BNB, initially known as Binance Coin, is the cryptocurrency powering the BNB Chain ecosystem. It originated in 2017 as a utility token for discounted trading fees on the Binance exchange, one of the world's largest crypto platforms. Over time, BNB has evolved significantly.
It now serves as the native token for the BNB Smart Chain, facilitating transactions, smart contracts, and decentralized applications (dApps). Key features include its use for paying transaction fees, participating in token sales, and engaging with the broader BNB Chain ecosystem. Additionally, BNB employs a "burning" mechanism, periodically reducing its total supply, which can influence its value. Essentially, BNB has grown from an exchange utility token to a crucial component of a comprehensive blockchain network.
