BNB (Build and Build) is the native cryptocurrency of the Binance ecosystem. Initially launched in 2017 as an ERC-20 token on the Ethereum blockchain, it later transitioned to Binance Chain, and now primarily operates on the Binance Smart Chain (BSC). Here's a brief overview:
Key Features of BNB:
1. Utility Token:
Used for discounted trading fees on the Binance exchange.
Payment method in the Binance ecosystem, including Binance Pay and Binance NFT.
2. Burn Mechanism:
Binance regularly burns (destroys) a portion of BNB supply to reduce total circulation and increase value.
3. Ecosystem Use:
Supports transactions on the Binance Smart Chain for DeFi projects, games, and decentralized apps (dApps).
4. Versatility:
Accepted by merchants globally for payment.
Can be used for staking, liquidity mining, and yield farming.
5. Market Value:
BNB is among the top cryptocurrencies by market capitalization, widely traded across exchanges.
BNB serves as the backbone of the Binance ecosystem, driving innovation and adoption in blockchain technology.
