Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency trading platforms in the world. Launched in 2017, BNB was initially an ERC-20 token on the Ethereum blockchain but later migrated to its own Binance Chain. BNB serves multiple purposes within the Binance ecosystem, including reducing trading fees, participating in token sales on Binance Launchpad, and making transactions in Binance Smart Chain (BSC) projects.
As a utility token, BNB's value is driven by its wide-ranging use cases and the growth of the Binance platform. Binance also conducts quarterly burns of BNB, buying back and destroying coins to reduce supply and potentially increase value. This combination of utility, platform growth, and deflationary mechanism makes BNB a significant player in the cryptocurrency market.#FavoriteToken
