BNB stands for Binance Coin. It is a cryptocurrency that was created by Binance, one of the world’s largest cryptocurrency exchanges. BNB is the native cryptocurrency of the Binance blockchain and is used primarily for trading fees on the Binance platform.
Binance Coin operates on the Binance Chain, a blockchain developed by Binance, but it has also been expanded to other blockchain networks, such as Binance Smart Chain (BSC), which is a parallel blockchain to the Binance Chain. BNB is an ERC-20 token on the Ethereum blockchain and a BEP-2 token on the Binance Chain, while on Binance Smart Chain, it is both an ERC-20 and BEP-20 token.
BNB has gained significant popularity and utility within the cryptocurrency community. It can be used to pay for transaction fees on the Binance exchange, participate in token sales on Binance Launchpad, and as a payment method for various services and merchants that accept BNB. Additionally, BNB is used for staking and earning rewards on the Binance Smart Chain.
Binance has also conducted periodic token burns, which involves removing a portion of BNB from circulation to increase its scarcity and potentially drive up its value. The supply of BNB started at 200 million tokens but has been decreasing over time through these token burns.
It’s important to note that the information provided here is accurate as of my knowledge cutoff in September 2021. Therefore, there may have been updates or changes to BNB since then.