BNB: From transaction fuel to WEB3 economic engine

C.Z 2025-11-1 03:23 28814人围观 BNB

to liquid gold | When Bitcoin became "digital gold" and Ethereum became the "base of decentralized finance", BNB chose another path - it is trying to become the settlement and distribution engine of the Web3 economy. This transformation is not just a cur

to liquid gold｜

When Bitcoin became "digital gold" and Ethereum became the "base of decentralized finance," BNB chose another path - it is trying to become the settlement and distribution engine of the Web3 economy. This transformation is not just a currency price story, but an experiment in reconstructing institutional efficiency.

1｜From platform currency to infrastructure assets

BNB’s initial mission is to serve as a fee discount token for the Binance exchange. Today, it assumes more complex functions: Gas payment, staking, governance, ecological incentives and security mortgage. YZi Labs’ latest research points out that this multiple role is making BNB the core asset of the “Web3 Settlement Layer”.

BNB Chain's three-chain architecture - BNB Smart Chain, opBNB and Greenfield - forms a complete settlement, expansion and storage matrix. This means that BNB not only drives on-chain traffic, but also becomes an efficient bridge between CeFi and DeFi. It was upgraded from an “exchange product” to a “sovereign token of a multi-layer economic network.”

2 | Deflation model and structural scarcity

BNB’s economic model is the most significant difference between it and other public chains.
Through the dual mechanism of automatic destruction + BEP-95 real-time destruction, the supply of BNB continues to decrease. As of October 2025, more than 62 million coins have been destroyed, worth approximately US$72 billion. The circulation has stabilized at less than 139 million coins, with the final target set at 100 million coins.

Unlike Bitcoin's "time-driven halving", BNB uses an "activity-driven destruction" model - the more active the transactions, the faster it will be destroyed. This makes its deflation not dependent on block time, but on economic behavior. In the long-term cycle, this "behavior-bound deflation mechanism" is more self-regulating than a fixed algorithm, and is more in line with the market nature of Web3: exchanging participation for scarcity.

3 | Ecological explosion and institutional expansion

BNB Chain's ecological indicators continue to set industry records.
In October 2025, its daily active addresses peaked at 3.4 million, and DEX’s daily trading volume was approximately US$19 billion, accounting for 61.2% of the entire network’s market share. DeFi’s total locked-up volume (TVL) has stabilized in the range of US$13-16 billion, a year-on-year increase of approximately 300%.

These numbers are not just traffic, they are signals of institutional migration. BNB Chain's stability, low Gas and high throughput rate make it the main bearing layer for RWA (real world assets) to be uploaded to the chain.
Currently, BNB Chain has cooperated with institutions such as Franklin Templeton and Ondo Finance to promote the tokenized issuance of treasury bonds and fund assets. This means that BNB is no longer limited to "internal circulation of the crypto economy", but is actively connecting to the real financial system.

4｜Decentralized Trust Mechanism

BNB’s currency holding structure is undergoing an invisible reconstruction. Currently about 67% is held by the public, 27% is burned reserve, Binance treasury only accounts for 4–5%, and CZ individuals account for less than 1%. This decentralized structure significantly weakens the "founder's single point risk" and enhances institutional acceptability.

At the same time, CZ’s pardon was seen as an important signal for the return of the BNB system. Regulatory certainty means the re-entry of compliant capital. As North American funds realign crypto infrastructure, BNB is expected to become a core target in institutional ETFs and compliance exchange asset lists.

This marks the arrival of a new stage: decentralized trust is no longer just a product of technology, but an institutionalized consensus.

5｜From performance competition to institutional competition

BNB’s real rival has never been other public chains. What it participates in is a competition about "system efficiency." The algorithm is only the bottom layer, the structure determines the boundaries, and the system determines whether it can be adopted by the mainstream.

The YZi Labs report summarizes the evolutionary direction of BNB in one sentence:

“BNB is becoming a settlement and distribution layer that runs through the entire process of asset issuance, pricing, trading and distribution. ”

In deeper logic, this means: after Bitcoin verifies value and Ethereum verifies logic, BNB chooses to verify efficiency and order.

Conclusion｜

When the speculative cycle subsides, the narrative returns to structure. The significance of BNB is that it shifts the energy of the digital economy from "currency price" to "system". This is a sign of the return of market rationality. It is not a myth or a bubble, but a sustainable order experiment - about currency, about trust, and about the future of efficiency.

References｜
YZi Labs《BNB Deep Research Report 2025》
BNB Chain Transparency Report, Oct 2025
DeFiLlama, Artemis Analytics, Franklin Templeton RWA Initiative

Disclaimer｜This article is based on public information and market analysis and is for information purposes only and does not constitute investment advice.