儘管被標記為“ Binance Coin”，但BNB仍在演變為有多種用例的分散資產

儘管BNB最初是作為Binance Chain的本地代幣（現在是BNB Smart Chain）推出的，而其早期令牌燃燒與Binance的季度利潤相關

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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Deflationary store of value

價值存放存儲

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

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

BTC: Inflationary, but with a capped supply.

BTC：通貨膨脹，但供應限制。

ETH: Inflationary or deflationary, due to unpredictable burn rates tied to network activity.

ETH：由於與網絡活動相關的不可預測的燃燒率，通貨膨脹或放氣。

SOL: Inflationary, starting at 8% and decreasing over time.

SOL：通貨膨脹，從8％開始，隨著時間的推移下降。

BNB’s burn process is unique; it removes tokens from circulation based on the number of blocks produced and average price each quarter, as well as having a fixed ratio of the gas fees accumulated in each block. Nearly 60 million BNB (~$35 billion at current prices) has been burned so far, reducing the circulating supply to 142 million. The last quarterly burn alone wiped $1 billion worth of BNB from existence — a 4.6% annualized deflation rate!

BNB的燃燒過程是獨一無二的。它根據每個季度產生的塊和平均價格的塊數量，從循環中清除令牌，並且在每個塊中積累的氣費率固定比率。到目前為止，已經燒毀了近6000萬個BNB（以當前價格為350億美元），將循環供應量減少到1.42億。最後一次季度燒傷從存在中抹去了價值10億美元的BNB - 年度通縮率為4.6％！

Bitcoin currently commands the most attention as a store of value asset because of its first mover advantage, market cap and a robust, decentralized network of miners. Any change in the Bitcoin code (i.e., changing the target supply) would need to be agreed upon by the majority of the network, which would prove exceedingly difficult with bitcoin's level of decentralization. Investors should note that the BNB 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.

由於其首次推動力，市值和強大的，分散的礦工網絡，比特幣目前將最大的關注作為價值資產存儲。大多數網絡都需要同意比特幣代碼（即更改目標供應）的任何更改，這證明比特幣的權力下放水平將非常困難。投資者應注意，BNB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

BNB Chain – a modular L1 ecosystem

BNB鏈 - 模塊化L1生態系統

Next up is the BNB One Chain Initiative, which aims to unify a multichain ecosystem built for Web3 interoperability:

接下來是BNB One連鎖計劃，該計劃旨在統一專為Web3互操作性構建的多面體生態系統：

BNB Smart Chain (BSC): A fast, low-cost, EVM-compatible DeFi hub.

BNB智能鏈（BSC）：快速，低成本，與EVM兼容的Defi Hub。

BNB Greenfield: A decentralized storage network for real-time, monetizable data.

BNB Greenfield：一個分散的存儲網絡，用於實時，可獲利的數據。

opBNB: An ultra-low-fee (sub-$0.0001 per transaction) high-throughput rollup, built for on-chain gaming and high-demand dApps.

OPBNB：一項超低收費（每筆交易$ 0.0001）高通量匯總，該匯總是用於鏈遊戲和高需求DAPP的。

Several headwinds are now facing Ethereum (namely layer 2 fragmentation and inflationary concerns), making BNB’s One Chain Initiative a viable alternative for developers and web3 applications.

現在有幾個逆風面對以太坊（即第2層的分裂和通貨膨脹問題），這使得BNB的一條連鎖計劃成為開發人員和Web3應用程序的可行替代方案。

Now, it isn’t all rainbows and butterflies with BNB. Investors should still consider the risk that their 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。投資者仍應考慮他們的權力下放化只是營銷特技的風險，以及關於Binance的知識客戶（KYC）政策和其他問題的持續監管鬥爭。

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. With BNB mostly unavailable on U.S. exchanges, the token has still achieved a ~$100B market cap with international support alone. As U.S. crypto regulations ease, BNB’s re-entry into U.S. markets could be a significant catalyst for further growth.

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。由於BNB大多在美國交易所無法獲得，因此，僅憑國際支持，該代幣仍達到了約100B美元的市值。隨著美國加密法規的輕鬆，BNB重新進入美國市場可能是進一步增長的重要催化劑。

Disclosures:

披露：

Osprey Funds manages the Osprey BNB Chain Trust (OBNB), a single-asset Trust providing exposure to BNB and publicly quoted on the OTCQX Market. Investors can learn more and read the Trust prospectus at ospreyfunds.io. Matt does not own any BNB or OBNB.

Osprey資金管理Osprey BNB連鎖信託（OBNB），這是一種單一資產信託基金，可在OTCQX市場上公開引用BNB的曝光率。投資者可以學習更多，並在OspreyFunds.io上閱讀信託招股說明書。馬特沒有任何BNB或OBNB。