#BNB
Binance Coin (BNB) is the native cryptocurrency of the Binance ecosystem, including the Binance cryptocurrency exchange, one of the largest exchanges globally. Here’s a brief overview:
1. Purpose: BNB was originally created as a utility token to pay for transaction fees on the Binance exchange, offering users discounts on trading fees. Over time, its use cases have expanded across the Binance ecosystem.
2. BNB Smart Chain: Binance Coin plays a central role in Binance's blockchain platforms, primarily Binance Smart Chain (BSC), which allows developers to build decentralized applications (dApps). BNB is used for gas fees (transaction fees) on the BSC network.
3. Deflationary Mechanism: Binance conducts periodic "coin burns," where they permanently remove a portion of BNB from circulation, reducing its total supply and potentially increasing its value over time. These burns continue until 100 million BNB are destroyed.
4. Other Uses: Beyond the exchange, BNB can be used in various ways, such as paying for travel (via partners like TravelbyBit), in staking, or even as a method of payment at some retailers.
