BNB $BNB is a cryptocurrency created by Binance, the world's largest cryptocurrency exchange by trading volume. Initially, it was designed as a utility token to be used for discounted trading fees on Binance. Over time, BNB has evolved into a versatile token with various use cases, including paying fees on Binance, participating in decentralized finance (DeFi) activities like staking and yield farming, and being used for payments and travel booking, according to Trezor and Binance.
Here's a more detailed look at BNB:
Utility Token: $BNB
is primarily used as a utility token within the Binance ecosystem.
Binance Chain: $BNB serves as the native token for the Binance Chain, a blockchain that supports smart contracts and decentralized applications (dApps).
Decentralized Finance (DeFi): BNB plays a role in DeFi activities like staking and yield farming.
Payments: #Binance can be used to pay for goods and services through Binance Pay, and it's accepted by various merchants.
Travel: BNB can be used to book airfare and accommodation through platforms like Travala.com.
Fees: BNB can be used to pay for transaction fees on Binance.
Burn Mechanism: Binance regularly burns BNB, reducing its supply and potentially increasing its value.