#BitcoinHashRateSurge BNB Smart Chain, formerly known as Binance Smart Chain, is a blockchain platform compatible with the Ethereum Virtual Machine (EVM) capable of executing universal smart contracts. It represents a base layer, or Layer 1 (L1), that is part of the BNB Chain blockchain ecosystem, developed with the support of the cryptocurrency exchange Binance. It is known for its fast transaction times and low transaction costs.

The BNB token serves as fuel for the BNB Smart Chain. Originally known as Binance Coin, BNB was renamed to 'Build and Build.' In addition to being used as a 'gas' token for the BNB Smart Chain, BNB also grants its holders rights to online governance.

Initially, Binance was created as a discount token for traders, but then the scope of the asset expanded. Now it is a digital liquid token for all transactions within the Binance Smart Chain (BSC) ecosystem. It is also used for booking transportation tickets, paying off loans, purchasing new coins launched on Binance Launchpad, and in some other areas.