Binance coin (BNB)

Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the world's largest cryptocurrency platforms. BNB serves various purposes within the Binance ecosystem. It can be used to pay for transaction fees on the exchange, participate in token sales on Binance Launchpad, and more. BNB was initially created as an ERC-20 token on the Ethereum blockchain but later migrated to Binance Chain, Binance's native blockchain. This migration enhanced the token's utility and speed for transactions within the Binance ecosystem. One notable use case for BNB is Binance Smart Chain (BSC), a blockchain network compatible with the Ethereum Virtual Machine. BNB holders can participate in decentralized finance (DeFi) projects, yield farming, and other applications on BSC. Binance periodically conducts token burns, reducing the total supply of BNB and potentially impacting its value. The coin's value is influenced by factors such as market demand, Binance's performance, regulatory developments, and broader trends in the cryptocurrency market.