许多投资者将BNB视为简单的“ Binance Coin”

许多投资者将BNB视为简单的“ Binance硬币”，但该指定未能承认其更广泛的价值释放。

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.

许多投资者将BNB视为“二氧化硬币”，但该名称未能承认其更广泛的价值释放。尽管BNB最初是作为Binance Chain的原住民（现为BNB Smart Chain）推出的，并且其早期的代币燃烧与Binance的季度利润相关，但BNB正在发展为具有多种用途案例和经济价值原因的分散资产。

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.

尽管BNB可能会从二元扩展中享受某种价值应计，但其令牌供应模型和BNB链的开发提供了两个独立的价值来源。首先，BNB通过季度和固定比例BNB燃烧机制作为价值存储。其次，它通过BNB智能链为智能合同功能提供动力，BNB智能链已成为DEFI和游戏应用程序的增长枢纽。

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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.

随着加密货币市场的不断增长，围绕不同令牌价值主张的讨论也是如此。通常，叙事和社区是代币成功的关键组成部分。

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是一个从独特的叙述和一致的代币燃烧中受益的代币。尽管BNB在2017年被Binance于2017年推出，但BNB并不是安全令牌，也不是由binance直接向公众出售的。

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，其价格取决于供求的市场力量。

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.

尽管是Binance生态系统的象征，但BNB不受二元的管辖，交易所的作用仅限于回购并燃烧一部分汽油费，以将价值退还给令牌持有人。

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

BNB的燃烧机制也将其与几乎所有其他加密货币区分开。让我们将BNB与BTC，ETH和SOL进行比较：

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.

比特币的供应量仅限于2100万个硬币，通常被认为是加密赛中价值资产的杰出存储。但是，大多数网络都需要同意比特币代码（即增加供应）的任何更改，这证明比特币的权力下放水平将非常困难。

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的燃烧已经从其原始白皮书中进行了修改，因此不能保证它不会进一步更改。这是具有积极的令牌燃烧策略的权衡。

Source: bnbburn.info

资料来源：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.

尽管比特币最大程度地吸引了价值资产的存储，因为其首次推动力，市值和强大的，分散的矿工网络，BNB的代币供应模型以及BNB链的开发提供了两个独立的价值来源。

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.

至于智能合约功能，这就是以太坊以AAVE（AVAX），BALANCER（BAL）和keep3r Network（KP3R）（kp3R）等符号协议统治至尊的地方，所有这些都首先在以太坊网络上启动，然后再扩展到其他区块链。

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智能连锁店已成为最受欢迎的代币中的旧货币（OTM）和Stepn（GMT）的增长枢纽。

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

尽管如此，值得注意的是，BNB的DEFI协议尚未达到与以太坊对应物相同的采用或思维方式。

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的生态系统在很大程度上仅限于国际用户，因为代币在美国交流中大多不可用。尽管有这种挫折，但BNB还是在全球贸易商和机构的支持下设法实现了约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.

随着美国加密法规的简化和Coinbase（Coin）等重大交易所的扩展，扩大了代币的产品，BNB的重新进入美国市场可能是进一步增长的重要催化剂。

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凭借几个面对以太坊的逆风（即第2层的分裂和通货膨胀问题），为开发人员和Web3应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.

现在，并不是所有带有BNB的彩虹和蝴蝶。投资者仍应考虑其权力下放化的风险只是营销特技，以及对Binance的知识客户（KYC）政策和其他问题的持续监管斗争。

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，随着理查德·滕（Richard Teng）现在掌管交易所，Binance和BNB的下一章可能会集中在合规性上，并与监管机构/交易所合作，以增加BNB令牌的访问权限。

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.

由于BNB大多在美国交易所无法获得，因此在国际商人和机构的支持下，代币仍取得了巨大的市值。随着美国加密法规的简化和Coinbase等重大交易所扩大其代币产品，BNB的重新进入美国市场可能是进一步增长的重要催化剂。

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

投资者可以在OspreyFunds.io上了解更多有关信托招股说明书的信息。马特不拥有