$BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, one of the largest cryptocurrency exchanges in the world. It was originally launched in 2017 as an ERC-20 token on the Ethereum blockchain but later migrated to Binance Chain and now Binance Smart Chain (BSC).
Key Points about $BNB:
1. Utility:
Used to pay transaction fees on Binance Exchange, often with discounts.
Used in DeFi protocols, staking, and liquidity pools on Binance Smart Chain.
2. Burn Mechanism:
Binance uses a portion of its profits to buy back and "burn" BNB, reducing its supply and increasing scarcity.
3. Ecosystem:
Supports numerous applications, including decentralized finance (DeFi), NFTs, and gaming projects.
4. Price Fluctuation:
Its value is influenced by the growth of the Binance ecosystem and overall crypto market trends.
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