BNB (BNB)
- Official Website: binance.com
- Definition: Binance Coin is the native token of Binance, used for trading fee discounts and powering the Binance Smart Chain.
- Category: Token, Layer 1 chain (Binance Smart Chain).
- What It Is: A utility token for the Binance ecosystem, including trading, staking, and governance.
- Function: Reduces trading fees on Binance, powers decentralized apps on Binance Smart Chain.
- Analogy: Think of BNB as a loyalty card for Binance. You get discounts and perks for using it.
- Pros: Utility in Binance ecosystem, strong backing by Binance, growing use cases.
- Cons: Centralization concerns, reliance on Binance’s success.
- Controversies: Regulatory scrutiny of Binance, concerns over centralization.
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This page was last updated on January 28, 2025.
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