引入BNB作为分散资产的巨大潜力

许多投资者倾向于将BNB归类为“ Binance Coin”，即忽视其作为具有不同应用的分散资产的巨大潜力。

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

许多投资者倾向于将BNB视为“ Binance硬币”，而忽略了其作为分散的资产具有多种应用的更广泛潜力。

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自从引入以来，它是BNB Smart Chain的本地加密货币（现在称为BNB Smart Chain）的转变。 BNB最初通过燃烧机制与Binance的季度收益有关，它枢纽可释放更广泛的经济价值。

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的价值的核心是其代币供应方法和BNB链的持续发展，提出了两个不同的贡献途径。

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充当价值存储存储，其特征是系统的季度令牌燃烧。其次，它通过BNB Smart Chain为智能合同功能提供动力，BNB Smart Chain已成为分散融资（DEFI）和游戏应用程序的枢纽。

Unique Deflationary Mechanism

独特的通缩机制

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.

与比特币（BTC）相反，尽管它限制了供应，但由于阻塞奖励或以太坊（ETH），其具有基于网络活动的通货膨胀或通货膨胀压力的潜力，BNB采用了更具结构化的方法。

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.

作为其燃烧协议的一部分，每个块中累积的汽油费的固定比率和平均价格用于确定每个季度将从循环中删除多少代币。

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%.

到目前为止，已大约有6000万个BNB（大约以350亿美元的价格）被烧毁，将循环供应量减少到约1.42亿。最后一季度的烧伤使撤离了价值10亿美元的BNB，表明年化速度为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.

尽管由于其开创性的角色和强大的分散框架，目前将比特币视为价值的主要存储，但其供应的可预测性意味着在网络中必须广泛同意任何更改（例如对其CAP的修改），这一挑战是BTC的分散水平。相反，BNB的烧伤策略已经从其原始蓝图进行了调整，这引发了有关未来变化和围绕激进令牌烧伤的监管含义的问题。

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:

随着BNB的不断发展，其未来与雄心勃勃的BNB One连锁计划紧密相关，该计划旨在创建一个凝聚力的多键生态系统并增强Web3互操作性。该计划包括：

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.

鉴于以太坊的挑战（例如第2层的破碎和通货膨胀动态），BNB One Chain Initiative为Web3空间中的开发人员提供了强大的替代方案。

Regulatory Challenges and Growth Potential

监管挑战和增长潜力

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的前进道路并非没有挑战。关于其权力下放愿望的真实性的问题，尤其是在有关Binance合规惯例的持续监管审查中，包括其知识客户（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）的领导下，二手企业有望扩大合规性努力，为增加BNB的交换可及性铺平了道路。尽管目前在美国交流方面有限，但由于国际支持，BNB的市值大约达到了约1000亿美元。

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.

随着美国加密货币景观的法规逐渐轻松，将BNB重新进入美国市场可以作为其增长轨迹的关键加速器。

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：鱼鹰资金管理Osprey BNB连锁信托基金（OBNB），这是一种在OTCQX市场上公开交易的单位资产信托基金，可提供对BNB的风险。有关完整的详细信息，请访问OspreyFunds.io。 Matt没有任何BNB或OBNB代币。