BNB

About BNB

BNB is the native utility token of the BNB Chain ecosystem, a multi-chain asset that powers decentralized applications and facilitates value exchange. It is used to pay transaction gas and smart contract deployment fees, and provides tiered fee discounts on the Binance exchange. The network uses a Proof of Staked Authority consensus mechanism with 21 active validators (the Cabinet) who produce blocks every 3 seconds. Validators are elected daily based on staked BNB, and the system includes fast finality and slashing penalties. A dual-burn strategy permanently removes tokens through real-time fee destruction and quarterly buybacks. Launched in 2017 by Binance, the initial supply of 200 million tokens was distributed 50% to the public, 40% to the founding team, and 10% to angel investors. The token began on Ethereum but later migrated to its own EVM-compatible chain. Its utility includes paying gas, staking for rewards, and decentralized governance.

• BNB was originally issued as an ERC-20 token on Ethereum before migrating to its own blockchain.
• The network uses a Proof of Staked Authority consensus with only 21 active validators, known as the Cabinet.
• BNB employs a dual-burn mechanism: real-time fee destruction and quarterly buybacks to permanently remove tokens from circulation.
• The initial token supply was 200 million, with 50% sold to the public, 40% to the founding team, and 10% to angel investors.
• BNB provides tiered fee discounts on the Binance exchange, with higher discounts for larger holdings.