BNB was launched in 2017 by Binance, one of the world’s largest cryptocurrency exchanges, founded by Changpeng Zhao (CZ). At first, BNB was created as a utility token to give users trading fee discounts on the Binance exchange.
Initially, BNB was issued as an ERC-20 token on the Ethereum blockchain. In 2019, Binance launched its own blockchain called Binance Chain, and BNB migrated to it.
Over time, BNB expanded beyond trading fees. It is now used for transaction fees on BNB Chain, token launches, DeFi, NFTs, staking, and payments.
BNB also introduced a coin burn mechanism, where Binance regularly destroys a portion of BNB to reduce supply, increasing long-term value.
Today, BNB is one of the top cryptocurrencies and a core part of the Binance ecosystem.
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