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BNB offers many benefits to holders, making it one of the world’s most popular utility tokens. This token’s diverse applications are the result of methodical development, intertwined with both centralized and decentralized frameworks, allowing the token to provide a broad range of applications and perks.
In this blog, we will be looking at three categories of use cases:
- Decentralized use cases
- Centralized use cases
- Other use cases
Decentralized Use Cases
Pay transaction fees
Being the utility token of the BNB Chain ecosystem, users must pay transaction fees in BNB to interact with BNB Smart Chain (BSC) and opBNB.
Explore Dapps
BNB Chain has over 5,000 Dapps (decentralized applications) that you can explore. You can use BNB to interact with these decentralized applications, pay transaction fees, and complete a host of other actions while interacting with these applications.
Earn in Dapps
Some of these Dapps on BNB Chain even allow you to win rewards and earn yield. For example, you can try some of the gaming apps and earn BNB and other tokens by completing quests.
Stake and earn a passive income
Staking BNB enables holders to support BSC operations by using their tokens to verify transactions, aid in decentralized governance, and enhance network stability. In exchange for their staked assets, participants receive rewards in BNB.
Governance
Holding and staking BNB also allows you to participate in the governance of the BNB Chain. This means you can have a say in how the network is being run, what changes should be adopted, and the project’s future direction. As a BNB holder, you can vote on proposals that can have a profound impact on the network, such as changes to the fee structure, new features, or changes to existing features.
Pay DEX Fees
BNB Chain has a rich ecosystem of DeFi applications, including decentralized exchanges such as PancakeSwap. The BNB token is your gateway to the BNB Chain ecosystem. Interact with our DEXes and pay your fees with BNB.
Centralized Use Cases
Save on trading fees
Holding BNB allows users to enjoy discounted trading fees on Binance and qualify for its VIP program, further reducing costs and offering exclusive benefits based on trading volume and BNB balance.
Exclusive token sales
BNB holders can access exclusive token sales featuring early-stage blockchain projects on Binance Launchpad. BNB plays a crucial role in the introduction of new projects on the Binance Launchpad, acting as a key driver of engagement during token sales.
Shop using BNB
Besides allowing holders to get discounts and access token sales, BNB can also be used for shopping. You can use Binance Pay to shop online using BNB or send crypto to other users worldwide.
Liquidity rewards
Binance Liquid Swap is a liquidity pool product offered by Binance. BNB holders can pool their tokens and earn yield by providing liquidity to DeFi markets and protocols in the Binance ecosystem and access an easy avenue to earn liquidity.
Lending BNB
BNB holders can engage in token farming opportunities on Binance Launchpool, a platform that allows users to stake their BNB and earn tokens from new projects. Launchpool gives BNB holders an excellent avenue to participate in the early stages of a project and earn rewards while doing so.
Stake BNB in BNB Vault
BNB holders can stake their BNB in the BNB Vault and enjoy an array of benefits. The BNB Vault is a yield aggregator that allows users to earn various rewards within the Binance ecosystem through a single action, encompassing Simple Earn Flexible rewards, Launchpool rewards, and others.
Borrow crypto
Binance offers several lending services through its Binance loan platform, allowing users to borrow funds against their crypto holdings. BNB holders can apply for crypto loans, use their BNB as collateral, and access flexible loan options.
Other Use Cases
Book flights and hotels
BNB can also be used to book flights, hotels, and more on platforms such as Travala.com. All you have to do is select your travel product (flight, hotel), enter the requisite details, and pay using BNB. Travala is not the only company that accepts BNB as payment. Others accepting BNB as payment include HostMeNow, Coinsbee, and TravelbyBit.
E-Commerce payments
BNB can be used to pay for goods and services on e-commerce platforms, including at Shopify merchants (via Lunu).
Entertainment
Participate in a host of games and activities and win BNB rewards. For example, Binance periodically hosts events like this. If you successfully participate, you can win rewards in BNB and other tokens.
Services
Pay for real-world and digital services with BNB. You can even get paid in, or pay with, BNB for freelance work.
Finance
Loan, trade, invest and pay for expenses with BNB. If you find a willing party, you can use your BNB as a normal payment token to avail financial services.
Conclusion
BNB is one of the most versatile and multifaceted tokens in the global crypto ecosystem. It offers a wide array of use cases from blockchain governance and Dapp interaction to trading perks and real-world applications like e-commerce and travel. Its pivotal role within and beyond the BNB ecosystem underscores its potential to shape the future of digital asset engagement.
Disclaimer: Thorough research to understand the risks involved is needed before taking any of the actions in this article. Nothing mentioned in this article implies investment advice or endorsement.
