BNB: Core engine of the global Web3 economy

AuthorHaley H. (YZi Labs Director of Investment), Ella Z. (YZi Labs Director)

_Other Organiser

Executive summary

BNB (Build N Build) is the original currency of BNB Chain, which is a public chain that is becoming the key infrastructure of the future global Web3 world. BNB's location is as compared to ETH (as DeFi infrastructure) or BTC (stored as value)It's an efficient trading engine for the global Web3 economyI don't know。

It's a top token, withDeflation mechanisms and designI DON'T KNOW. BNB IS EXPECTED TO SIGNIFICANTLY REDUCE UNLOCKING AND CENTRALIZING RISKS BY RELYING ON FULL CIRCULATION SUPPLY AND DECENTRIZING CHAIN OWNERSHIP (ABOUT 67 PER CENT HELD BY THE PUBLIC; ABOUT 27 PER CENT TO BE DESTROYED; CZ HOLDING < 1 PER CENT, DATA SOURCES IN TEXT)Enhancing institutional trustI don't know。

According to Dune and Nansen, the BNB Chain ecosystem averages DEX transactions, active users and active stable currency wallet addressesNumber oneIt covers several areas such as DeFi, AI, Meme, RWA and consumer applications. BNB allows users wide access to chain ecosystems across a wide range of fields through a single token。

IT'S IMPORTANT THAT BNB IS CONSIDEREDThe only possible full Web3 asset distribution and open tokens for users(History primary currency exchange rate is about 15-20%). It basically covers key Web3 assets and areas at all levels: from blue chip shares listed on the exchange to narrative assets with medium market value, to emerging long tailings on BNB Chain. BNB allows users to be directly involved in the growth and value of the entire arsenal of encryption technologyA seamless connection between CeFi and DeFiI don't know。

BNB displayed in the Layer-1 token supporting DATVery strong and cyclical performanceTHE ANNUAL PRICE INCREASE WAS ABOUT 113 PER CENT, SURPASSING ETH, BTC AND SOL. FOR THE INSTITUTIONAL PORTFOLIO, BNB IS EXPECTED TO PROVIDEStructural decoupling and asymmetric top potentialI don't know. It enhances diversification and increases risk-adjusted value gains in multi-asset strategies。

SO FAR, BNB'S LIMITED INVESTMENT MARKET IN THE UNITED STATES IS BEGINNING TO CHANGE:The BNB Digital Asset Trust/ETF channel has been launched as well as the main trading channels including Robinwood/CoinbaseI don't know. Diversified BNB value-based financial products, such as BNB Digital Asset Trust, ETF and dividends funds, will further help BNB to release the liquidity of traditional finance (TradFi) and expand its financial functions. In additionTHE RECENT PARDON GRANTED TO CZ SENT A STRONG AND POSITIVE SIGNAL TO THE MARKETTHIS PROVIDES A UNIQUE WINDOW OF OPPORTUNITY FOR BNB TO EXPAND POPULARITY AND ADOPTION RATES IN NORTH AMERICA AND GLOBALLY。

Contents

1. BNB OVERVIEW

2. BNB CURRENCY ECONOMIC MODEL

3. Growth story

4. One of the strongest structural manifestations in history

5. Strategic bright spots

6. Conclusion: BNB is positioned as an efficient trading engine for the global Web3 economy

BNB OVERVIEW

1.1 BNB INTRODUCTION

BNB is the original currency of BNB Chain and the core practical and governance currency of the chain. BNB, originally launched in 2017, has evolved into a highly practical, deflationary token that is widely applied to a variety of Web3 applications — from payment of Gas fees on BNB Smart Chain to pledge by the certifying officer to governance on the chain of participation。

In addition to BNB Chain itself, BNB is also used as a platform for integration as a practical token. For example, on the currency exchange, users with BNB are entitled to discounts on transaction costs and can participate in the issuance of coins such as Launchpool and Megadrop. The combination of examples and chain uses under these chains reflects the increasing role of BNB as a multi-spectrum Web3 token across decentralised and centralised ecosystems。

BNB'S TOKEN DESIGN CONTAINS ONEDual destruction mechanismIncluding a programmed oneAutomatic destruction(based on chain activity and prices)BEP-95 DESTRUCTION(part of the Gas cost of destruction). These mechanisms are designed to reduce the supply of BNB in a sustained and systematic manner and to help align supply with network use. Each BNB Chain transaction contributes to the sustainability of the network by proportionally adjusting the supply to the actual economic activity, aiming at maintaining a balance between usage, capacity and demand for tokens。

This design is designed to ensure that, with the growth of BNB Chain usage, the availability of tokens is adjusted accordingly (until a fixed ceiling of 100 million BNB is reached). There are some 139 million BNB coins in circulation in the market and, to date, more than 62 million BNBs have been removed by destruction as supply shrinks to its ceiling. This transparent and predictable deflation model increases confidence in the long-term role of BNB in ecosystems。

1.2 PRACTICALITY OF BNB

BNB as original Layer-1 token

BNB is an inherent digital asset of BNB Chain that provides impetus to BNB Chain at multiple levels. It is used as a transactional Gas fee and as a pledge by a certifier to secure the network. The holder may entrust BNB to the certifying officer in return for helping to secure the chain of protection and obtain an agreement award. BNB also supports chain governance by allowing pledgeers to vote on upgrading agreements and important ecosystem proposals。

It operates in BNB Chain, a high-performance, EVM-compatible block chain that is now being expanded into a complete three-chain structure:

• BNB Smart Chain (L1)– Main levels of implementation

• opBNB (L2)– Optimizing dApp for ultra-fast transactions

• BNB Greenfield– Decentralised storage for powering new Web3 applications
  

IMAGE 1: BNB RICH ECOSYSTEMS AND THEIR INDUSTRY LEADERSHIP EXCELLENCE

BNB is actively used as collateral, liquidity and governance interest in agreements that are deeply integrated in the BNB Chain DeFi ecosystem, such as Aster (Renewable Contract DEX), Venus (Leave), PancakeSwap (DEX) and Lista DAO (Moving Nature Pledge/BNBFi). According to DeFiLlama, as of 29 October 2025, the total value of the DeFi ecosystem support (TVL) of BNB Chain was approximately $16.2 billion. According to bnbchain.org, approximately 26 million BNB tokens are pledged on the chain, representing approximately 19 per cent of the total supply. These examples highlight the dual nature of BNB: it is both a network-based fuel infrastructure and a valuable asset in the dApp and growing modular Web3 technology warehouse。

In general, the DEX on BNB Chain is leading to the centralised trade area — particularly PancakeSwap — further highlighting the dominance of BNB in chain mobility and its ecosystem development。

Image 2: According to Blockworks Research data, BNB Chain has the largest DEX spot market share of all DEXs

Image 3: Aster is a remarkable leader in the lasting contract chain, Hyperliquid, driving BNB Chain to break through

BNB AS A PRACTICAL TOKEN: PLATFORM TOKEN WITH A LOYAL PLAN

THE PRACTICALITY OF BNB EXTENDS TO ACTING AS A LOYALTY TOKEN IN THE WIDER ECOSYSTEM. ONLY BNBS CAN BE ELIGIBLE FOR SPECIAL SCHEMES AND BENEFITS. FOR EXAMPLE, BNB HOLDERS ARE ELIGIBLE TO PASSLaunchpoolParticipation in the issuance of new tokens, byMegadropandHODLerWait till we get the airdrops and enjoy themBinance AlphaOther community awards. These community members ' interests encourage participants to hold tokens on a permanent basis and interact on the platform。

HOLDERS WILL RECEIVE EXCLUSIVE PARTICIPATION IN THE ISSUANCE OF NEW TOKENS, VARIOUS TOKEN GIFTS, SIZEABLE TRADE DISCOUNTS AND OTHER BENEFITS, WHICH DISTINGUISH BNB FROM TYPICAL SINGLE OR EVEN DUAL-USE TOKENS。

PHOTO 4: BNB PRACTICAL OVERVIEW

1.3 Industry patterns

Layer-1 Pattern

The extensive integration of BNB - from DEX, PancakeSwap and others, to the RWA monetization project - demonstrates its deep-rooted role as an infrastructure that provides an impetus for financial and below-chain business cooperation. The breadth of this ecosystem makes BNB one of the most operationally relevant tokens in the market -- – Any digital asset trust (DAT) designed to participate in the entire Web3 economy is crucial。

BNB Chain is considered one of the most powerful Layer-1 block chains in 2025, leading in terms of user participation and network activities. Its growth reflects a strong combination of bulk adoption, development momentum and ecosystem depth. Compared to colleagues such as the ETA, Solana, Base, AVAX, SUI and Aptos, we believe that BNB Chain has demonstrated comparative advantage in scalability and user viscosity, demonstrating its strategic value in the wider Web3 ecosystem。

BNB Chain Key Bright spot (October 2025):

• Number of active daily addresses ranked first(3.4 million on October 13th)

• DAY DEX TRADE FIRST(approximately $19 billion per day, about 61.25 per cent market share)

• ALL L1 ACTIVE ADDRESSES ARE GROWING FASTEST(2025 growth of approximately 300 per cent)

• Maximum number of active independent stable wallet addresses(approximately 20 million)

  (Source: BscScan, Dune, DefiLala, Blockworks Research, Visa, Nansen)

  

Photo 5: BNB Chain DEX trading volume is high, now ahead of other chains, peaking at over $1560 billion

CEX PATTERN

Access to the encrypted currency exchange represents a strategic high point for the Web3 ecosystem and is the main gateway for new users to the digital asset ecosystem. It has been reported that coin-Anne's CEX accounts for about 55 per cent of the traffic through the portal, making it the first point of contact for most of the participants in encrypted money worldwide. At the centre of this flow is BNB, which has historically transformed user participation into an asset engine — the original flow of entry into continuous liquidity, network effects and platform value capture through the provision of transaction fee discounts, early Launchpad eligibility and ecosystem incentives。

This design is strategic. At the level of the exchange, the entry flow is the demand in the Web3 ecosystem. Linking network use to primary tokens with clearly defined practical and governance functions allows for the mutual expansion of network throughput and token utility, combining incentives with market participation。

Picture 6: Binance accounts for about 50% of the CEX spot market and is expected to be the main portal for Web3

BNB CURRENCY ECONOMIC MODEL

BNB. YESProcedurally self-balancedYeah. It operates under a programmable cap of 100 million tokens, with two complementary mechanisms --Automatic destruction (Auto-Bern)andBEP-95• Management, which would result in quarterly and real-time supply reductions based on activity and value flows。

TOGETHER, THE TWO MECHANISMS HAVE PERMANENTLY DESTROYED OVER 64 MILLION BNBS, OR OVER 31.8 PER CENT OF HISTORICAL SUPPLIES. BASED ON BNB PRICES OF APPROXIMATELY $1115 ON OCTOBER 26, 2025, THIS MEANS THAT SOME $72 BILLION WORTH OF BNB HAS BEEN DESTROYED. THE MODEL IS DESIGNED TO BE MECHANICAL DEFLATION, AS A SUPPLY ADJUSTMENT SYSTEM THAT DIRECTLY LINKS THE ISSUANCE OF TOKENS TO CHAIN ACTIVITIES. AS USAGE INCREASES, THE AGREEMENT AUTOMATICALLY REDUCES THE AVAILABILITY OF SUPPLIES — A FEEDBACK CYCLE THAT STABILIZES VALUE AND DISCOURAGES EXCESSIVE CURRENCY FLOW。

THIS STRUCTURE TRANSFORMS ACTIVITY INTO BALANCE: THE MORE IT IS USED, THE MORE SELF-RETROFITTING THE MONETARY BASE. MORE BNBS ARE DESTROYED AND SUPPLIES SHRINK WHEN USAGE AND PRICES INCREASE; WHEN ACTIVITIES DECLINE, DESTRUCTION RATES DECREASE AND SUPPLIES STABILIZE. THIS DESIGN PRINCIPLE MAKES BNB SUPPLY MODELS A STABLE MECHANISM AIMED AT ACHIEVING LONG-TERM BALANCE。

PHOTO 7: BNB VALUE BALANCE MECHANISM HAS SO FAR REMOVED MORE THAN 30% OF TOTAL SUPPLY - CUMULATIVE DESTRUCTION OF ABOUT $73.56 BILLION BNB

BNB OWNERSHIP STRUCTURES HAVE EVOLVED INTO BROAD ECOSYSTEM HOLDINGS AND USES. BNB HOLDINGS ARE WIDELY SPREAD ACROSS THE NETWORK:

Public (non-related parties)

• About 66-67 per cent- Unconnected public holders (on exchange + self-custody)

Related parties (fund / exchange / key figures)

• About 27%- BNB FOUNDATION DESTROYS STOCKPILES (FOR PROCEDURAL DESTRUCTION; NO SALE)

• About 4-5%- Binance.com Treasury (for running liquidity and hosting)

• < 1%- CZ PERSONAL SHARES

PHOTO 8: BNB DISTRIBUTION - CENTRALIZED AND TRANSPARENT (APPROXIMATELY 67% PUBLIC; APPROXIMATELY 27% DESTROYED; CZ < 1%)

About two thirds of the supply is held by unrelated public holders (in exchanges and self-custody), while the CZ has less than 1 per cent of individual shares. Binance.com holds approximately 4-5% of the total BNB in circulation. About 27% of the circulation BNB is held by the BNB Foundation and is programmed for destruction (non-sale) - This is a transparent chain mechanism that has enhanced the deflation design of BNB over time. In addition, the biggest wallet marked is the destruction/operation/hosting wallet, rather than the control position, which indicates a low concentration of internal people, a more transparent, decentrized and equitable distribution。

3. Growth stories

3.1 BNB Chain Road Map and Productization

BNB Chain is moving towards “a truly global decentrized financial system”, an expected high-volume, multi-chain platform designed for institutional-level transactions, full digital asset distribution and real-world asset integration. The objectives of the current road map include:

• >20,000 TRANSACTIONS PER SECOND (TPS)

• < 150 millisecond block final confirmation time

• Original zero knowledge privacy moduleI don't knowTo support the confidentiality of secure settlements and compliance, such as transactions driven by zero-knowledge certification

One promising example is that in mid-2025, Franz-An was launchedBinance AlphaA mobility incentive and builder scheme triggered a sharp increase in DEX activities on the chain. BNB Chain's DEX trading volume had briefly exceeded 70 per cent of the total spot trade in the chain, demonstrating the depth of participation of potential users and developers of ecosystems。

Image 9: Binance Alpha causes BNB China DEX transactions to surge

Looking ahead, we've been updatedNext generation BNB ChainTHE GOAL IS TO ACHIEVE OUR NEXT MILESTONE: TO PROVIDE A SIMILAR CEX EXPERIENCE IN THE DEVELOPMENT OF A “GLOBAL DECENTRALISED FINANCIAL SYSTEM”, SERVING MILLIONS OF USERS. THE FOLLOWING ARE KEY FEATURES TO BE INTRODUCED:

• Almost immediate confirmation: a confirmation time for transactions, converts and interactions below 150 ms

• NASDAQ level throughput: DESIGNED TO ACHIEVE MORE THAN 20,000 TPS FOR COMPLEX CHAIN OPERATIONS

• Upgraded virtual machine: TO SUPPORT LARGE-SCALE PARALLEL IMPLEMENTATION BEYOND TODAY'S EVM RESTRICTIONS

• Native privacy: aimed at effectively facilitating transfers and contractual transfers and providing compliance-friendly confidentiality protection

• Web2 level simplicity and control of Web3: intended to provide multiple signatures, key rotation, seamless authentication

These key features will form one togetherModularized trading technology warehouse, constructed for the issuance, discovery and settlement of digital assets. We believe that BNB Chain is expected to be the preferred infrastructure in the chain financial markets, and BNB is a key component of that infrastructure。

3.2 Currency stabilization, payment and real world adoption

BNB enables users to interact with extensive Web3 assets on BNB Chain. It is evolving into a fully integrated trading and mortgage asset, supporting interaction with DeFi, payment and monetization applications on BNB Chain. BNB Chain has been at the forefront of stabilizing currency transactions and active users worldwide。

Recent integration has deepened the layout of BNB Chain in the following areas:

• Currencyized national debt and interest-bearing assets(e.g. with Ondo Finance, Franklin Templeton)

• Through the deployment of Circle (USDC) and the cross-chain bridgeStable Currency Liquidity Centre

• RWA PILOT PROJECTS LINKED TO EXCHANGESincluding Kraken xStocks and DFI infrastructure

These initiatives have pushed BNB into a fully integrated and functional currency that cuts across DeFi, pays and even monetizes for real world applications. This broad use shows that the role of BNB is expanding from the domain of encrypted currency to the mainstream of financial and practical scenes。

BNB Chain has thousands of projects covering the fields of decentralised finance, games, social tokens and NFTs. As these indicators grow, so does the importance of BNB — the value unit flowing through the economy as a whole. Users who want to participate in the issuance of new projects or use the latest DeFi application on BNB Chain usually need BNB。

BNB is at the centre of CeFi and DeFi development. This unique positioning brings with it a continuing demand and a broad user base. With the continued global adoption of Web3 BNB's multifaceted practicality and its deflation design may support its long-term value in a way that is related to ecosystem growth rather than to speculative cycles。

Picture 10: BNB Chain (BSC) has been leading and growing the fastest in the number of stable purses in the last five years

3.3 Unlocking United States markets: structural catalysts driven by CZ pardons, BNB Digital Assets Trust/ETF channels and market outlets for mainstream exchanges such as Robinwood/Coinbase

BNB's limited exposure to the United States market to date is beginning to change. BNB Digital Assets Trust (DAT), BNB ETF and the launch of the listing channels for mainstream exchanges, including Robinwood and Coinbase, are providing indirect channels for participants in the United States to access BNB using French currency. Regulatory clarity in the major jurisdictions is expected to increase and accelerate institutional adoption。

The “full and unconditional” amnesty granted to CZ provides a possible path towards easing the “appropriate candidates” restrictions imposed by the United States Government in previous cases. This is an unprecedented opportunity for participants in the United States and the United States to embrace and benefit from BNB Chain and its new growth; it is also an opportunity for BNB Chain and BNB to accelerate the introduction of developers and to recommit to corporate integration in the United States, covering payments, hosting and Web3 infrastructure, all of which will serve this historically underweighted region and create the next growth engine for BNB Chain。

3.4 DIVERSIFIED BNB PRODUCTS: PROVIDING A WIDER RANGE OF INVESTORS WITH ACCESS TO BNB GROWTH STORIES

A MODULAR BNB ASSOCIATED WAREHOUSE INCLUDES REGIONAL BNB DIGITAL ASSET TRUST (DAT), BNB ETF (TO THE EXTENT PERMITTED) AND BNB PROCEEDS FUND. THEY ARE TRANSFORMING CHAIN MOBILITY INTO REGULATED DISTRIBUTION CHANNELS. EACH FORM OF BNB ASSOCIATED PRODUCTS HAS A UNIQUE MISSION:

• BNB Digital Assets Trust (DATs)- Includes BNB Network Company (NASDAQ:BNC) and possibly more BNB DATs on the road map - designed specifically for investors seeking potential enhanced returns

• BNB ETF- THE REGULATORY APPROVAL PROCESS IS CURRENTLY UNDER WAY - FOR A WIDE RANGE OF BROKERS/REGISTERED INVESTMENT ADVISERS (RIA) CHANNELS TO PROVIDE SECONDARY MARKET MOBILITY IN THE DAYTIME, MIRROR PRICE PERFORMANCE OF BNB TOKENS

• BNB GAIN FUND- For example, the Hash Global BNB Proceeds Fund, which is specifically designed for BNB-related funds that cannot hold currency directly but can invest in income generation。

THROUGH EFFECTIVE KYC/AML, INDEPENDENT MANAGEMENT/AUDIT AND STANDARDIZED INFORMATION DISCLOSURE, THESE PRODUCTS ARE EXPECTED TO REDUCE OPERATIONAL FRICTION AND EXPAND THE INSTITUTIONAL AND OVERSEAS USER BASE. FROM THE BNB DIGITAL ASSET TRUST, THE BNB ETF TO THE BNB GAIN FUND, THESE DIVERSIFIED BNB FINANCIAL PRODUCTS OFFER A RANGE OF OPTIONS FOR DIFFERENT TYPES OF INVESTORS IN THE SPECTRUM OF LIQUIDITY AND RETURNS。

4. One of the strongest structural manifestations in history

4.1 BNB: PERIODICALLY VALIDATED EXCELLENCE

In multiple market cycles, BNB has demonstrated consistent structural excellence in relation to the same type of Layer-1 block chain and baseline digital assets. The long-term increase in its value reflects a combination of functional relevance, procedural supply discipline and ecosystem size integration。

Unlike those assets whose performance is usually closely related to the wider market of Beta, BNB shows thatStructural decouplingACT. EVEN IN BEAR CITY (2018, 2022), BNB REMAINED RELATIVELY STRONG AND QUICKLY RECOVERED — SHOWING RESILIENCE, LIQUIDITY COMPRESSION AND DEMAND VISCOSITY, ALL OF WHICH SHOULD BE VALUED BY THE CONFIGURATIONS THAT FOCUS ON TREASURY MANAGEMENT。

IN OUR VIEW, BNB PRICE CONSISTENCY — RISING BEFORE NARRATIVE SHIFTS AND ABSORBING FLUCTUATIONS MORE EFFECTIVELY — MAKES IT AN IDEAL BASE ASSET FOR LONG-TERM STRUCTURED PRODUCTS, ESPECIALLY THOSE THAT GENERATE COSTS OR POTENTIAL GAINS。

PICTURE 11: BNB OUTPERFORMED OTHER ASSETS IN MULTIPLE MARKET CYCLES

4.2 BNB AS A STRATEGIC ASSET

BNB is not only customized for encrypted primary users, but also designed to be easily understood and used by newcomers without encryption experience. The introduction of BNB may significantly improve risk-adjusted returns; for example, in simulation models, the Sharp ratio increased from 0.95 to up to 1.25 by adding 2-5% BNB to a standard stock-bond-commodity portfolio. This demonstrated the effectiveness of BNB as an alternative asset allocation - enhancing diversification and capturing Web3 participation and potential benefits. Current market conditions may provide a structural opportunity for asset management companies to integrate BNB into alternative assets。

PICTURE 12: TRADITIONAL PORTFOLIO VERSUS BNB INTEGRATED PORTFOLIO

BNB SHOWS A RARE ABILITY TO DECOUPLE FROM BROADER ENCRYPTION MARKET TRENDS AND TO REMAIN STRONG EVEN DURING BTC RETREATS AND MARKET-WIDE ADJUSTMENTS. THIS STRUCTURAL INDEPENDENCE IS DRIVEN BY BNB ' S DOUBLE ENGINE:Economic relevance of the chainandCentralized platform integrationI don't know. Unlike those assets that fluctuated purely in line with the macro-liquidity cycle, BNB prices tended to reflect real usage, ecosystem growth and value creation — which, in our view, made them fundamentally different assets, with lower relevance to speculative encryption。

4.3 BNB AS A BALANCED ENCRYPTED ASSET IN AN ASSET THAT CANNOT BE TRIANGULATED

In the encrypted world, everything begins and ends up being the nature of the asset. In comparison with traditional assets, encrypted assets are programmable, groupable and integrated with infrastructure, which makes their assessment multidimensional and uniquely linked to the three core asset dimensions:Economic ThroughputI don't knowSecurityandLiquidity- Together we make what we sayAsset is not trigonometricThis is the original extension of macroeconomics “policy impossibility triangles” in the field of encryption。

BNB OPERATES IN A THREE-WAY RADIUS OF ENCRYPTED ASSETS -- WE SEE THESE THREE FORCES AS SHAPING HOW NETWORKS GROW AND SUSTAIN THEMSELVES。

• Economic throughput: Networks are deployed through transactions, settlements and applications to guide real user activities more effectively

• Security: it protects these activities in a robust manner through consensus, validation and transparency

• Liquidity: How smoothly can participants enter, exit and trade with low friction。

IN OUR EXPERIENCE, MOST SYSTEMS SACRIFICE ANOTHER DIMENSION FOR ONE DIMENSION — A MORE SECURE NETWORK USUALLY AT THE EXPENSE OF THE ECONOMY. BNB ARCHITECTURE, ADOPTEDCertificate of Authority (PoSA)Multi-site access to consensus and depth is designed to maintain these three dimensions in a near-balanced manner。

BNB ' S EMBEDDED RELEVANCE ALLOWS IT TO MOVE FROM PASSIVELY HELD ASSETS TO ACTIVE PARTICIPATION PORTALS. HISTORICALLY, BNB ' S PLATFORM PARTICIPATION SCHEME HAS PROVIDED MEANINGFUL INCENTIVES TO SIGNIFICANTLY OUTPERFORM MANY MAINSTREAM ENCRYPTED ASSETS IN TERMS OF USER PARTICIPATION AND RETENTION RATES。

BNB HAS CERTAIN PRIVILEGES AND OPPORTUNITIES IN THE INTERIOR:

• Participation in exclusive schemesBNB holders can participate in ecosystem planning, applications and governance. Launchpool activities, airdrops and governance voting are examples of benefits associated with BNB ownership。

• Integrated User Award: Many initiatives on BNB Chain aim to reward BNB holders and users. These incentives mean that the long-term holding of BNB has real benefits, even without taking into account price appreciation。

• Diversifying participation in a single currency: HOLDING BNB PROVIDES A BROAD FORM OF PARTICIPATION. USERS CAN SIMPLY HOLD BNB AND USE IT IN A VARIETY OF AREAS SUCH AS LENDING, TRADING, GAMES, ETC。

This dynamic has strengthened ecosystems: as more and more people hold BNB in order to gain these advantages, it has contributed to greater decentrization of BNB Chain and its activities。

Picture 13: Encrypted assets cannot be triangulated

5. Strategic highlights

5.1 BNB Ecosystems as a fully efficient Web3 asset distribution and trading platform

BNB integration on a centralized and decentrized platform made it the central participatory token of the Web3 era. It combines infrastructure, access qualifications and incentives, which we consider to be a visible practical token suitable for long-term participation。

BNB STRATEGY HIGHLIGHTS:

• Ecosystem incentivesBNB ENABLES USERS TO PARTICIPATE IN ECOSYSTEM PLANS THAT HAVE HISTORICALLY PROVIDED ADDITIONAL INCENTIVES AND INCENTIVES TO HOLDERS。

• Core participatory tokensBNB, the central participatory token of the Web3 era, connects users to a wide range of block chain applications and communities。

• Sustainable value modelsBNB CAN CREATE A SUSTAINABLE VALUE MODEL BY COMBINING PRACTICALITY WITH DEFLATION. INCREASED USE WILL INCREASE THE PRACTICAL VALUE OF THE DESTRUCTION AND INCREASED PARTICIPATION IN THE PROGRAMME。

• Supportive ecosystemsBNB eco-participants with supportive risk investments in ecosystems, such as YZi Labs, are in a unique strategic position to introduce investment projects from the initial conceptual validation phase, through financing and initial distribution, and support thereafter。

Photo 14 & 15: BNB uniquely provides end-to-end exposure to the distribution, discovery and participation of Web3 assets throughout the BNB ecosystem

BNB ecosystems provide a strong, efficient and comprehensive platform for asset distribution through their supporting risk investment partners (e.g. YZi Labs). These venture capital partners are in a strategic position to introduce investment projects from the initial conceptual validation phase, to lead them to finance and initial distribution, and subsequently to promote global trading and decentrized ecosystem growth through BNB Chain. By ensuring the establishment of top-performing transaction pairs (through CEX), BNB is becoming one of the most powerful and perhaps the most effective full-cycle asset distribution centres in the Web3 area。

IN SHORT, BNB ECOSYSTEMS ARE INTEGRATED BY:

• YZi Labs and other venture capitalists: Incubation begins here

• BNB ChainCore deployment layers, growth and chain relevance

• Exchange:Liquidity, Launchpool and transactions

  A complete system has been constructed to provide a whole stack of Web3 opens - asset distribution, discovery and participation, all powered by BNB ecosystems。

5.2 BNB GAINS AND ACCESS: EXCELLENT PRIMARY REVENUE GENERATION, WITH THE POTENTIAL TO GENERATE 15-20% ANNUAL VALUE CREATION

Mechanisms such as Launchpool continue to drive large-scale BNB lock-in and generate attractive returns for users, on average, in historically peak cycles15-25% annualized value gainI DON'T KNOW. THIS DYNAMIC NOT ONLY PROCEDURALLY REDUCES THE MOVEMENT OF TOKENS, BUT ALSO INCREASES USER RETENTION AND ECOSYSTEM PARTICIPATION, MAKING BNB A POWERFUL ENGINE THAT COMBINES POTENTIAL VALUE AND LONG-TERM PLATFORM SYNERGIES。

Picture 16 & 17: BNB transforms traditional asset holdings into more efficient modes of participation based on 15-20% annual value enhancement and deep ecosystem integration

This multifaceted integration makes BNB a unique and visible asset that can be used for long-term Web3 exposure. Our research shows that BNB has been a leader in economic values among the major Layer-1 assets. BNB has historically providedAnnualized value gains of 15-20% competitiveTHE SIGNIFICANT ADVANTAGES COMPARED TO OTHER ASSETS (E.G., ACCORDING TO THIRD-PARTY DATA, APPROXIMATELY 6.5 PER CENT/ETH ABOUT 4.5 PER CENT, AND WE BELIEVE THAT THEY ARE MORE DEPENDENT ON EXTERNAL PLEDGE AGREEMENTS) HIGHLIGHT THE HIGH BNB ABILITY TO ISSUE ASSETS AND VALUE RETURNS。

Unlike bitcoin, we think it's like digital gold, and Ethera, we think it's like basic infrastructureBNB is best suited to the technology platform described as the Web3 eraI don't know. We believe that it combines the unparalleled access to ecosystems brought about by the huge flows of coins, CEX, the powerful infrastructure provided through BNB Chain, and a fully operational token system that provides functional functions such as Launchpool and Alpha。

6. Conclusion: BNB positioning as an efficient trading engine for the global Web3 economy

BNB SETEligibility, practicality and procedural price stabilization mechanismsOn one. It provides wide access to and practical utility of Web3 ecosystems for holders, while built-in destruction mechanisms are designed to ensure long-term supply consistency with network activities。

BNB is not just a platform token -- it's a Web3 infrastructure token, it's:

• Combining chain growth, built-in incentives, top-level ecosystem access and long-term supply compression。

• User access to the Web3 asset distribution and distribution spectrum is provided。

• Covers key Web3 assets and areas at all levels: from blue stock on the exchange to narrative assets of medium market value to emerging long tailings on BNB Chain。

When ETH anchors DeFi infrastructure, BTC acts as value storageBNB positioning as an efficient trading engine driving the global Web3 economy and providing a configuration tool for investors entering the Web3 worldI don't know。

About YZi Labs

YZi Labs manages over $10 billion in assets globally. Our investment philosophy emphasizes the priority of impact — and we believe that meaningful results will naturally follow. We invest in enterprises at all stages, giving priority to projects with solid fundamentals in the areas of Web3, artificial intelligence and biotechnology。

The YZi Labs portfolio covers over 300 projects in more than 25 countries on six continents. More than 65 of these portfolio companies have gone through our incubator. For more information, please look at YZi Labs on X。

Disclaimer

For information purposes only, this document does not constitute an investment, legal or tax proposal. It is not an endorsement, analysis or recommendation of any digital asset, financial instrument, asset, service, entity, issuer or any person, entity or matter. It is not an offer to sell or offer to purchase any digital, securities or other assets. The information in this paper is considered to be accurate on the date of publication, but no change may be notified. The recipient should conduct its own due diligence and consult with professional consultants before making any purchase or investment decision. Past performance does not represent future results. The risk of using this information is borne by you。

Forward-looking statements

THIS PAPER CONTAINS FORWARD-LOOKING STATEMENTS, INCLUDING PROJECTIONS, ESTIMATES AND EXPECTATIONS REGARDING FUTURE PERFORMANCE, ADOPTION AND MARKET CONDITIONS OF BNB AND RELATED TECHNOLOGIES. THESE STATEMENTS ARE BASED ON CURRENT ASSUMPTIONS AND BELIEFS, BUT CONCERN RISKS AND UNCERTAINTIES THAT MAY LEAD TO SIGNIFICANT DIFFERENCES IN ACTUAL RESULTS. SUCH AS “EXPECTED”, “EXPECTATION”, “INTENT”, “PLAN”, “REBEL” AND SIMILAR EXPRESSIONS ARE INDICATORS OF FORWARD-LOOKING STATEMENTS. ANY REFERENCE TO “GROWTH”, “NETWORK EFFECTS” OR “ECOSYSTEM EXPANSION” REFLECTS THE POTENTIAL EXPANSION AND ADOPTION OF DECENTRIZED TECHNOLOGIES RATHER THAN FINANCIAL RETURNS OR PROFIT-SHARING MECHANISMS. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. WE ARE NOT OBLIGED TO UPDATE THESE STATEMENTS AFTER THE DATE OF PUBLICATION OF THIS PRESENTATION。

Main risk factors

The risks and uncertainties described below are not intended to provide an exhaustive list of all risks that may be relevant. Additional risks, including those currently unknown or considered insignificant, may also have significant adverse effects。

• Risk of loss: The investment or purchase of digital assets, projects related to distributed book technology (including the DeFi project) involve significant risks, including the risk of total loss. The present document does not take into account the investment objectives, financial position or specific needs of any particular person, and we urge each individual to consult his or her legal and financial advisers before making any purchase or investment decisions。

• Regulatory uncertainty: Digital assets and related projects are bound globally by rapidly evolving and uncertain regulatory frameworks. Future regulatory developments may impose restrictions or obligations that have a significant impact on operations, liquidity and value. The relevant regulatory body may determine that the digital asset constitutes securities, derivatives or other regulated products, thereby triggering licensing, registration and compliance obligations。

• Legal risks: Failure to comply with applicable law may result in investigations, fines, cessation orders or other enforcement actions that may adversely affect operations. In addition, because of any of these risk factors or other adverse circumstances, individuals may institute civil legal proceedings against companies。

• Cyber security and technical risks: Digital assets may be permanently lost as a result of cyberattacks, private key leaks, cyber fishing, malicious software or hosting failures. Coding or design defects in agreements or smart contracts may be exploited, leading to unintended behaviour, financial losses or governance failures. Digital assets may be threatened by 51 per cent attack, witch attack or other consensus level。

• Operational and operational risks: A high transaction volume or network disruption may result in settlement delays, increased Gas fees/transaction fees or impairment of functionality. The failure of cloud providers, nodal operators, trustees or integrated DeFi agreements may adversely affect operations. Network improvement may not be successful, may introduce errors or may lead to ecosystem fragmentation (e.g., hard splitting)。

• Market volatility and liquidity risk: Digital asset prices can experience sharp and unpredictable fluctuations, which can lead to significant losses. There may not be enough buyers or municipal support to provide an active trading market, thus limiting exit opportunities. Exchanges and custodians may experience bankruptcy, fraud, network leakage or failure to operate, affecting our access to or ownership of assets. Valuation may depend on unregulated markets, leading to price manipulation, unreliable price discovery or sudden loss of value。

• Governance and currency economic model risk: Votes based on tokens may be vulnerable to manipulation or concentration, allowing a small minority to exert excessive control. The token distribution plan may dilute value or change due to network governance or unforeseen circumstances. Regulatory authority may be abused, exploited or lost, affecting the function of tokens or the security of funds。