BNB

BNB is available on several networks. It is native to BNB Smart Chain (BSC), where BNB is the primary currency used for transaction fees (gas) and staking. BNB is also on Ethereum, where it first launched as an ERC-20 token. Most liquidity has since moved to the BSC ecosystem. BNB has also been bridged to other blockchains though these tokens may not be official.

BNB works primarily as a utility token on Binance platforms. Here’s how it is utilized:

• Gas fees: On BSC, BNB is required to pay for transaction fees including smart contract execution, similar to how Ether (ETH) is used on Ethereum.
• Staking: Users can stake BNB to secure the network and participate in validating transactions.
• Payments: BNB can be used for payments on supported platforms, and it can also be swapped for other tokens in decentralized exchanges (DEXs) within the BSC ecosystem.
• Burn mechanism: Binance has a quarterly burn mechanism, where a portion of BNB is permanently destroyed to reduce its total supply and enhance its scarcity over time.

BNB was launched by Binance, a cryptocurrency exchange founded by Changpeng Zhao (CZ) and Yi He in 2017. The Binance team, led by CZ, remains the primary entity behind BNB's development and adoption across its blockchain ecosystems.

BNB is categorized as a utility token. Its primary functions are facilitating transactions on Binance’s platforms, including the BSC blockchain, and offering reduced trading fees on the Binance exchange. BNB is implemented in various ways across the Binance DeFi ecosystem and plays a vital role in governance on BSC.

BNB was launched in July 2017 through an initial Coin Offering (ICO). Early contributors to the ICO received BNB at discounted rates. Initially issued as an ERC-20 token on Ethereum, it migrated to Binance’s native chains with the launch of Binance's own EVM, now known as BNB Smart Chain.

BNB has a total supply of 200 million tokens, and its circulating supply decreases through quarterly token burns. Binance uses 20% of its profits to buy back and burn BNB until 100 million tokens remain. This deflationary mechanism is designed to attempt to increase the token’s value over time by reducing its total supply.