BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, which includes the Binance exchange, Binance Smart Chain (BSC), and other services. Initially, BNB was launched as an ERC-20 token on the Ethereum blockchain, but it later moved to Binance's own blockchain, Binance Chain, and now also exists on the Binance Smart Chain (BSC).
BNB has several uses within the Binance ecosystem:
Trading fee discounts: Binance users can pay trading fees with BNB and receive discounts.
Transaction fees: BNB is used to pay for transaction fees on Binance Chain and Binance Smart Chain.
Staking: BNB can be staked in Binance's various DeFi platforms for rewards.
