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Binance Coin (BNB) is the official cryptocurrency of the Binance exchange, one of the largest platforms in the world for buying and selling cryptos.
* Origin: It was launched in 2017 as a token on the Ethereum network (ERC-20), but later migrated to its own blockchain called BNB Chain.
Main uses:
1. Pay fees within Binance (with a discount if you use BNB).
2. Invest in new projects through Binance Launchpad and Launchpool.
3. Staking: lock BNB to earn rewards in other cryptos.
4. Payments: some merchants accept BNB as a means of payment.
5. Gas fee: in the BNB Smart Chain (BSC) it is used as the “fuel” to execute transactions and smart contracts (similar to how Ethereum uses ETH).
Deflationary:
Binance periodically burns BNB, removing part of the circulating supply to increase its value over time.
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