BNB Chain (formerly Binance Smart Chain) is an EVM-compatible Layer-1 launched by Binance in 2020. It uses a Proof-of-Staked-Authority consensus with a limited validator set, trading some decentralization for low fees and fast blocks. Its tight integration with Binance gives it one of the largest retail user bases in crypto.
Because it is EVM-compatible, BNB Chain runs Ethereum tooling and forked protocols (PancakeSwap, Venus) with minimal changes. The ecosystem has expanded to include opBNB (an Optimistic L2 for even cheaper transactions) and Greenfield (decentralized storage).
BNB is the gas token and also powers the broader Binance ecosystem (fee discounts, Launchpad). BNB Chain remains a high-volume venue for retail DeFi, yield farming and stablecoin activity.