Binance Coin ([[BNB]]) is the native cryptocurrency of the [[Binance]] ecosystem. Here are the key details about Binance Coin: - BNB was launched in 2017 when Binance, one of the world's largest #cryptocurrency exchanges, held an [[Initial Coin Offering (ICO)]]. - BNB is an [[ERC-20]] token that was initially issued on the [[Ethereum]] #blockchain. It has since migrated to Binance's own blockchain, the Binance Chain. - BNB serves several purposes within the Binance ecosystem: - It can be used to pay trading fees on the Binance exchange, with a discount provided for using BNB. - It is the native token of the [[Binance Smart Chain (BSC)]] blockchain, used to pay for gas fees on that network. - BNB can be used for payments, investments, and other financial services offered by Binance. - Binance periodically "burns" a portion of the total BNB supply, taking coins out of circulation. This is done to help maintain the token's value. - BNB is one of the top cryptocurrencies by market capitalization and is listed on most major crypto exchanges. - The value of BNB is largely tied to the success and growth of the overall Binance ecosystem. As Binance expands its products and services, demand for BNB typically increases. - While Binance has significant control over the BNB token and its underlying blockchain, the coin has still become a widely-used and influential cryptocurrency in the crypto space.