iBNB price is $127.95
As of the latest available data, the price of iBNB (iBNB) has increased by +0.00% in the last 24 hours. Remember, the crypto market is highly volatile, and prices can change rapidly.
iBNB is a synthetic asset that mimics the price movement of BNB (Binance Coin), the native cryptocurrency of the Binance Exchange. It is not the actual BNB token but a representation of it, created to offer similar exposure without owning the actual BNB.
iBNB is typically created by platforms offering synthetic assets that replicate the price movements of other cryptocurrencies. Since it’s mentioned that iBNB is associated with Synthetix.io, it is likely that the Synthetix platform, which is well-known for creating synthetic assets, could be behind iBNB. The creators are the team responsible for maintaining and developing the Synthetix network.
iBNB works by tracking the price of the actual Binance Coin through a system of smart contracts and oracles. These oracles feed real-time price data of BNB into the platform, adjusting the value of iBNB accordingly. This allows traders to speculate on the price of BNB without holding the actual cryptocurrency.
The uniqueness of iBNB stems from its nature as a synthetic asset. Such assets provide several advantages like increased liquidity, no need to hold the underlying asset, and the potential for use in various decentralized finance (DeFi) applications. Moreover, they can often be traded on decentralized exchanges (DEXs), where the trading pairs might not be available for the original assets.
If iBNB is a synthetic asset issued on the Synthetix network, it is secured by the Ethereum blockchain since Synthetix is built on Ethereum. Ethereum relies on a proof-of-work (PoW) consensus mechanism, transitioning to proof-of-stake (PoS), to maintain security and consensus across its distributed network.
The information about the circulating supply of iBNB would depend on the platform's issuance policy and demand for synthetic BNB. Since iBNB is designed to mimic another asset, the supply dynamics can differ from traditional tokens.
As iBNB is a synthetic asset, its role as a store of value is primarily dictated by the underlying asset it tracks — in this case, BNB. Generally, synthetic assets are used more for speculative purposes and trading rather than long-term value storage.
Upgrades to the technology behind iBNB would follow the governance and improvement procedure set forth by its underlying platform. For example, Synthetix uses a decentralized governance process where token holders can propose and vote on changes to the network.
iBNB can be purchased on various crypto exchanges where synthetic assets are listed. To find out exactly which exchanges list iBNB, refer to the available platforms that support trading in such synthetics.
The best practice to keep your iBNB safe is similar to other cryptocurrencies. Use a reliable and secure wallet, preferably a hardware wallet for large amounts for added security. Always be cautious of phishing attempts and ensure the safety of your private keys.
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