BNB stands for Binance Coin, the native cryptocurrency of the Binance platform. Launched in 2017 as part of an initial coin offering (ICO), it started as a token on the Ethereum network before being ported to its own Binance Chain.
BNB Impact on Trading on Binance
1. Trading Fees: You can use BNB to pay trading fees on the Binance platform at a discount of up to 25%, which encourages users to own BNB to use it as a means of paying fees at a significant discount.
2. Investment and passive earning: BNB can be used in various Binance services, such as Binance Earn, which allows you to earn interest on your cryptocurrencies through several methods such as lending or staking, which adds an additional benefit to owning BNB.
3. Trading and Demand: Using BNB to pay fees and other use cases within the Binance ecosystem increases demand for the coin, sometimes indirectly driving up its price in the markets.
4. Participate in Special Offers: Binance provides many opportunities for BNB holders to participate in ICOs (Launchpad) or other special activities, which adds additional value to the coin.
Therefore, BNB is an important part of the Binance trading environment, as it helps reduce fees, provides investment opportunities, and increases the options available to users.
