$BNB is the native cryptocurrency of the Binance ecosystem, one of the largest cryptocurrency exchange platforms in the world. Launched in 2017, BNB was initially conceived to offer discounts on trading fees within the Binance exchange.
However, its utility has expanded significantly. BNB now powers the BNB Chain ecosystem, which includes the BNB Beacon Chain and the BNB Smart Chain (BSC). BSC, in particular, is an Ethereum Virtual Machine (EVM) compatible blockchain that facilitates the development of decentralized applications (DApps), decentralized finance (DeFi), and non-fungible tokens (NFTs) with low fees and high speed.
In addition to its use as "gas" for transactions on BNB Chain, BNB is used to participate in token sales on Binance Launchpad, pay for travel services, make donations, and earn rewards in various Binance products. Its "quarterly burn" mechanism reduces the total supply of BNB, which aims to increase its long-term value. BNB has established itself as one of the most important cryptocurrencies by market capitalization.
