BNB (previously Binance Coin) is a cryptocurrency that powers the BNB Chain ecosystem and is the native coin of BNB Beacon Chain and BNB Smart Chain. It is used to pay transaction fees, participate in governance, and access discounts and benefits on the Binance exchange.

More detailed explanation:

Main function:

BNB was originally created to offer discounts on trading fees within the Binance platform, but its use has expanded significantly.

BNB Chain ecosystem:

BNB is the currency that drives transactions and other activities within the BNB Chain, a decentralized blockchain.

Binance Exchange:

BNB is used to pay transaction fees on the Binance exchange and also offers benefits such as discounts, airdrops, and VIP memberships for users who use BNB.

Development:

BNB has evolved from an ERC-20 token on the Ethereum network to being the native currency of the BNB Chain.

Supply:

The initial supply of BNB was 200 million coins, but it has been gradually reduced due to periodic coin burns $BNB