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BNB coin is the native digital currency of Binance, one of the largest digital currency trading platforms in the world. It was first launched in 2017 as part of an initial coin offering (ICO) campaign to support the development of the Binance platform. BNB is mainly used within the Binance ecosystem, but its uses have extended to other areas.
BNB features:
1. Use on the Binance platform:
BNB is used to pay trading fees on the platform with discounts of up to 25%.
It is used in other services such as Binance Launchpad and Binance Earn.
2. Additional functions:
Participate in Staking programs and earn interest.
It is used in some ecosystems such as decentralized finance (DeFi) applications and NFT projects.
3. Burning mechanism:
Binance periodically burns an amount of BNB to reduce the total supply, which increases the scarcity and value of the currency.