BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, initially launched as an ERC-20 token in 2017 before transitioning to its own blockchain, Binance Chain. It is primarily used to pay for trading fees on the Binance exchange at a discounted rate, but its utility extends far beyond that. Over time, BNB has evolved, powering decentralized applications (dApps) on Binance Smart Chain (BSC), a blockchain platform designed for high-speed and low-cost transactions.
In addition to its role in the Binance ecosystem, BNB can be used for various purposes, including staking, participating in token sales on Binance Launchpad, and paying for goods and services with partnering vendors. The coin's value has been largely influenced by the growth of Binance's platforms and the increasing use cases for the Binance Smart Chain. As a result, BNB has become one of the top cryptocurrencies by market capitalization and continues to play a pivotal role in the evolving decentralized finance (DeFi) space.
