許多投資者將BNB視為簡單的“ Binance Coin”

許多投資者將BNB視為簡單的“ Binance硬幣”，但該指定未能承認其更廣泛的價值釋放。

Many investors dismiss BNB as simply “the Binance coin,” but that designation fails to recognize its broader value unlocks. While BNB was initially launched as the native token of the Binance Chain (now the BNB Smart Chain), and its early token burns were tied to Binance’s quarterly profits, BNB is evolving into a decentralized asset with multiple use cases and reasons for economic value.

許多投資者將BNB視為“二氧化硬幣”，但該名稱未能承認其更廣泛的價值釋放。儘管BNB最初是作為Binance Chain的原住民（現為BNB Smart Chain）推出的，並且其早期的代幣燃燒與Binance的季度利潤相關，但BNB正在發展為具有多種用途案例和經濟價值原因的分散資產。

While BNB may enjoy some value accrual from the expansion of Binance, its token supply model and the development of the BNB Chain offer two independent sources of value. First, BNB serves as a store of value through quarterly and fixed-ratio BNB burning mechanisms. Second, it powers smart contract functionality via the BNB Smart Chain, which has become a growing hub for DeFi and gaming applications.

儘管BNB可能會從二元擴展中享受某種價值應計，但其令牌供應模型和BNB鏈的開發提供了兩個獨立的價值來源。首先，BNB通過季度和固定比例BNB燃燒機製作為價值存儲。其次，它通過BNB智能鍊為智能合同功能提供動力，BNB智能鏈已成為DEFI和遊戲應用程序的增長樞紐。

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As the cryptocurrency market continues to grow, so too does the discussion around different tokens' value propositions. Often, narrative and community are crucial components of a token's success.

隨著加密貨幣市場的不斷增長，圍繞不同令牌價值主張的討論也是如此。通常，敘事和社區是代幣成功的關鍵組成部分。

One token that has benefited from a unique narrative and a consistent token burn is BNB. Despite being launched by Binance in 2017 as part of an Initial Coin Offering (ICO), BNB is not a security token and is not sold directly by Binance to the public.

BNB是一個從獨特的敘述和一致的代幣燃燒中受益的代幣。儘管BNB在2017年被Binance於2017年推出，但BNB並不是安全令牌，也不是由binance直接向公眾出售的。

Instead, BNB is sold on third-party exchanges, such as Binance.com, Huobi and OKX, and its price is determined by market forces of supply and demand.

取而代之的是，BNB在第三方交易所（例如Binance.com，Huobi和Okx）上出售，其價格取決於供求的市場力量。

Despite being the token of the Binance ecosystem, BNB is not governed by Binance, and the exchange’s role is limited to buying back and burning a portion of the gas fees to return value to token holders.

儘管是Binance生態系統的象徵，但BNB不受二元的管轄，交易所的作用僅限於回購併燃燒一部分汽油費，以將價值退還給令牌持有人。

BNB’s burn mechanism also serves to differentiate it from almost every other cryptocurrency. Let’s compare BNB to BTC, ETH and SOL:

BNB的燃燒機制也將其與幾乎所有其他加密貨幣區分開。讓我們將BNB與BTC，ETH和SOL進行比較：

Bitcoin’s supply is limited to 21 million coins, and it’s generally recognized as the preeminent store of value asset in the cryptosphere. However, any change in the Bitcoin code (i.e., increasing the supply) would need to be agreed upon by the majority of the network, which would prove exceedingly difficult with bitcoin's level of decentralization.

比特幣的供應量僅限於2100萬個硬幣，通常被認為是加密賽中價值資產的傑出存儲。但是，大多數網絡都需要同意比特幣代碼（即增加供應）的任何更改，這證明比特幣的權力下放水平將非常困難。

Comparatively, BNB’s burn has already been modified from its original whitepaper so there is no guarantee it won’t be changed further. This is the tradeoff with an aggressive token burning strategy.

相比之下，BNB的燃燒已經從其原始白皮書中進行了修改，因此不能保證它不會進一步更改。這是具有積極的令牌燃燒策略的權衡。

Source: bnbburn.info

資料來源：bnbburn.info

While Bitcoin commands the most attention as a store of value asset due to its first mover advantage, market cap and a robust, decentralized network of miners, BNB’s token supply model and the development of the BNB Chain offer two independent sources of value.

儘管比特幣最大程度地吸引了價值資產的存儲，因為其首次推動力，市值和強大的，分散的礦工網絡，BNB的代幣供應模型以及BNB鏈的開發提供了兩個獨立的價值來源。

As for smart contract functionality, that’s where Ethereum reigns supreme with DeFi protocols like Aave (AVAX), Balancer (BAL) and Keep3r Network (KP3R) all launching on the Ethereum network first before expanding to other blockchains.

至於智能合約功能，這就是以太坊以AAVE（AVAX），BALANCER（BAL）和keep3r Network（KP3R）（kp3R）等符號協議統治至尊的地方，所有這些都首先在以太坊網絡上啟動，然後再擴展到其他區塊鏈。

Comparatively, the BNB Smart Chain has become a growing hub for DeFi and gaming applications, with Old Time Money (OTM) and StepN (GMT) among the most popular tokens.

相比之下，BNB智能連鎖店已成為最受歡迎的代幣中的舊貨幣（OTM）和Stepn（GMT）的增長樞紐。

Still, it’s worth noting that BNB’s DeFi protocols haven’t reached the same level of adoption or mindshare as their Ethereum counterparts.

儘管如此，值得注意的是，BNB的DEFI協議尚未達到與以太坊對應物相同的採用或思維方式。

Moreover, BNB’s ecosystem is largely limited to international users, as the token is mostly unavailable on U.S. exchanges. Despite this setback, BNB has managed to achieve a ~$100B market cap with support from traders and institutions around the world.

此外，BNB的生態系統在很大程度上僅限於國際用戶，因為代幣在美國交流中大多不可用。儘管有這種挫折，但BNB還是在全球貿易商和機構的支持下設法實現了約100B美元的市值。

As U.S. crypto regulations ease and major exchanges like Coinbase (COIN) expand their token offerings, BNB’s re-entry into U.S. markets could be a significant catalyst for further growth.

隨著美國加密法規的簡化和Coinbase（Coin）等重大交易所的擴展，擴大了代幣的產品，BNB的重新進入美國市場可能是進一步增長的重要催化劑。

With several headwinds facing Ethereum (namely layer 2 fragmentation and inflationary concerns), BNB’s One Chain Initiative provides a viable alternative to developers and web3 applications.

BNB的One Chain Initiative憑藉幾個面對以太坊的逆風（即第2層的分裂和通貨膨脹問題），為開發人員和Web3應用程序提供了可行的替代方案。

Now, it isn’t all rainbows and butterflies with BNB. Investors should still consider the risk that its decentralization push is only a marketing stunt, as well as the ongoing regulatory battles over Binance’s know-your-customer (KYC) policy and other issues.

現在，並不是所有帶有BNB的彩虹和蝴蝶。投資者仍應考慮其權力下放化的風險只是營銷特技，以及對Binance的知識客戶（KYC）政策和其他問題的持續監管鬥爭。

But with Richard Teng now at the helm of the exchange, Binance and BNB’s next chapter will likely be focused on compliance and working with regulators/exchanges to increase access for the BNB token.

但是，隨著理查德·滕（Richard Teng）現在掌管交易所，Binance和BNB的下一章可能會集中在合規性上，並與監管機構/交易所合作，以增加BNB令牌的訪問權限。

With BNB mostly unavailable on U.S. exchanges, the token has still achieved a significant market cap with support from international traders and institutions. As U.S. crypto regulations ease and major exchanges like Coinbase expand their token offerings, BNB’s re-entry into U.S. markets could be a significant catalyst for further growth.

由於BNB大多在美國交易所無法獲得，因此在國際商人和機構的支持下，代幣仍取得了巨大的市值。隨著美國加密法規的簡化和Coinbase等重大交易所擴大其代幣產品，BNB的重新進入美國市場可能是進一步增長的重要催化劑。

Investors can learn more about and read the Trust prospectus at ospreyfunds.io. Matt does not own

投資者可以在OspreyFunds.io上了解更多有關信託招股說明書的信息。馬特不擁有