BNB, or Binance Coin, is the native cryptocurrency of the Binance ecosystem, including the Binance Smart Chain (BSC) ¹. It's a utility token that fuels the BNB Chain ecosystem, serving various purposes across different sectors.
Key Uses of BNB:
- Transaction Fees: BNB is required to pay transaction fees when interacting with the network.
- DeFi Ecosystem: BNB grants access to a diverse range of decentralized finance (DeFi) applications on the BSC.
- Staking: Users can stake their BNB to earn rewards and contribute to the security of the BNB Chain ecosystem.
- Payment: BNB can be used for shopping, travel, and entertainment, as well as for paying real-world and digital services.
Additional Information:
BNB has a total supply of 200 million, with a goal to reduce it to 100 million through an Auto-Burn system ¹. This mechanism adjusts the burn amount based on BNB's price and the number of blocks on the BSC.