Changpeng Zhao (CZ) discusses BNB, BNBChain, and its ecosystem.

Live Chat Guests

David Namdar (X@namdarp): CEO of BNC@BNBNetworkCo and co-founder of Galaxy Digital, with over a decade of experience in cryptocurrency and capital markets. Currently CEO of Nasdaq-listed BNB Network Company (BNC), he leads a BNB-centric digital asset treasury project known as the "BNB version of MicroStrategy."

CZ: Founder and former CEO of Binance @binancezh, and one of the most influential entrepreneurs in the global cryptocurrency industry. BNB (Build and Build) was originally launched in 2017 as the platform token of the Binance exchange, during the ICO and utility token boom. However, over seven years, BNB has evolved from a simple exchange token into a core asset supporting a multi-chain ecosystem. Recently, BNB's price has repeatedly reached new highs, sparking market attention for a revaluation of its value. To understand the investment value of BNB, it is necessary to first distinguish between the "BNB token" and the "BNB Chain ecosystem." Many investors still consider BNB to be "Binance Coin," but this perception is outdated. In reality, BNB is now the native asset of an independent decentralized ecosystem. While Binance Exchange still offers BNB holders fee discounts and various benefits, these are only a subset of BNB's many use cases. The BNB Ecosystem's Technological Evolution Path BNB's development history reflects the rapid iteration of blockchain technology. Starting as an Ethereum ERC-20 token, BNB has undergone a migration to the Tendermint blockchain, achieved EVM compatibility, launched the second-layer solution opBNB, and developed the Greenfield storage chain. This multi-chain architecture enables BNB to adapt to diverse technical needs and application scenarios. Binance founder Changpeng Zhao (CZ) stated in a recent interview that the development team is considering the next-generation architecture, aiming to achieve a 100-1000x throughput increase while natively supporting emerging applications such as AI, stablecoins, and RWAs (real-world assets). This technological evolution strategy makes the BNB chain more adaptable and forward-looking than other blockchains. Strategic Opportunities in the Stablecoin Market Stablecoins are considered one of the most profitable sectors in the crypto industry. Tether, with approximately 200 employees, generates annual revenue of $13-15 billion, demonstrating impressive per-capita productivity. However, traditional stablecoin issuers have previously offered limited support for the BNB chain. USDT has yet to be natively issued on the BNB chain, and USDC has only recently begun native support. This supply gap has created opportunities for native stablecoin projects. Projects like USD1 have shown strong growth momentum on the BNB chain, filling a critical gap in the ecosystem. From a global perspective, stablecoins serve as a global tool for the US dollar, expanding its influence in international trade. For economies seeking greater influence in the global financial system, developing local stablecoins holds strategic significance. The practical challenges and opportunities of RWA tokenization Tokenization of real-world assets (RWAs) is a key application direction for blockchain technology, but it faces numerous practical challenges. Traditional assets like real estate, due to their low price volatility and low trading frequency, may face liquidity issues after tokenization. Furthermore, issues such as the legal status, regulatory oversight, and rights enforcement of tokenized assets remain to be clarified. In contrast, traditional financial instruments and commodities are more suitable for tokenization. These assets are highly standardized and easy to price and settle. While there is a clear demand for stock tokenization, it faces strict securities regulatory requirements and requires clear policy guidance from regulators. The deep integration of AI and blockchain The rapid development of artificial intelligence will significantly drive the growth of blockchain transaction volume. In the future, each person may possess thousands of AI agents, each of which will conduct frequent microtransactions, potentially at a frequency 3-6 orders of magnitude higher than today. Traditional financial infrastructure struggles to handle such high-frequency microtransactions, making blockchain technology a natural fit for this application scenario. Blockchain can also provide important support for AI development, including privacy protection, secure training, and a transparent algorithm development process. Issues such as data usage and copyright protection during AI training can be better addressed through blockchain technology. This mutually reinforcing relationship foreshadows a more closely integrated ecosystem between AI and blockchain. The Trend from Centralized to Decentralized Trading While centralized exchanges (CEXs) remain the entry point for most users into the crypto world, decentralized exchanges (DEXs) are clearly on the rise. CEXs offer a more user-friendly experience and customer support, making them suitable for beginners. However, as users gain experience, they tend to prefer DEXs, which offer greater freedom and control. The fundamental driving force behind this shift is the core value proposition of decentralization: complete user control over their assets. While the current DEX user experience still needs improvement, technological advancements and product optimization will gradually narrow the gap with CEXs. In the long term, it's only a matter of time before DEX trading volume surpasses CEXs. A New Digital Asset Treasury Model: The "digital asset treasury" model pioneered by MicroStrategy founder Michael Saylor offers a new path for traditional companies to participate in the crypto market. This model allows traditional investors to indirectly gain exposure to digital assets by purchasing shares in listed companies, making it more convenient for institutional investors who cannot directly purchase cryptocurrencies. As a high-performing digital asset, BNB has the potential to become a corporate treasury asset. Compared to a single Bitcoin allocation strategy, a diversified digital asset portfolio can better capture growth opportunities across diverse ecosystems. The widespread adoption of the digital asset treasury model will further promote the integration of traditional finance and Web3. CZ emphasized that the measure of the BNB ecosystem's success shouldn't be price performance, but rather how many people it helps access financial services. Many companies in developed countries currently ignore underdeveloped regions like Africa and Southeast Asia, yet these regions hold immense long-term value. Providing financial services through blockchain technology can help billions of people access the global financial system. This vision aligns with the original purpose of blockchain technology: to build a more inclusive and equitable financial system. With global population growth and the development of emerging market economies, the goal of providing financial services to 10 billion people is crucial. This mission-driven development model also provides a solid foundation for the long-term growth of the BNB ecosystem. Investment Implications and Risk Warnings BNB's evolution from an exchange token to a native asset in a decentralized ecosystem demonstrates the rapid iteration capabilities of the crypto industry. Its presence in emerging areas such as stablecoins, RWAs, and AI integration, as well as the trend of migration from CEXs to DEXs, provide multiple drivers for its long-term value growth. However, investors should also be aware of associated risks. Regulatory changes, intensified technological competition, and market volatility may all impact BNB's performance. Furthermore, the growth of a decentralized ecosystem takes time, and short-term price fluctuations may be significant. From an investment research perspective, BNB represents a new type of digital asset: neither a simple payment token nor a traditional equity token, but rather a value capture tool within an open ecosystem. The success of this model will provide important insights for the entire crypto industry and warrants long-term attention and research. Conclusion: The development trajectory of the BNB ecosystem reflects the blockchain industry's evolution from single applications to comprehensive infrastructure. With the maturity of emerging applications such as stablecoins, RWA, and AI, and the popularization of decentralized transactions, BNB is expected to play a more important role in the next development cycle. For investors who hope to participate in the development dividends of Web3, it is of great significance to deeply understand the value logic and development prospects of the BNB ecosystem.