$BNB BNB is the abbreviation for Binance Coin, a cryptocurrency launched by Binance, one of the largest cryptocurrency exchanges in the world. It was originally created as an ERC-20 token on the Ethereum blockchain but later migrated to Binance's own blockchain platform, Binance Chain.

Uses of BNB

1. Trading fee discounts: Using BNB to pay for trading fees on the Binance exchange allows users to enjoy certain discounts.

2. Participation in projects: BNB is often used as a means of payment for purchasing new tokens in the new coin sales (Launchpad) launched by Binance.

3. DeFi applications: In the decentralized finance (DeFi) ecosystem, BNB is widely used for activities like liquidity mining and staking.

4. Payment tool: Some platforms and merchants accept BNB as a method of payment.

5. Burning mechanism: Binance regularly buys back and burns a certain amount of BNB, reducing its circulating supply and thereby increasing its scarcity.