BNB Coin, the native cryptocurrency of the Binance Exchange, first made its entrance into the digital asset world on July 25, 2017. Initially launched as an ERC-20 token on the Ethereum blockchain, BNB was designed to assist users in lowering their trading fees when transacting on the Binance platform. This strategic measure rapidly built a user base adn initiated the coin’s value thankfulness. By utilizing BNB, traders could enjoy reduced costs and participate in new blockchain projects through token sales on the Binance Launchpad.
With a goal to transition to its native blockchain, Binance Smart Chain (BSC), BNB underwent a important transformation in April 2020, which not only solidified its utility but also enhanced its staking and governance functions. The launch brought forth new features that contributed to the overall growth of the Binance ecosystem. Some key milestones in BNB’s journey include:
- Initial Coin Offering (ICO): Completed in July 2017.
- Transition to BSC: Launched in April 2020, improving scalability and transaction speed.
- Token Burns: Regularly scheduled burns to reduce supply and enhance scarcity.
| Year | Key Event |
|---|---|
| 2017 | BNB launched as an ERC-20 token |
| 2020 | BNB transitioned to Binance Smart Chain |