Binance Coin (BNB)

About

Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, launched in July 2017. Initially issued as an ERC-20 token on Ethereum, it later transitioned to Binance's own blockchain, enhancing its functionality. BNB is primarily used to pay for trading fees on the Binance platform, offering discounts to users. It also supports participation in token sales on Binance Launchpad and is used for transaction fees on Binance Smart Chain. BNB extends beyond the exchange, serving as a payment method for goods and services with over 60 million merchants worldwide. It facilitates staking and governance on the BNB Chain, allowing users to earn rewards. Binance implements a quarterly token burn mechanism, reducing BNB's supply over time. This versatile cryptocurrency plays a significant role in the broader blockchain ecosystem, supporting smart contracts and decentralized applications (dApps) on the BNB Smart Chain.