Here are the latest key points regarding Binance's BNB ¹ ²:
- BNB is the native asset of Binance Chain, launched in June 2017 as an ERC-20 token.
- It powers the Binance ecosystem, with use cases including:
- Fee discounts on multiple exchanges
- Payment asset on third-party services
- Participation rights and transacting currency on Binance Launchpad
- It has a burn mechanism, reducing its total supply from 200 million to 100 million.
- BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators.
- It operates on Binance Smart Chain, an EVM-compatible network, relying on a Proof-of-Staked Authority (PoSA) consensus mechanism.