#Bnb

🪙 What is BNB and how did it originate?

BNB, short for Binance Coin, is the official cryptocurrency of the Binance ecosystem, the largest cryptocurrency exchange in the world by trading volume. It was created in July 2017 by Changpeng Zhao (CZ), the founder of Binance, as part of a strategy to fund the initial development of the platform. Its launch was conducted through an Initial Coin Offering (ICO), in which 100 million tokens were sold to investors, raising approximately 15 million dollars. At that time, BNB was a token based on the Ethereum blockchain, following the ERC-20 standard.

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🔄 Evolution of technology

With the growth of Binance, the company decided to create its own blockchain called Binance Chain in 2019, migrating BNB to a new format called BEP-2. Subsequently, in 2020, a second network called Binance Smart Chain (BSC) was launched, which allows for the execution of smart contracts similar to those on Ethereum, but with lower fees and greater speed. In this network, BNB functions as a BEP-20 token, and is used to pay transaction fees, participate in DeFi applications, purchase NFTs, and more.

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🔥 Token burn mechanism

An important feature of BNB is its quarterly token burn system, in which Binance destroys a portion of the total supply of BNB to reduce the circulating amount. This deflationary strategy aims to increase the value of the coin over time. The plan is to reduce the total supply of BNB from 200 million to 100 million, making it an increasingly scarce asset.

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📊 Uses and growth

BNB has become one of the most widely used cryptocurrencies in the world. In addition to paying discounted fees on Binance, its value has grown exponentially since its launch, rising from about $0.11 per token in 2017 to over $600 at its peak in 2021. This evolution reflects both the growth of Binance and the real utility of BNB in the crypto world.