#Binance #BNB_Market_Update #bnb #BNBToken $BNB
BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem. It was originally created as an ERC-20 token on the Ethereum blockchain but later migrated to Binance’s own blockchain, Binance Chain, and later Binance Smart Chain (now BNB Chain).
### **Uses of BNB in Binance**
1. **Trading Fee Discounts** – Users can pay Binance trading fees with BNB to get discounts.
2. **Transaction Fees** – It is used for gas fees on the BNB Chain.
3. **Token Sales** – Used in Binance Launchpad for participating in new token sales.
4. **Payments & Services** – Can be used for online purchases, travel bookings, and more.
5. **Staking & DeFi** – Used in decentralized finance (DeFi) applications, staking, and liquidity pools.
BNB has a **burning mechanism**, where Binance periodically burns (destroys) a portion of BNB to reduce supply and increase its value over time.