Although initially based on the Ethereum network, ERC-20 BNB tokens have since been able to be exchanged for BEP-2 BNB at a 1:1 exchange rate. BEP-2 BNB is the native token of Binance Chain, and its mainnet was officially launched on April 18, 2019.
In September 2020, Binance launched Binance Smart Chain (BSC), a blockchain network that operates in parallel with Binance Chain (BC). This means that there are currently three different forms of BNB:
BEP-2 BNB in Binance Chain.
BEP-20 BNB on Binance Smart Chain.
ERC-20 BNB in the Ethereum network.
BNB is widely used in the Binance ecosystem and other environments, so users have the flexibility to decide how to use their BNB. For example, you can use BNB to pay for travel, purchase virtual gifts, and more. It is estimated that millions of BNB have been used by users to pay for travel expenses, purchase goods, borrow money, reward, create smart contracts and other transactions.
When trading cryptocurrencies on Binance, a standard fee of 0.1% will be charged on each trade (trading fees depend on monthly trading volume and BNB holdings). Traders can pay trading fees using the asset they are trading or BNB. There are also special discounts for choosing to pay with BNB.
Therefore, if you trade at scale on Binance, you should consider acquiring BNB and using it to pay your fees. Please note that the deduction of trading fees follows a specific fee schedule. Therefore, it is important to check the current fee schedule for spot trading. It is also worth noting that Binance Futures follows a slightly different fee schedule.
In addition to discounted trading fees, BNB also powers Binance DEX (on top of the Binance Chain) and hundreds of applications running in the Binance Smart Chain (BSC), which means that BNB can also be used in scenarios outside the Binance exchange platform. In fact, there are more than 180 digital assets issued by Binance Smart Chain (BSC), and millions of users have consumed BNB in practical scenarios related to BSC.
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