BNB Chain is a decentralized, interoperable blockchain ecosystem created by Binance, a prominent centralized cryptocurrency exchange. The multi-chain network supports smart contracts, utilizes the proof-of-staked-authority (PoSA) consensus mechanism for scalability and allows for the development of large-scale decentralized applications (dApps) for DeFi, metaverse, gaming and more. BNB, formerly known as Binance Coin, is the native token of the protocol used to pay for network transaction fees, make purchases within its ecosystem of dApps and reduce trading fees on the Binance exchange.