Binance Coin (BNB) — is a token issued by the cryptocurrency exchange Binance. BNB was created in 2017 and issued as an ERC-20 token on the Ethereum blockchain. In 2019, Binance launched its blockchain platform Binance Chain, and BNB was transferred to the new network as the main token.
BNB is used to pay trading commissions on the Binance exchange, as well as to participate in lotteries to gain access to token sales on the exchange. Users can get discounts on trading fees by using BNB for payment, and this discount gradually decreases every year until it reaches zero.
BNB is also used to purchase various goods and services on the Binance platform, including apps, games, training courses, and other services. In addition, Binance launched its own decentralized exchange (DEX), which also uses BNB to pay transaction fees.
The total supply of BNB is limited to 200 million tokens, and every quarter, Binance buys back and burns a portion of the BNB tokens to reduce the total number of tokens in circulation and increase their value.
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