$BNB (Binance Coin) is the native cryptocurrency of the Binance cryptocurrency exchange platform. It was originally launched in 2017 as an ERC-20 token on the Ethereum blockchain, but later migrated to the Binance Chain, its own blockchain. BNB is used in various functions within the Binance ecosystem, and its utility has been evolving as Binance has expanded its services.

Some of the main features and uses of $BNB are:

1. **Transaction fee discounts**: Users who pay their transaction fees on Binance with BNB can receive a discount. This discount has gradually decreased over the years, but it remains one of the main reasons why users hold BNB.

2. **Usage within Binance**: In addition to fee discounts, BNB can be used to pay for other services within the Binance ecosystem, such as Binance Launchpad (to access new token offerings), Binance Smart Chain (BSC) for decentralized applications (dApps), and more.

3. **Binance Smart Chain (BSC)**: Binance launched its own blockchain, the Binance Smart Chain, which supports smart contracts and enables the development of dApps. BNB is the native token on this chain, and is used to pay transaction fees on the network.

4. **BNB Burns**: Binance regularly conducts BNB “burns,” where a portion of the total BNB supply is periodically destroyed. This is intended to reduce the supply of BNB and potentially increase its value in the long run.

5. **Liquidity in DeFi**: Through Binance Smart Chain, BNB can also be used in various DeFi (decentralized finance) applications, such as lending and staking.

$BNB is one of the most popular and largest market-cap cryptocurrencies due to its close relationship with Binance, which is one of the largest exchanges in the world.#BNB_Market_Update