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$BNB Originally known as Binance Coin, is far more than just another cryptocurrency; it's the native token of the Binance ecosystem, one of the largest and most influential forces in the blockchain and crypto world. Launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB has since evolved significantly, migrating to its own proprietary block chains – the Binance Chain and later the Binance Smart Chain (BSC), now unified under the BNB Chain. This evolution has transformed BNB into a versatile asset with a multitude of use cases.
At its core, BNB serves as a utility token within the Binance ecosystem. Holders can use BNB to pay for trading fees on the Binance exchange, often at a discounted rate, making it an attractive option for frequent traders. Beyond fee reductions, BNB fuels the entire BNB Chain, acting as the gas fee for transactions and smart contract executions. This makes it an indispensable component for developers and users interacting with the vast array of decentralized applications (dApps) built on BSC, from DeFi protocols to NFT marketplaces.