$BNB

BNB, formerly known as Binance Coin, is the cryptocurrency powering the extensive Binance ecosystem. Initially launched on the Ethereum blockchain in 2017, it transitioned to its own BNB Chain in 2019. This made it the native token for the entire BNB Chain network.

BNB serves a multitude of purposes within this ecosystem. Primarily, it's used for paying transaction fees on the Binance exchange, often at a discounted rate. This utility has driven significant interest and adoption of BNB. Beyond the exchange, BNB fuels the BNB Smart Chain (BSC), a blockchain designed for decentralized applications (dApps). It's used for transaction fees, staking, and participating in governance.

The value of BNB is further enhanced by a deflationary mechanism called "coin burns." Periodically, Binance destroys a portion of BNB tokens, reducing the total supply and potentially increasing the value of remaining tokens. With its diverse functionalities and growing ecosystem, BNB has solidified its position as a leading cryptocurrency.