What is BNB?

Binance Coin (BNB) is a cryptocurrency created by Binance, one of the largest cryptocurrency exchanges in the world. BNB was initially created as an ERC-20 token on the Ethereum blockchain, but later migrated to Binance’s own blockchain, known as Binance Chain.

Binance Coin serves several purposes within the Binance ecosystem. It can be used to pay transaction fees on the Binance exchange, participate in token sales on the Binance Launchpad, and make payments at merchants that accept BNB. BNB has gained popularity and utility, becoming one of the most significant cryptocurrencies in the market.

Binance Coin (BNB) operates on the Binance Chain and has several functions:

Transaction fees: BNB can be used to pay transaction fees on the Binance exchange, with users potentially receiving discounts on fees.

Binance Launchpad: BNB is used to participate in token sales on the Binance Launchpad, and holding BNB can provide benefits during certain token sales.

Binance Ecosystem: BNB has expanded its use for payments, including goods, services, and travel bookings within the Binance ecosystem.

Binance Smart Chain (BSC): BNB powers the Binance Smart Chain, a blockchain that supports smart contracts and decentralized applications.

Decentralization and Governance: BNB holders can participate in governance, influencing decisions within the Binance Chain and Binance Smart Chain networks.