$BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem. It was initially launched in 2017 as an ERC-20 token on the Ethereum blockchain during Binance’s Initial Coin Offering (ICO). Later, it migrated to Binance’s own blockchain, Binance Chain, and also functions on the Binance Smart Chain (BSC).

Key Functions of BNB:

1. Utility Token:

• Used to pay trading fees on the Binance Exchange (offering discounts for users who pay with BNB).

• Can be used for transaction fees on the Binance Smart Chain (BSC).

2. Fuel for the Ecosystem:

• Powers applications on Binance Smart Chain, a blockchain optimized for decentralized finance (DeFi) projects.

3. Staking and Governance:

• Users can stake BNB to secure the Binance Smart Chain and participate in governance decisions.

4. Payments and Services:

• BNB is widely accepted for payments, including travel bookings, entertainment, and online services.

5. Token Burns:

• Binance periodically burns (removes) a portion of BNB supply to reduce overall circulation and increase its scarcity.

Supply and Market:

• The total supply was originally 200 million BNB, but Binance burns tokens quarterly until it reaches a target of 100 million BNB.

• BNB has grown significantly in value and utility, becoming one of the largest cryptocurrencies by market capitalization.

In short, BNB is a versatile token that supports the Binance ecosystem and extends its use cases to payments, DeFi, and beyond.