300 million users and 10% shadow dividends: Analyzing the "Three-Phase Growth" logic of BNB in 2026Author: danny
As cryptocurrency policies become clearer, mainstream capital is entering the crypto market in large quantities. As industry leaders, Binance and BNB's valuation logic has undergone a structural transformation. BNB is no longer just a simple functional token for exchanges but has matured into a complex, multi-dimensional, composite asset that requires a multi-faceted valuation framework.
This article proposes a "Three-Phase Growth Model" to assess its fair market value. The model isolates and analyzes three unique but interconnected economic engines: the Exchange Curve (driven by implicit dividends and structural deflation), the Public Chain Curve (driven by on-chain commodity demand, liquidity, and staking), and the emerging Digital Asset Treasury (DAT) Curve (driven by institutional capital access and arbitrage).
Regardless of bullish or bearish sentiment, this article aims to discuss the valuation of this multi-dimensional, composite cryptocurrency.
PANews·8m ago