$BNB What is BNB? BNB, or Binance Coin, is a cryptocurrency created by the Binance exchange. Initially, it was used to pay transaction fees with discounts on Binance, but its use has expanded to other areas, including payments, smart contracts, and development on the BNB Chain. BNB operates as the native currency of the BNB Chain, enabling fast and low-cost transactions within its ecosystem.
How does BNB work?
• Initially, as an ERC-20 token on Ethereum: BNB started as a token on the Ethereum network, offering discounts on Binance trading fees.
• Migration to Binance Chain: Subsequently, BNB became the native currency of Binance Chain, a blockchain developed by Binance designed for fast and efficient transactions.
• BNB Chain: BNB Chain consists of two chains: BNB Beacon Chain (for governance and staking) and BNB Smart Chain (for smart contracts and decentralized applications).
• Utilities: BNB is used to: Pay transaction fees on Binance and BNB Chain. Participate in project presales on Binance Launchpad. Purchase goods and services, both online and at merchants that accept cryptocurrencies. Access rewards and promotions within Binance.
