BNBs

BNB, short for Binance Coin, is the native cryptocurrency of the Binance ecosystem. It was launched by Binance in 2017 through an initial coin offering and originally operated on the Binance Chain, a blockchain designed for high-throughput transfers. In 2020, the Binance Smart Chain was introduced (later rebranded as BNB Chain), bringing smart contract functionality and DeFi applications to the same ecosystem.

Supply and burn: BNB began with a total supply of 200 million. Binance conducts regular burn events, destroying a portion of BNB to reduce circulating supply with the long-term goal of leaving 100 million BNB outstanding.

Uses and utility: On Binance Exchange, BNB is used to pay trading fees, with discounts for holders of BNB. On BNB Chain, BNB is used to pay transaction fees (gas) and to participate in DeFi protocols and applications. It is also used to participate in token sales on Binance Launchpad and to stake or participate in certain validation processes on BNB Chain.

Technology and standards: BNB exists as BEP-2 tokens on Binance Chain and BEP-20 tokens on BNB Chain; it circulates across multiple networks via bridges. The ecosystem is multi-chain, with BNB serving as the native asset across these chains.

Governance and market status: The Binance ecosystem is managed by Binance and its teams; BNB is widely distributed but governance decisions for the networks are not fully decentralized through BNB itself. BNB is among the largest cryptocurrencies by market capitalization and is widely traded on major exchanges.