1. The roles of BNB and Binance
Binance: One of the leaders in crypto trading volume, with a huge user base and transaction scale, the exchange has become a “rigorously needed” entrance to Web3.
Extended layout: After the trading business was established, Binance expanded horizontally and launched BNB Chain (Binance Chain), upgrading from "making a trading platform" to "making Web3 infrastructure."
2. Narrative and positioning
The goal of Binance founder Changpeng Zhao (CZ): not to be a bank, but to provide underlying services for Web3 like Google.
This means that BNB Chain is not only a carrier of platform tokens, but also a collection of public chain ecology and developer infrastructure, competing for the underlying voice of Web3.
3. Why BNB/BNB Chain is important
Two-wheel drive of exchange + public chain: the exchange brings users and funds, and the public chain undertakes applications and asset issuance, forming a flywheel effect.
The public chain is the "platform equity" analogy: the chain is used by more people, the demand for its native tokens increases, and the price is affected by recognition.
Ecological construction: In addition to trading business, Binance also expands its industry influence through content education such as Binance Academy and brand co-branding (such as with Ronaldo), and seizes definition rights and traffic entrances.
4. Comparison clues with peers
In the industry landscape, Binance and Coinbase are regarded as the leaders in revenue and volume；
The exchange's income far exceeds the level of traditional exchanges, providing it with powerful "ammunition" to build BNB public chain and Web3 infrastructure.
Bar 1 Binance: ~16.8 B (third-party estimate)
Column 2 Coinbase: ~3.1 B (official financial report)
Column 3 Traditional financial exchanges (average level): about 18.5 B (combined annual revenue estimates of NYSE, CME, ICE, etc.)
5. Three main lines of concern for investors
Infrastructure logic: transaction entrance → public chain base → ecological application (DeFi/NFT/GameFi, etc.)；
Token economy drive: Public chain usage and ecological prosperity are often reflected in token demand；
Narrative and consensus: In Web3, "being believed and used by more people" will strengthen the narrative closed loop of asset prices.
6. Risk reminder
Narrative-driven and highly volatile: Cryptoasset prices are highly dependent on confidence and liquidity；
Compliance and security: regulatory uncertainty, hacker and counterparty risks, private key management risks；
Linkage risks of stablecoin/derivative ecology: differences in mechanism design may amplify systemic fluctuations；
“The reverse path of "first have the currency, then have the business" can easily lead to a mismatch between valuation and fundamentals.
One sentence summary
The core focus of BNB/BNB Chain is to use the exchange’s traffic and capital to build public chain-level infrastructure and compete for the underlying entrance and ecological control of Web3； However, the entire track is highly volatile and uncertain, and requires caution regarding compliance, safety, and narrative continuity.
Disclaimer: The above does not constitute investment advice. Please use your own judgment and risk.
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