$BNB BNB: The Binance Coin and What You Need to Know

With the growth of the cryptocurrency market, various digital assets emerge that go beyond simple investment. One of the most relevant today is BNB, the official coin of Binance, one of the largest exchanges in the world. But after all, what is BNB and why has it gained so much attention?

What is BNB?

BNB (short for Binance Coin) was created in 2017 by Binance as a utility token. Initially, it operated on the Ethereum network as an ERC-20 token, but in 2019 it migrated to the Binance Chain, its own blockchain, and later became part of the BNB Smart Chain (BSC).

What is BNB used for?

Unlike other cryptocurrencies that serve merely as a store of value or means of payment, BNB has several utilities within the Binance ecosystem:

Fee discounts: Users who use BNB to pay trading fees on Binance receive significant discounts.

Participation in token launches (Launchpad): Projects launching on the Binance platform generally require BNB to participate.

Transactions on the BNB Smart Chain: The coin is used as “fuel” to pay network fees in decentralized applications (dApps).

Payments: Many companies and services already accept BNB as a form of payment.

Staking and DeFi: Users can utilize BNB on DeFi platforms to earn rewards.