BNB

BNB is the native utility token of the BNB Chain ecosystem, a multi-chain network that supports decentralized applications, smart contracts, and value transfer. It was launched in 2017 by Binance and is designed to serve both users of the Binance centralized exchange, who receive fee discounts, and participants in the broader on-chain ecosystem who need it to pay for transaction gas and smart contract deployment. The token attempts to bridge centralized exchange activity and decentralized on-chain infrastructure within a single asset.

BNB Chain operates on a Proof of Staked Authority mechanism in which 21 active validators, called the Cabinet, are elected daily based on the amount of BNB staked or delegated to them, and these validators verify transactions and produce blocks roughly every three seconds. BNB itself is used to pay gas fees on the network and can be staked or delegated to validators to participate in the election process. The protocol also employs a dual-burn strategy that permanently removes tokens through real-time fee destruction and periodic buybacks, reducing the circulating supply over time from a maximum of 200,000,000 tokens.

The network generated 17,040,845 USD in total fees over the trailing 30 days and 218,354,555 USD over the trailing 12 months, with fees rising 150.79 percent over the most recent 30-day period. Of those 30-day fees, the protocol retained 1,704,088 USD as revenue, representing a take rate of approximately 10 percent, while 15,336,757 USD went to the supply side, meaning validators and stakers. Annualizing the 30-day fee figure produces 207,330,281 USD, which set against the current market capitalization gives a market-cap-to-fees ratio of 451.7 and a fee yield of 0.22 percent.