$BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, created in 2017 by the Binance exchange. Originally launched as a utility token on the Ethereum blockchain, BNB later moved to its own network, the BNB Chain. It is designed to support transactions, applications, and services within this ecosystem.
One of BNB’s main uses is to pay trading fees on the Binance exchange, often with discounts. It is also used for transaction fees on BNB Chain, powering smart contracts and decentralized applications (dApps). Because of this, BNB plays an important role in decentralized finance (DeFi), gaming, and NFT platforms built on the network.
BNB has a coin-burning mechanism, where a portion of tokens is regularly destroyed to reduce supply over time. This can increase scarcity. While BNB benefits from Binance’s large user base, its value can be affected by market changes and regulations. Overall, BNB is a major utility token in the crypto space.$XRP
