$BNB is the native cryptocurrency of Binance, one of the largest cryptocurrency exchanges globally. Launched in 2017, BNB initially operated on Ethereum before migrating to Binance Chain and Binance Smart Chain.
Key Features of BNB:
1. Fee Discounts: Used to reduce trading fees on Binance.
2. Gas Fees: Powers transactions and smart contracts on Binance Smart Chain (BSC).
3. Burn Mechanism: Binance periodically burns BNB to reduce supply and increase value.
4. Multiple Use Cases: Supports payments, investments, and decentralized applications (dApps).
Significance of BNB:
BNB is vital for the Binance ecosystem, enabling faster
, cheaper transactions and serving as a foundation for decentralized finance (DeFi) projects. Its deflationary model and wide adoption make it a strong player in the crypto market.