BNB
Binance Coin (BNB) is the native cryptocurrency of the Binance platform, one of the world's largest cryptocurrency exchanges. BNB was initially created as an ERC-20 token on the Ethereum blockchain but later migrated to Binance's own blockchain, called Binance Chain.
Key features of BNB include:
Utility on Binance: BNB was originally introduced to facilitate transactions on the Binance exchange. Users can use BNB to pay for trading fees, transaction fees, and other services within the Binance ecosystem, often at discounted rates.
Token Sales: BNB has been used for token sales on the Binance Launchpad, where new blockchain projects can raise funds by selling a portion of their tokens in a token sale event.
Decentralized Finance (DeFi): BNB is also used in various decentralized finance (DeFi) applications built on the Binance Smart Chain, which is Binance's blockchain network.
Staking: BNB holders can participate in staking, allowing them to earn additional BNB by locking up their tokens for a specified period.
Burns: Binance periodically conducts token burns, where a portion of BNB tokens is permanently removed from circulation, reducing the total supply. This is done to create scarcity and potentially increase the value of remaining tokens.
BNB has evolved beyond being just a utility token for the Binance exchange and has found utility in various aspects of the broader cryptocurrency ecosystem. However, its primary association remains with the Binance platform.
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