BNB Smart Chain, formerly known as Binance Smart Chain, is a blockchain platform compatible with the Ethereum Virtual Machine (EVM), capable of executing universal smart contracts. It serves as a base layer, or Layer 1 (L1), that is part of the BNB Chain blockchain ecosystem, developed with the support of the cryptocurrency exchange Binance. It is known for its fast transaction times and low transaction costs.

The BNB token is the fuel for BNB Smart Chain. Originally known as Binance Coin, BNB was renamed to 'Build and Build.' In addition to being used as a 'gas' token for BNB Smart Chain, BNB also provides its holders with rights to online governance.

Initially, Binance was created as a discount token for traders, but the scope of the asset has since expanded. It is now a digital liquid token for all transactions within the Binance Smart Chain (BSC) ecosystem. It is also used for booking transportation tickets, paying loans, purchasing new coins launched on Binance Launchpad, and in some other areas.