尽管被标记为“ Binance Coin”，但BNB仍在演变为有多种用例的分散资产

尽管BNB最初是作为Binance Chain的本地代币（现在是BNB Smart Chain）推出的，而其早期令牌燃烧与Binance的季度利润相关

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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Deflationary store of value

价值存放存储

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

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

BTC: Inflationary, but with a capped supply.

BTC：通货膨胀，但供应限制。

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

ETH：由于与网络活动相关的不可预测的燃烧率，通货膨胀或放气。

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

SOL：通货膨胀，从8％开始，随着时间的推移下降。

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的燃烧过程是独一无二的。它根据每个季度产生的块和平均价格的块数量，从循环中清除令牌，并且在每个块中积累的气费率固定比率。到目前为止，已经烧毁了近6000万个BNB（以当前价格为350亿美元），将循环供应量减少到1.42亿。最后一次季度烧伤从存在中抹去了价值10亿美元的BNB - 年度通缩率为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.

由于其首次推动力，市值和强大的，分散的矿工网络，比特币目前将最大的关注作为价值资产存储。大多数网络都需要同意比特币代码（即更改目标供应）的任何更改，这证明比特币的权力下放水平将非常困难。投资者应注意，BNB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

BNB Chain – a modular L1 ecosystem

BNB链 - 模块化L1生态系统

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

接下来是BNB One连锁计划，该计划旨在统一专为Web3互操作性构建的多面体生态系统：

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

BNB智能链（BSC）：快速，低成本，与EVM兼容的Defi Hub。

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

BNB Greenfield：一个分散的存储网络，用于实时，可获利的数据。

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

OPBNB：一项超低收费（每笔交易$ 0.0001）高通量汇总，该汇总是用于链游戏和高需求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.

现在有几个逆风面对以太坊（即第2层的分裂和通货膨胀问题），这使得BNB的一条连锁计划成为开发人员和Web3应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.

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

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.

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。由于BNB大多在美国交易所无法获得，因此，仅凭国际支持，该代币仍达到了约100B美元的市值。随着美国加密法规的轻松，BNB重新进入美国市场可能是进一步增长的重要催化剂。

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资金管理Osprey BNB连锁信托（OBNB），这是一种单一资产信托基金，可在OTCQX市场上公开引用BNB的曝光率。投资者可以学习更多，并在OspreyFunds.io上阅读信托招股说明书。马特没有任何BNB或OBNB。