BNB

BNB

BNB, originally known as Binance Coin, is a cryptocurrency created by the Binance exchange in 2017. It’s more than just a cryptocurrency; it functions as the native token of the Binance ecosystem, powering a variety of uses and offering benefits to its holders. This article will provide a comprehensive overview of BNB, covering its history, functionality, uses, and its role in the wider cryptocurrency market.

History and Background

BNB was initially launched during Binance’s Initial Coin Offering (ICO). The primary goal was to provide funding for the development of the Binance exchange. Initially built on the Ethereum blockchain as an ERC-20 token, BNB later transitioned to the Binance Smart Chain (BSC), now known as BNB Chain, becoming the native token of its own blockchain. This move was crucial for reducing transaction fees and increasing transaction speeds, addressing scalability issues inherent in the Ethereum network. The transition involved a token swap for existing BNB holders.

What is BNB Used For?

BNB has evolved beyond its initial use as a utility token for discounted trading fees on the Binance exchange. Its functionality has expanded considerably. Key uses include:

• Discounted Trading Fees: Holding BNB allows traders to receive discounts on trading fees on the Bi

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