Binance Coin (BNB)
The native token of the BNB Chain ecosystem, born from the world's largest crypto exchange.
Overview
Binance Coin (BNB) is the native cryptocurrency of the BNB Chain, originally launched as a utility token for fee discounts on the Binance exchange. It has grown into the backbone of a full smart contract ecosystem used for DeFi, gaming, and payments.
Key Features
- Speed: Around 3 seconds per block on BNB Smart Chain
- Fees: Low — typically a fraction of a cent per transaction
- Security: Moderate-High — secured by a smaller set of validators than Ethereum
- Consensus type: Proof of Staked Authority (PoSA)
- Smart contracts: Native — BNB Smart Chain is EVM-compatible
- Ecosystem size: Large — extensive DeFi, gaming, and dApp ecosystem
History & Background
Binance Coin launched in 2017, created by Changpeng Zhao (CZ) and the Binance team. To provide discounted trading fees on Binance and later power a broader smart contract ecosystem
- 2017: BNB launches via ICO on the Ethereum blockchain
- 2019: Binance Chain launches, and BNB migrates to its own native chain
- 2020: Binance Smart Chain (BSC) launches with EVM compatibility
- 2022: Binance Chain and Binance Smart Chain merge into BNB Chain
How It Works
BNB powers the BNB Chain, an EVM-compatible smart contract network secured by a rotating set of validators under Proof of Staked Authority. BNB is used to pay gas fees, participate in launchpad sales, and reduce trading fees on Binance.
Consensus Mechanism
BNB Chain uses Proof of Staked Authority (PoSA), where a limited set of validators — elected based on staked BNB — take turns producing blocks, balancing speed and decentralization.
Tokenomics
- Total supply: 200 million BNB (fixed, with periodic burns reducing supply)
- Circulating supply: Approximately 145 million BNB
- Issuance schedule: No new issuance — supply decreases over time via quarterly "burn" events
- How new coins are created: Originally minted at launch; supply is deflationary due to scheduled token burns
- Utility: Trading fee discounts, gas fees on BNB Chain, launchpad participation, payments
Use Cases
Exchange Utility
Reduced trading fees and access to token sales on Binance
DeFi & Gaming
Powers a large ecosystem of decentralized apps, games, and NFT platforms
Gas Fees
Required to pay for transactions and smart contracts on BNB Chain
Payments
Accepted for real-world purchases through Binance Pay and partners
Strengths
- Low transaction fees and fast confirmation times
- Large, mature ecosystem of dApps and DeFi protocols
- Deflationary supply model through periodic token burns
Limitations
- Smaller validator set raises centralization concerns
- Closely tied to Binance, a centralized exchange, creating dependency
- Regulatory scrutiny has affected Binance and, indirectly, BNB
Supported Networks
- BNB Smart Chain: EVM-compatible chain for smart contracts and dApps
- BNB Beacon Chain: Legacy chain focused on governance and staking, being phased out
How to Store It
BNB can be stored in software wallets like MetaMask or Trust Wallet, hardware wallets, or held directly on Binance and other exchanges. Learn more on our wallets guide.
Top Exchanges to Buy, Trade & Sell Binance Coin
Platforms that support BNB, ranked by rating and featured status.
No exchanges found
Add rows to the cryptocurrency_exchange table for this coin to populate this section.