$BNB started in 2017 as a simple fee-discount token and evolved into the core asset of the BNB Chain ecosystem. That transition is what separates it from most exchange coins.
After migrating from Ethereum to Binance Chain, and later expanding into BNB Chain (ex-BSC), BNB became embedded at the protocol level: gas fees, DeFi, NFTs, Launchpad access, and on-chain activity all run through it.
From a supply standpoint, BNB is structurally deflationary. The auto-burn mechanism is steadily reducing supply from the original 200M toward 100M, which adds long-term pressure in favor of holders during expansion cycles.
Market-wise, BNB tends to hold structure better than most altcoins. Demand is driven less by narratives and more by actual usage — exchange activity, chain throughput, and ecosystem growth.
Risks remain: regulatory pressure on centralized exchanges and heavy dependence on Binance’s infrastructure. But as long as Binance remains a dominant player, BNB trades more like ecosystem equity than a pure speculative token.
For traders, #BNB is less about hype and more about positioning around cycles, burns, and network activity.