BNB was introduced in 2017 by Binance through a project that would include the development of a utility token on the exchange. The exchange initially distributed it via an ICO, which served as the primary source of funding for developing the platform. It gained popularity mainly because Binance raised $15 million in capital. Initially, it is an ERC-20 token that emerged on the Ethereum blockchain but has since been migrated to Binance Chain as of April 2019.
From the very day of birth, BNB grew with price and the role played in the Binance system. From a utility token, which at first was seen as just an ordinary discount in fees on an exchange, today it is a multi-functional asset, with different applications for services that Binance Smart Chain offers and in other parts of the network.
1. Trading Fee Discounts This was one of the first major uses of BNB post its release- giving trading fee discounts to the users on the Binance platform. The more BNB one owns, the bigger discount they receive on their trading fees. The percentage discount Binance offered dropped over time but remains extremely popular today for holding BNB.
