$BNB originally known as Binance Coin, is the native cryptocurrency of the Binance ecosystem, one of the world's largest crypto exchanges. Launched in 2017 as an ERC-20 token on Ethereum, it later migrated to its own blockchain, the BNB Chain (which includes BNB Beacon Chain and BNB Smart Chain, or BSC).

Initially, BNB offered discounted trading fees on the Binance exchange. Its utility has since expanded dramatically. Today, BNB is crucial for paying transaction fees on the BNB Chain, participating in new token launches via Binance Launchpad, and engaging in DeFi activities like staking and yield farming. With its high transaction capacity and low fees, BNB and the BNB Chain play a significant role in the broader Web3 landscape.