The BNB token was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications including entertainment, online, and financial services. It can also be exchanged for other cryptocurrencies including but not limited to Litecoin, Bitcoin, and Ethereum. As stated in the Binance Coin (BNB) whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance coins, destroying them completely. Binance will continue doing so till 100 million coins are destroyed. This practice ensures that the coin supply remains finite, making it scarce and increasing its value.