What is BNB?

BNB, originally known as Binance Coin, is the native cryptocurrency of the Binance ecosystem. Launched in July 2017 by Changpeng Zhao and the Binance team, BNB was initially created as an ERC-20 token on Ethereum to facilitate trading fee discounts on the Binance exchange.

In 2019, BNB transitioned to Binance's own blockchain, the Binance Chain, and now powers the BNB Chain ecosystem, supporting a wide range of applications beyond Binance's exchange.

How is BNB useful?

BNB is used across multiple sectors, making it one of the most versatile cryptocurrencies. Within the Binance exchange, BNB provides users with trading fee discounts, access to token sales on Binance Launchpad, and rewards through Binance Earn. Beyond Binance, BNB is widely accepted for payments, travel bookings, and online services.

BNB is also integral to the BNB Chain, where it is used for transaction fees, staking, and governance participation. Additionally, the BNB token undergoes periodic burns, reducing supply to maintain scarcity and enhance long-term value.

How does BNB work?

BNB operates as the native coin of the BNB Chain, which consists of the BNB Beacon Chain for governance and staking, and the BNB Smart Chain (BSC) for smart contracts and dApp development. The BNB Smart Chain is Ethereum Virtual Machine (EVM)-compatible, allowing developers to deploy decentralized applications (dApps) efficiently with lower transaction costs.

BNB also powers Binance's ecosystem, including its DeFi platforms, NFT marketplace, and payment services. The network's automatic burn mechanism permanently removes a portion of BNB supply, enhancing its scarcity over time.

BNB milestones

• BNB Launch and Binance Expansion: Introduced as a utility token for trading discounts, helping Binance grow into one of the world’s largest exchanges.

• Migration to Binance Chain: Transitioned from Ethereum to Binance Chain, optimizing transaction speeds and reducing costs.

• Introduction of Binance Smart Chain (BSC): Enabled smart contract functionality, boosting adoption for DeFi and dApp development.

• Rebranding to Build and Build: Shifted focus beyond Binance to support broader blockchain innovation.

• BNB Surpasses $105 Billion Market Cap: Achieved a significant milestone, reinforcing its position as one of the largest cryptocurrencies.

BNB continues to play a central role in the Binance ecosystem and beyond, offering a highly functional, scalable, and widely accepted digital asset.

Buy BNB (BNB) on BITmarkets.