BNB (BNB) price, market cap and chart

Cryptopedia - BNB

BNB is the native currency for the BNB Chain ecosystem, facilitating transactions and enabling decentralized governance. Originally created for Binance exchange benefits, it now supports diverse Web3 infrastructure. The asset employs an Auto-Burn mechanism to gradually reduce its total supply until it reaches 100,000,000 BNB, aiming to stimulate ecosystem expansion.

About BNB

What Is BNB?

BNB acts as the native currency for the BNB Chain ecosystem, providing the necessary fuel for its diverse Web3 infrastructure. It facilitates transactions across the BNB Smart Chain (BSC), opBNB L2s, and BNB Greenfield. Beyond covering transaction costs, BNB operates as a governance token, allowing holders to engage in the decentralized on-chain governance of the BNB Chain.

Furthermore, BNB serves as a strategic reserve asset and is central to the BNB Executive Total Value Locked (TVL) campaign, which aims to stimulate ecosystem expansion and encourage adoption.

Initially introduced in 2017 as a token for the Binance exchange, BNB was created to provide trading fee reductions and other benefits on the platform. It has since developed into the core asset of a wider network. After its mainnet went live on April 18, 2019, BNB moved from the Ethereum Network to the BNB Chain. The guiding principle of "Build and Build" underscores its function in promoting development within the ecosystem.

What Is BNB’s Auto Burn?

BNB uses an Auto-Burn mechanism to slowly decrease its overall supply until it reaches 100,000,000 BNB. To maintain predictability and transparency, the quantity burned is calculated using BNB’s price and the count of blocks produced on BSC within each quarter.