What is BNB Chain?
BNB Chain (formerly Binance Smart Chain) is the blockchain built by Binance. Launched in 2020, it was designed as a faster, cheaper alternative to Ethereum that could run Ethereum-compatible smart contracts. Because it's EVM-compatible, most Ethereum tools — including MetaMask — work on BNB Chain with minimal changes.
What is BNB?
BNB (Build and Build) is the native token of BNB Chain. Originally a utility token for Binance exchange users, it has evolved into the fuel powering transactions on BNB Chain — similar to how ETH powers Ethereum. BNB is consistently one of the top 5 cryptocurrencies by market cap.
💡 BNB Chain transactions typically cost a few cents — significantly cheaper than Ethereum mainnet, making it popular for users who make frequent DeFi transactions.
What is BNB Chain used for?
- DeFi: PancakeSwap — one of the largest DEXes in the world — runs on BNB Chain.
- Gaming: Many blockchain games are built on BNB Chain due to its low transaction costs.
- Token launches: Many new crypto projects launch on BNB Chain first because of its low costs and large user base.
Concerns about BNB Chain
BNB Chain is significantly more centralised than Bitcoin or Ethereum. Binance has considerable control over the network, and it has a small number of validators. This is a trade-off — speed and low cost in exchange for less decentralisation.
The main DEX on BNB Chain — PancakeSwap
PancakeSwap is one of the largest DEXes in the world and the dominant DEX on BNB Chain. Low fees and fast transactions make it practical for everyday trading.