses a centralized governing mechanism, and Ethereum’s governance is more decentralized.Binance vs. Binance.USDespite a

MEW wallet app offers native support for BNB Smart Chain. Users can:Jump to:Don't have a wallet? Don't LOVE your wallet? Creating a new wallet with MEW is easy.Accessing the BNB Smart Chain networkStep 1: Open the MEW wallet appStep 2: Click the network name above the header of the main screen Step 3: Click on ‘BNB Smart Chain’Step 4: Congrats! You’re have successfully changed networks.Bridge assets between Ethereum and BNB Smart ChainIf you want to use Ethereum assets on the BNB Smart Chain, or BNB assets on Ethereum, you will need to bridge them first.Step 1: After accessing your wallet, click on the ‘Swap’ tab at the bottom of the app interface.Step 2: Click on 'Bridge assets'. You will be taken to the Orbiter Bridge application in MEW wallet's integrated browser.Step 3: Select the token you are bridging on top, the network you want to bridge from, the amount, the network you are bridging to on the bottom, and tap Send. Note that there may be a minimum amount required for bridging.Step 4: After the assets are bridged, you'll be able to view them by switching the network in MEW wallet to the appropriate chain. Buy BNB in the appMEW wallet allows users to safely purchase BNB with a debit/ credit card via our integrated providers. For an overview of buying different cryptocurrencies and cashing out in the MEW wallet app, see the following article: To buy BNB:Step 1: Access your wallet then click the network dropdown in the top left corner of the screen.Step 2: Click on ‘BNB Smart Chain’ to change your network.Step 3: After changing networks, click on “Swap” located in the bottom menu then click on 'Buy BNB'.Step 4: Select the wallet that you wish to deposit the BNB to if you have more than one account on the MEW wallet app. Step 6: On the ‘Buy BNB’ screen, select the currency you'll be buying the BNB with then click on the amount that you want to buy. You can also click ‘Custom' to enter an amount manually.Step 7: Select an option from the available providers. You'll then be redirected to the provider's website to complete your purchase. Please note that KYC may be required by the provider, but MEW does not collect or store any personal user data.Swapping on the BNB Smart Chain networkStep 1: Access your wallet then click the network name above in top left corner to switch network to BNB Smart Chain. Step 2: Select the ‘Swap’ tab at the bottom of the app interface, and click 'Swap tokens'Step 3: Select the token you want to swap and the amount on top, and the token you want to receive on the bottom.Step 4: Tap 'Preview swap' to see best offer, other offer options, and estimated swap fees.Step 5: If everything looks good, click 'Proceed with swap'.Step 6: Once you confirm and initiate the swap, you can click 'View progress' to track the transaction in a block explorer. Using BNB Smart Chain DAppsStep