引入BNB作為分散資產的巨大潛力

許多投資者傾向於將BNB歸類為“ Binance Coin”，即忽視其作為具有不同應用的分散資產的巨大潛力。

Many investors tend to view BNB as simply “the Binance coin,” neglecting its broader potential as a decentralized asset with varied applications.

許多投資者傾向於將BNB視為“ Binance硬幣”，而忽略了其作為分散的資產具有多種應用的更廣泛潛力。

Launched as the native cryptocurrency on the Binance Chain, now known as the BNB Smart Chain, BNB has undergone a transformation since its introduction. Initially linked to Binance’s quarterly earnings through a burning mechanism, BNB is pivoting to unlock broader economic value.

BNB自從引入以來，它是BNB Smart Chain的本地加密貨幣（現在稱為BNB Smart Chain）的轉變。 BNB最初通過燃燒機制與Binance的季度收益有關，它樞紐可釋放更廣泛的經濟價值。

At the heart of BNB’s worth lies its token supply methodology and the ongoing development of the BNB Chain, presenting two distinct avenues of contribution.

BNB的價值的核心是其代幣供應方法和BNB鏈的持續發展，提出了兩個不同的貢獻途徑。

First, BNB functions as a deflationary store of value, characterized by systematic quarterly token burns. Second, it powers smart contract functionality through the BNB Smart Chain, which has emerged as a hub for decentralized finance (DeFi) and gaming applications.

首先，BNB充當價值存儲存儲，其特徵是系統的季度令牌燃燒。其次，它通過BNB Smart Chain為智能合同功能提供動力，BNB Smart Chain已成為分散融資（DEFI）和遊戲應用程序的樞紐。

Unique Deflationary Mechanism

獨特的通縮機制

In contrast to Bitcoin (BTC), which despite its capped supply remains inflationary due to block rewards, or Ethereum (ETH) with its potential for both inflationary or deflationary pressures based on network activity, BNB adopts a more structured approach.

與比特幣（BTC）相反，儘管它限制了供應，但由於阻塞獎勵或以太坊（ETH），其具有基於網絡活動的通貨膨脹或通貨膨脹壓力的潛力，BNB採用了更具結構化的方法。

As part of its burn protocol, a fixed ratio of the accumulated gas fees in each block and the average price is used to determine how many tokens will be removed from circulation every quarter.

作為其燃燒協議的一部分，每個塊中累積的汽油費的固定比率和平均價格用於確定每個季度將從循環中刪除多少代幣。

So far, approximately 60 million BNB — roughly valued at $35 billion at present prices — has been burned, reducing the circulating supply to around 142 million. The last quarterly burn saw the removal of BNB valued at $1 billion, indicating an annualized deflation rate of 4.6%.

到目前為止，已大約有6000萬個BNB（大約以350億美元的價格）被燒毀，將循環供應量減少到約1.42億。最後一季度的燒傷使撤離了價值10億美元的BNB，表明年化速度為4.6％。

While Bitcoin is currently recognized as the primary store of value due to its pioneering role and robust decentralized framework, the predictability of its supply means any changes (like modifications to its cap) must be widely agreed upon within the network — a challenge given BTC’s decentralization levels. Conversely, BNB’s burn strategy has already seen adjustments from its original blueprint, raising questions about future alterations and regulatory implications surrounding aggressive token burns.

儘管由於其開創性的角色和強大的分散框架，目前將比特幣視為價值的主要存儲，但其供應的可預測性意味著在網絡中必須廣泛同意任何更改（例如對其CAP的修改），這一挑戰是BTC的分散水平。相反，BNB的燒傷策略已經從其原始藍圖進行了調整，這引發了有關未來變化和圍繞激進令牌燒傷的監管含義的問題。

The BNB One Chain Initiative

BNB One Chain Initiative

As BNB continues to evolve, its future is closely tied to the ambitious BNB One Chain Initiative, designed to create a cohesive multichain ecosystem and enhance Web3 interoperability. This initiative encompasses:

隨著BNB的不斷發展，其未來與雄心勃勃的BNB One連鎖計劃緊密相關，該計劃旨在創建一個凝聚力的多鍵生態系統並增強Web3互操作性。該計劃包括：

In light of Ethereum’s challenges—such as layer 2 fragmentation and inflationary dynamics—the BNB One Chain Initiative presents a robust alternative for developers in the Web3 space.

鑑於以太坊的挑戰（例如第2層的破碎和通貨膨脹動態），BNB One Chain Initiative為Web3空間中的開發人員提供了強大的替代方案。

Regulatory Challenges and Growth Potential

監管挑戰和增長潛力

However, the path ahead for BNB is not without its challenges. Questions remain about the genuineness of its decentralization aspirations, especially amid ongoing regulatory scrutiny concerning Binance’s compliance practices, including its know-your-customer (KYC) policies.

但是，BNB的前進道路並非沒有挑戰。關於其權力下放願望的真實性的問題，尤其是在有關Binance合規慣例的持續監管審查中，包括其知識客戶（KYC）政策。

Under the leadership of Richard Teng, Binance is expected to amplify compliance efforts, paving the way for increased exchange accessibility for BNB. Though currently limited on U.S. exchanges, BNB has achieved a market capitalization of approximately $100 billion thanks largely to international support.

在理查德·滕（Richard Teng）的領導下，二手企業有望擴大合規性努力，為增加BNB的交換可及性鋪平了道路。儘管目前在美國交流方面有限，但由於國際支持，BNB的市值大約達到了約1000億美元。

As regulations in the U.S. crypto landscape gradually ease, the re-entry of BNB into U.S. markets could serve as a key accelerator for its growth trajectory.

隨著美國加密貨幣景觀的法規逐漸輕鬆，將BNB重新進入美國市場可以作為其增長軌蹟的關鍵加速器。

Disclosures: Osprey Funds manages the Osprey BNB Chain Trust (OBNB), a single-asset trust providing exposure to BNB, publicly traded on the OTCQX Market. For complete details, visit ospreyfunds.io. Matt does not hold any BNB or OBNB tokens.

披露：魚鷹資金管理Osprey BNB連鎖信託基金（OBNB），這是一種在OTCQX市場上公開交易的單位資產信託基金，可提供對BNB的風險。有關完整的詳細信息，請訪問OspreyFunds.io。 Matt沒有任何BNB或OBNB代幣。