$BNB
What is the cryptocurrency BNB?
BNB (Binance Coin) is the native cryptocurrency of the Binance cryptocurrency exchange platform. Originally, BNB was created in 2017 as an ERC-20 token (based on the Ethereum network) to be used on Binance to pay transaction fees at a discount. However, in 2019, Binance launched its own blockchain called Binance Chain, and BNB migrated to this new network, transitioning from an ERC-20 token to a native cryptocurrency of Binance Chain.
BNB has several uses within the Binance ecosystem:
1. Discounts on transaction fees: Users can use BNB to pay trading fees on the Binance platform, receiving discounts.
2. Participation in token sales: BNB is used to participate in initial coin offerings (ICOs) through Binance Launchpad.
3. Payments: Some businesses accept BNB as a form of payment for products and services.
4. Staking: BNB can also be used in certain staking activities within the Binance Smart Chain (BSC), which is a blockchain developed by Binance.
BNB has become one of the most important cryptocurrencies due to its utility within the Binance ecosystem and its wide usage in various applications, such as DeFi (decentralized finance) and NFT (non-fungible tokens) on the Binance Smart Chain.
