$BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, originally launched as an ERC-20 token on Ethereum in 2017 before migrating to Binance's own blockchain, BNB Chain, in 2019. It serves multiple key functions:

Paying trading fees on Binance exchange with a discount (up to 25% off fees).

Native token for BNB Chain, used to pay transaction fees and participate in governance.

Token burns: Binance periodically buys back and destroys BNB tokens to reduce supply and increase scarcity, positively impacting price.

Additional uses: VIP membership perks, dust conversion, participation in token sales, and spending as cryptocurrency for goods and services where accepted.

As of now, BNB trades around $658-$660 USD with a market cap near $96 billion, making it one of the top cryptocurrencies by market capitalization. It is supported by various wallets, including hardware wallets for secure storage.