Binance Coin ($BNB ) is the native cryptocurrency of the Binance exchange, introduced through an Initial Coin Offering (ICO) in July 2017. Initially developed on Ethereum’s blockchain, BNB later transitioned to Binance's proprietary blockchain. With a capped supply of 200 million tokens, BNB has become a central element of the Binance ecosystem, offering multiple utility features.
Primarily, $BNB is used to facilitate trading and cover transaction fees on the Binance platform. To incentivize its adoption, Binance provides users with significant fee discounts when they use BNB for payments. Additionally, BNB can be traded against other major cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, making it a versatile asset within the digital finance landscape.
A standout feature of Binance Coin is its quarterly burn mechanism. Binance allocates 20% of its profits to repurchase and permanently eliminate BNB tokens from circulation. This systematic "burn" process reduces the overall token supply over time, introducing an element of scarcity that can enhance BNB’s value. By combining its deflationary nature with its utility within the Binance ecosystem, BNB has positioned itself as a highly sought-after cryptocurrency in the market.
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