Binance Coin (BNB) is the native token of the Binance exchange ecosystem. Binance exchange is the largest cryptocurrency exchange in the world and launched BNB in June 2017, enabling users to pay transaction fees with BNB and to trade it on other exchanges. Binance Coin is capped at 200 million tokens. Every three months, Binance permanently destroys BNB based on the trading volume for that quarter in the scope of token burns, diminishing the supply. With Binance Chain and Binance Smart Chain, Binance exchange operates a dual-chain system that enables the issuing and exchanging of new tokens and supports smart contracts for running decentralised applications.