#BNB
What is the BNB currency?
• BNB stands for Build and Build (formerly Binance Coin).
• Initially, it was on the Ethereum network as an ERC-20 token, then later migrated to a dedicated blockchain known as BNB Chain (formerly Binance Smart Chain).
• It is used to pay trading fees, participate in decentralized finance projects, and pay gas fees on BNB Chain networks.
Main use cases:
1. Paying trading fees:
• Binance users can pay trading fees using BNB and receive discounts of up to 25%.
2. Gas fees on BNB Smart Chain:
• Any transaction on the network requires gas fees which are paid in BNB.
3. Participation in Launchpad:
• New projects on Binance Launchpad often require holding BNB to participate in the purchase of new tokens.
4. Payments outside of Binance:
• BNB has become accepted at many online stores and services around the world.
5. Decentralized finance DeFi and NFTs:
• BNB is used in lending protocols, yield farming, and purchasing non-fungible tokens (NFTs).