BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, one of the largest cryptocurrency exchange platforms in the world. It was launched in 2017 as an Ethereum-based token (ERC-20), but later migrated to its own blockchain, the Binance Chain. Currently, it also operates on the Binance Smart Chain (BSC), which is compatible with smart contracts.
Main uses of BNB:
1. Trading fee payments on Binance: Users receive discounts when paying trading fees with BNB.
2. DeFi projects: It is widely used in DeFi applications within the Binance Smart Chain.
3. Staking: Users can lock BNB to earn rewards.
4. Payments and commerce: Accepted as a means of payment on various platforms and services.
5. Token Burn: Binance regularly burns a percentage of BNB to reduce the total supply, increasing its scarcity and potentially its value.