$BNB BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, which includes the Binance exchange, Binance Chain, and other services within the Binance platform. Originally launched as an ERC-20 token on the Ethereum blockchain in 2017, BNB was later migrated to Binance's own blockchain, Binance Chain, in 2019. Here's an overview of what BNB is and how it is used:

Key Features of BNB:

Utility on Binance Exchange:

Trading Fee Discounts: BNB is widely used on Binance to pay for trading fees. Users who pay with BNB receive a discount, which can make trading more affordable.

Launchpad Participation: BNB is also used to participate in Binance Launchpad token sales, where users can purchase new tokens before they are listed on the exchange.

Other Binance Services: BNB is used within various other services on Binance, such as staking, savings programs, and paying for transaction fees on the Binance Smart Chain.

Binance Smart Chain (BSC):

Binance Coin is also used on Binance Smart Chain (BSC), a blockchain network built for decentralized applications (DApps) and smart contracts. BNB is the native asset for transaction fees and gas fees on BSC.

BSC has gained popularity due to its low transaction costs and high speed compared to other blockchains like Ethereum.

Deflationary Token:

Merchant Payments: BNB can also be used for payments at certain merchants that accept it.

DeFi: BNB is widely used in decentralized finance (DeFi) platforms, especially on Binance Smart Chain, where it is involved in lending, borrowing, and yield farming.

BNB History:

Launch and ICO: BNB was created in 2017 during an initial coin offering (ICO), where it raised funds for Binance. Initially, it was an ERC-20 token, but it migrated to Binance Chain in 2019.

Current Status:

BNB is one of the top cryptocurrencies by market capitalization and is widely traded on various exchanges, not just Binance. It is considered a major player in the cryptocurrency world due to its utility, growing adoption, and the backing of Binance, one of the largest cryptocurrency exchanges globally.