![]() Binance intends to destroy half of the initial 200 million BNB token supply using scheduled quarterly burns and real-time token burning mechanics.The Binance blockchain network features smart contract functionality, is open source, and shares many other blockchain similarities with Ethereum.Native asset of Binance’s BNB Chain, used for gas fee payments and community governance.Holding the token provides trading fee discounts and other trading perks on the Binance exchange.Issued through an initial coin offering (ICO) campaign in 2017 by the Binance cryptocurrency exchange. ![]() Here’s a quick overview of key facts about BNB and its core blockchain features: For more information about BNB, click here. BNB functions as a native asset of the BNB Chain and is used to pay for certain on-chain operations such as paying fees on Binance DEX or creating new assets. However, the tokens were migrated to their own blockchain called Binance Chain (later renamed to BNB Chain) in 2019. Originally, BNB existed on the Ethereum blockchain as an ERC20 standard token. BNB is the native governance and gas fee payment digital currency of Binance’s blockchain network. Binance raised around $15 million through its ICO by selling 100 million BNB tokens (half of the total supply). BNB (stands for “Build and Build”) is a cryptocurrency that entered circulation via an initial coin offering (ICO) by the Binance cryptocurrency exchange in 2017.
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