Binance coin (BNB) is a cryptocurrency created by Binance.
The token was launched in 2017 and since then has been used to serve a variety of use cases, including playing a crucial role in the Binance ecosystem and the BNB Chain.
Let's find out more about what BNB is all about.
What is Binance coin (BNB) and the BNB Chain?
Binance coin (BNB) is the native cryptocurrency of Binance and its BNB Chain.
The token is used extensively by crypto investors to trade crypto assets via Binance and, above all, pay the required trading fees on Binance's BNB Chain.
BNB plays a vital role in powering the BNB Chain, a proof of stake (PoS) blockchain network owned by Binance. The BNB token allows users to interact with multiple DeFi projects on the BNB Chain.
The rising popularity of Binance catapulted the price of BNB in 2021, which at one point in time, was trading at an all-time high of $686.31 (May 2021).
Benefits of Binance coin (BNB)
The BNB token can be purchased from most cryptocurrency exchanges, especially Binance, where the BNB token can be used to reduce trading fees on the exchange.
Investors can also make use of BNB to pay trading fees on decentralised exchanges (DEX's) on the BNB Chain such as Pancakeswap.
BNB can also be staked on Binance or DeFi apps to earn passive BNB rewards from generous APYs.
- Read more: Binance Chain hacked for 2 million BNB
In addition, Binance card holders can also make use of BNB to pay for goods and services in online and offline stores across the world.
Holding BNB makes Binance users eligible to participate in exclusive token sales hosted on Binance Launchpad.
As you can tell, BNB is an integral part of Binance and the BNB Chain, described as the fuel that runs the Binance ecosystem.
Learn more about other popular cryptocurrencies: Chainlink (LINK), Quant (QNT), Polygon (MATIC), and Evmos (EVMOS).
For more articles like this, take a look at our Planet Crypto page.