BNB is the native cryptocurrency of Binance and the BNB Chain. It was launched to facilitate transactions within the platform, offering discounts of up to 25% when used to pay trading fees. It is also used in decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and transactions on the BNB Chain.
BNB features a “spontaneous burn” mechanism that regularly reduces the total supply of the coin to enhance its scarcity and value. It is also used to vote on governance proposals within the Binance ecosystem, cementing its position as one of the leading cryptocurrencies.