Purpose: Initially launched as a utility token for discounted trading fees on the Binance exchange, BNB has since expanded to power the Binance Smart Chain (BSC) ecosystem.
Features:
Binance Smart Chain (BSC): A blockchain built to run decentralized applications and smart contracts, offering fast transaction speeds.
Burn Mechanism: Binance periodically burns (destroys) a portion of its BNB supply to reduce circulation and increase scarcity.
Use Cases: Transaction fees on Binance, DeFi projects, and as a utility token for Binance’s products and services.
Status: BNB has grown in value and is now one of the top cryptocurrencies by market capitalization.