BNB: The value transition from platform token to Web3 ecological giant - decoding the paradigm revolution behind the 7,000-fold increase

C.Z 2025-10-15 11:20 19495人围观 BNB

BNB: The value transition from platform token to Web3 ecological giant

——Decoding the paradigm revolution behind the 7,000-fold increase

On September 18, 2025, the cryptocurrency market ushered in a historic moment: the price of BNB exceeded US$1,000, and its market value exceeded US$140 billion, surpassing traditional giants such as BHP Billiton and Pfizer, and ranking 155th in global assets. From US$0.15 during the ICO in 2017 to today's high of one thousand yuan, BNB has achieved an increase of nearly 7,000 times. This phenomenon is not only the legend of the rise of Binance Exchange, but also the epitome of the fundamental changes in the way asset values are defined in the Web3 era.

1. Ecological evolution: a paradigm shift from tools to ecology

1. Initial stage: survival logic of platform tokens

In 2017, Binance subverted the traditional exchange model with "zero listing fees" and "multi-currency trading". The BNB it issued as a platform token initially only provided handling fee discounts (up to 50%) and Launchpad project subscription functions. At this time, BNB is a typical "tool token" - users passively hold it due to trading needs, and its value is completely dependent on the flow and profit of the Binance exchange.

2. Ecological expansion: value reconstruction of multi-chain systems

In 2020, Binance launched BSC (Binance Smart Chain) that is compatible with Ethereum EVM, and BNB upgraded from an ERC-20 token to a BEP-2 native token. This shift completely changed BNB’s positioning:

Technical independence: BSC has attracted ecological explosions such as DeFi and GameFi through its performance advantages such as block generation in 0.75 seconds and gas fee of US$0.01. The TVL (total locked value) on the chain once exceeded US$40 billion, and the demand for BNB as a gas fee payment tool has surged.

Economic model upgrade: The quarterly destruction mechanism (a total of more than 60 million BNB has been destroyed) and the deflation model (on-chain transactions are destroyed in real time) form a scarcity consensus, and BNB has evolved from a "trading tool" to an "ecological blood".

Brand decentralization: In 2022, Binance will rename BSC to BNB Chain, diluting the "Binance" label and strengthening its ecological value as an independent public chain.

Today, BNB Chain has developed multi-chain systems such as BSC, Greenfield (storage chain), opBNB (second-layer expansion), covering DeFi, RWA (real world assets), AI and other tracks. With over 630 million addresses on the chain and a daily transaction volume of 15 million, it has become one of the blockchain networks with the largest user base in the world.

2. Valuation revolution: from profit dependence to ecological consensus

1. Traditional Perspective: The apparent prosperity of financial data

Based on an estimated net profit of US$4.8 billion and a circulation of 139 million coins in 2025, BNB's price-to-earnings ratio is 30 times, close to the level of technology giants such as Apple and Microsoft. This data reflects the market’s recognition of BNB’s status as the “leading exchange”. However, if you only use financial model valuation, it is obviously impossible to explain its 7,000-fold increase - traditional corporate growth relies on market share expansion, while BNB's value comes from the self-evolution of the ecosystem.

2. Web3 logic: reconstruction of the value triangle

BNB’s valuation logic has shifted from “platform profit” to “ecological consensus”:

Precipitation of assets on the chain: The market value of stablecoins on BNB Chain exceeds US$110 billion, and the scale of RWA tokenized assets exceeds US$50 billion, forming a value anchor for real economic activities.

Driven by user behavior: With an average of 15 million transactions per day and a DEX trading volume of US$4.8 billion, users’ high-frequency interactive behavior directly drives up BNB’s liquidity premium.

Strengthened consensus mechanism: decentralized governance of 21 verification nodes and community-driven ecological funds (such as MVB accelerator) build a value network of "co-construction and sharing".

This shift marks a fundamental change in the Web3 asset valuation paradigm - value is no longer defined by centralized institutions, but is determined by on-chain behavior, ecological applications and user consensus.

3. Apocalypse: Rules of Survival in the Web3 Era

1. Corporate strategy: evolution from tool to ecosystem

The success of BNB reveals the core logic of Web3 enterprises:

Openness: Attract third parties to build applications through API interfaces and developer tools (such as BSC Launchpad), forming a "flywheel effect".

Evolvability: From BSC to opBNB, technology iteration has always focused on lowering the threshold (such as reducing gas fees by 100 times) and improving the experience (such as cross-chain interoperability).

Community co-governance: Give the right to distribute tokens to the community (such as Launchpool airdrop) to stimulate users' enthusiasm for participating in ecological construction.

2. Investment logic: penetrate the appearance and anchor the essence

The case of BNB provides new ideas for Web3 investment:

Prioritize ecological value: focus on the actual use of tokens in on-chain payment, governance, staking and other scenarios, rather than short-term price fluctuations.

Compliance path: BNB Chain has proven that compliance is the cornerstone of long-term ecological development through measures such as the Goodwill Alliance anti-cheating mechanism and settlement with the SEC.

Cross-cyclical resilience: In the bear market of 2022, the price of BNB fell by 70%, but the ecological activity did not collapse, which verified the "value anchoring" characteristics of Web3 assets.

4. Future Picture: A Sea of Stars Where RWA and AI Integrate

1. RWA: the physical extension of the on-chain economy

BNB Chain has taken the lead in laying out the RWA track:

Financial infrastructure: Cooperate with Franklin Templeton to issue tokenized U.S. bonds, and cooperate with Kraken to list Apple and Tesla stock tokens to open up the channel between traditional finance and on-chain assets.

Physical asset mapping: Indonesian palm oil traders issue commercial papers through BSC, and blockchain technology is reshaping the commodity circulation model.

2. AI+blockchain: next generation infrastructure

BNB Chain's opBNB second-layer network (TPS up to 4000) and Zero-Knowledge Rollup technology provide a low-cost, high-privacy operating environment for AI applications. In the future, on-chain AI agents, data markets, and decentralized intelligence (DAI) may give rise to a trillion-level market.

3. The unchangeable essence: the efficiency revolution of value flow

No matter how the technology iterates, the core of Web3 is always to map real-world values efficiently and transparently. BNB's transition from a payment tool to an ecological hub proves that only by continuously reducing transaction friction and expanding the boundaries of value flow can we remain invincible in the paradigm revolution.

Conclusion: Thoughts at the turning point of history

BNB’s 7,000-fold increase is not only the business wisdom of the Binance team, but also the inevitable result of value reconstruction in the Web3 era. While traditional companies are still competing for the existing market, Web3 has launched an "emergent model" of value creation through tokenization, decentralization, and community co-governance. For entrepreneurs and investors, the key to embracing this change is to break out of the traditional valuation framework and understand the endogenous logic of ecological value. ； Go beyond short-term speculative thinking and build a sustainable value network.

As CZ declared on social media: “When we build the highway to the door of every village, the cars will no longer just contain tourists’ luggage. ”The story of BNB is a vivid footnote of the Web3 infrastructure revolution. The future is here, only change remains the same.