What is BNB

Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency exchanges in the world. BNB was created by Binance in 2017 as an ERC-20 token on the Ethereum blockchain. However, in 2019, Binance launched its own blockchain called Binance Chain, and BNB transitioned to become the native cryptocurrency of the Binance Chain.

BNB serves several purposes within the Binance ecosystem. Some of its key uses include:

1. Trading Fee Payment: BNB can be used to pay for trading fees on the Binance platform. Users who choose to pay fees with BNB can receive discounts and other benefits.

2. Token Sales: BNB is often used to participate in token sales or initial coin offerings (ICOs) hosted on the Binance Launchpad platform.

3. Binance DEX: BNB is the primary cryptocurrency used for trading on the Binance Decentralized Exchange (DEX), which operates on the Binance Chain.

4. Binance Smart Chain (BSC): BNB is also used as gas fees for transactions and smart contracts on the Binance Smart Chain, a parallel blockchain to the Binance Chain that supports smart contracts and decentralized applications (dApps).

5. Staking and Governance: BNB holders can participate in staking programs to earn rewards and participate in the governance of the Binance ecosystem.

Please note that the Binance ecosystem and the uses of BNB are subject to change and may have evolved since my last knowledge update in September 2021. It's always recommended to refer to the official Binance website or other reliable sources for the most up-to-date information about BNB and its functionalities.