Top 10 Digital Currency in The World

binance coin (bnb)

Utility on Binance Exchange:

Trading Fee Discounts: One of the main uses of BNB is to pay for trading fees on the Binance exchange. Users who hold BNB can use it to get discounts on fees, which increases the utility of the token.

Token Burn: Binance conducts regular "token burns" where it buys back and burns BNB tokens to reduce the total supply. This is intended to increase scarcity and potentially drive up the value of the remaining tokens. Binance aims to burn BNB until 50% of the total supply (100 million BNB) is removed from circulation.

Binance Smart Chain (BSC):

Gas Fees: BNB is used to pay for transaction fees on the Binance Smart Chain, which is a blockchain built to support decentralized applications (dApps) and smart contracts. BSC offers faster and cheaper transactions compared to Ethereum, making it a popular alternative for developers.

Staking: Users can stake BNB in the Binance ecosystem to earn rewards. Binance Chain and Binance Smart Chain both support staking BNB to participate in network consensus and governance.

                   Use in DeFi and dApps:

BNB is widely used in the decentralized finance (DeFi) space. It is commonly used to interact with dApps and participate in decentralized lending, borrowing, and liquidity pools.

Many decentralized applications (dApps) built on Binance Smart Chain (BSC) accept BNB for transactions or staking.

 Payment:

BNB can be used for payments at a growing number of merchants, both online and offline, through integrations with various payment platforms. Some projects, like travel agencies, have started accepting BNB as payment for goods and services.

Governance:

Binance Coin holders have some influence on the governance of Binance Smart Chain. BNB is used in voting for proposals to make changes to the Binance Chain or Binance Smart Chain protocols.