#MarketCorrectionBuyOrHODL $BNB BNB, or Binance Coin, is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. Initially launched as an ERC-20 token on the Ethereum blockchain in 2017, BNB has since transitioned to its own blockchain, known as Binance Chain.

Here are some key points about BNB:

1. Utility: BNB is primarily used to pay for trading fees on the Binance exchange, allowing users to receive discounts when they use BNB for these fees. It can also be used for various purposes within the Binance ecosystem, such as participating in token sales on Binance Launchpad and making payments for goods and services.

2. Token Burn: Binance has a practice of periodically "burning" a portion of BNB tokens, which reduces the total supply over time. This is intended to increase scarcity and potentially raise the value of the remaining tokens.

3. DeFi and Other Uses: Beyond its use on the Binance exchange, BNB has found applications in decentralized finance (DeFi) projects, staking, and other blockchain-based services.

4. BNB Chain: The Binance Smart Chain (now referred to as BNB Chain) supports smart contracts and decentralized applications (dApps), making it a competitor to Ethereum and other smart contract platforms.

5. Market Performance: BNB has seen significant price fluctuations and has been one of the top cryptocurrencies by market capitalization.

As with any cryptocurrency, it's important to do thorough research and understand the risks involved before investing or using BNB.