BNB powers the Binance ecosystem and is the native asset of Binance Chain.
BNB powers the Binance ecosystem and is the native asset of Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Designed to be used for fee reduction on the Binance exchange, its scope was extended over the years.
- BNB powers the Binance Chain as its native chain token. For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets.
- In addition to its on-chain functions, BNB has multiple additional use-cases such as fee discount on multiple exchanges (e.g., Binance.com), payment asset on third-party services, and participation rights & transacting currency on Binance Launchpad.
- At the core of the economics of BNB, there is a burn system leading to period reductions in its total supply (~ every three months). From its initial maximum supply of 200 million, burns will keep occurring until the supply reaches 100 million.
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