YZi Labs Research Report – October 30, 2025

Positioning & Core Value
BNB is engineered to be the high-velocity trading engine that powers the worldwide Web3 economy, while doubling as a single-ticket allocation tool for investors who want exposure to every major on-chain vertical—DeFi, AI, memes, RWA and consumer apps.

Tokenomics: Deflation by Design
A dual-burn regime—quarterly Auto-Burn plus real-time BEP-95 gas-fee burns—has already removed > 64 million BNB (≈ 31.8 % of historic supply).
Hard-cap: 100 million.
Ownership is highly decentralized: ≈ 67 % sits with the public, 27 % is ring-fenced for future burns, and CZ personally holds < 1 %.

Ecosystem Scorecard (Oct 2025)

• DEX volume, daily active addresses and stable-coin wallets: all rank #1 among chains.

• 26 million BNB staked on-chain (≈ 19 % of supply).

• DeFi TVL: US$ 16.2 billion.

• PancakeSwap alone regularly clears US$ 150 billion in weekly spot volume, giving BNB Chain the largest DEX market share on the planet.

U.S. Catalysts
Digital-asset trusts, ETFs and Robinhood / Coinbase listings are unlocking fiat on-ramps for American capital.
CZ’s full pardon removes “fit-and-proper” regulatory overhang and opens the door for institutional custody, payments and infrastructure partnerships inside the United States.

Risk-Adjusted Outperformance
Across full cycles BNB has delivered ~15–20 % native holding yield while outperforming BTC, ETH and SOL in both draw-down recovery and Sharpe ratio.
A 2–5 % BNB sleeve in a traditional 60/40 portfolio raises the Sharpe from 0.95 to 1.25 in Monte-Carlo simulations, thanks to low correlation and convex upside.

The Asset Trilemma: Speed, Security, Liquidity
Most Layer-1s sacrifice one vertex for the other two.
BNB’s Proof-of-Staked-Authority consensus plus multi-venue depth lets it simultaneously deliver:

• Nasdaq-grade throughput (> 20 k TPS target)

• < 150 ms finality

• Deep, liquid markets on both CEX and DEX rails

From Gas Token to Full-Stack Issuance Platform
BNB is no longer “just” gas.
It is the settlement layer, collateral base, governance stake and loyalty pass for:

• Launchpool / Megadrop early allocations

• Binance Alpha liquidity mining

• Perps on Aster, money-markets on Venus, LSTs on Lista DAO

• RWA venues with Franklin Templeton & Ondo

• Consumer apps, GameFi and NFT marketplaces

The Flywheel
More on-boarding → more transactions → higher burn rate → lower float → stronger price support → larger ecosystem incentives → more on-boarding.
The loop is self-reinforcing and transparently on-chain.

Product Roadmap 2026+

• Sub-second confirmations

• zk-privacy modules for compliant confidentiality

• Parallel-execution VM beyond EVM limits

• Web2-grade UX with Web3 self-custody (social log-in, key rotation, multi-sig abstraction)

Conclusion
While BTC digitizes value and ETH digitizes contracts, BNB digitizes the entire trade lifecycle—issuance, discovery, settlement and participation—in one token.
With a structurally shrinking supply, the world’s deepest CEX flow, and the fastest-growing on-chain economy, BNB is positioned to be the default trading engine and allocation vehicle for the global Web3 financial system.