Binance Coin (BNB)
BNB is the native cryptocurrency of the BNB Chain ecosystem, originally launched by Binance in 2017. It serves multiple functions within the Binance platform and its associated blockchain networks.
Key Features:
- Utility within Binance Ecosystem: BNB is primarily used to pay for transaction fees on the Binance exchange, offering users discounted fees when trading.
- Token Burns: Binance conducts quarterly token burns, using a portion of its profits to repurchase and permanently destroy BNB tokens. This process reduces the total supply, potentially increasing the value of the remaining tokens.
- BNB Chain Integration: BNB operates on the BNB Chain, Binance's proprietary blockchain platform, which supports smart contracts and decentralized applications (dApps). This integration enhances transaction speed and reduces costs within the ecosystem.
- Participation in Token Sales: BNB holders can participate in token sales on the Binance Launchpad, gaining access to new cryptocurrency projects.
- Payment for Services: Beyond the Binance platform, BNB is accepted as a form of payment for various services, including travel bookings and online purchases, expanding its utility beyond trading activities.
