標準特許啟動Binance的BNB代幣的覆蓋範圍，預測到2028年可能會飆升360％

Standard Chartered已開始對Binance的交換令牌，BNB進行正式覆蓋，並為該資產提供了該行業最詳細的長期軌蹟之一。

Standard Chartered has begun formal coverage of Binance’s trade token, BNB, setting out one of the industry’s most detailed long-term trajectories for the asset.

Standard Chartered已開始對Binance的貿易代幣（BNB）進行正式覆蓋，並闡明了該行業最詳細的資產長期軌蹟之一。

In a research note shared with The Block, Geoffrey Kendrick, the bank’s global head of digital-asset research, argues that the token price could accelerate from roughly $600 today to $1,275 by 2025 and $2,775 by 2028, before “plateauing” through 2029.

該銀行全球數字資產研究負責人杰弗裡·肯德里克（Geoffrey Kendrick）在與該街區分享的研究報告中指出，令牌價格可能會從今天的大約600美元加速到2025年的1,275美元，到2028年，到2029年之前，到2028年，到2028年。

That path implies a gain of more than 360% from current levels and, crucially, situates the token in what Kendrick calls “a benchmark-like role” inside the wider crypto capital structure.

該路徑意味著從當前水平的增益超過360％，並且至關重要的是，在更廣泛的加密資本結構內，肯德里克稱之為“基準般的角色”。

“BNB has traded almost exactly in line with an unweighted basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility,” Kendrick wrote. “We expect this relationship to continue to hold, driving the price from around $600 currently to $2,775 by end-2028.”

肯德里克寫道：“自2021年5月以來，BNB的交易幾乎與未加權的比特幣和以太坊完全一致。” “我們預計這種關係將繼續保持下去，到2028年底，目前的價格從目前的600美元增加到2,775美元。”

Standard Chartered’s broader outlook is unabashedly bullish on the majors: Bitcoin is projected to reach $200,000 in 2025 and $500,000 in 2028, while Ethereum is pencilled in at $4,000 and $7,500 over the same horizons.

標準Charter的更廣泛的前景在專業上毫不掩飾：預計比特幣在2025年將達到200,000美元，2028年將達到500,000美元，而以太坊的價格為4,000美元，在同一視野中以$ 4,000，$ 7,500。

When those forecasts are translated into cross-asset ratios, they reveal subtle shifts in market share. The BTC-BNB ratio—how many BNB one Bitcoin can buy—is expected to tick up from 157 in 2025 to 180 by 2027, then hold steady, implying that Bitcoin’s dollar appreciation is likely to outrun BNB’s. By contrast, the ETH-BNB ratio is seen slipping from 3.14 in 2025 to 2.70 in 2027, signalling that Ethereum may outperform BNB, but more gently than Bitcoin will.

當這些預測轉化為跨編寫比率時，它們揭示了市場份額的細微轉變。 BTC-BNB的比率（一個比特幣可以買到的BNB）有望從2025年的157點提高到2027年的180，然後保持穩定，這意味著比特幣的美元賞金可能會超越BNB的款項。相比之下，看到ETH-BNB比率從2025年的3.14滑到2027年的2.70，這表明以太坊的表現可能勝過BNB，但比比特幣更輕輕。

Kendrick acknowledges that BNB “may underperform Bitcoin and Ether both in real terms and as measured by market cap in circulation,” yet he contends that its deflationary tokenomics and deep linkage to the world’s largest centralized exchange “support its long-term value.”

肯德里克（Kendrick）承認，BNB“以實際情況和通過循環中的市值來衡量的是表現不佳的比特幣和以太幣”，但他認為其溫和的標記和與世界上最大的集中交易所“支持其長期價值”。

The research note dissects BNB Chain’s architecture. Its “proof-of-staked authority” model rotates just 45 validators every 24 hours—a sharp contrast to Ethereum’s million-plus validator set. Kendrick describes BNB Chain as “highly centralised relative to other chains,” adding that its developer activity has “stagnated” since the 2021 DeFi surge and now trails networks such as Avalanche and Ethereum.

研究說明剖析了BNB鏈的架構。它的“固定權限”模型每24小時僅旋轉45個驗證器，這與以太坊的百萬級驗證器集形成了鮮明的對比。肯德里克（Kendrick）將BNB鏈描述為“相對於其他連鎖店的高度集中式”，並補充說，自2021年Defi激增以來，其開發人員活動已停滯不前，現在落後於Avalanche和Ethereum。

Even so, forthcoming technical milestones are expected to expand the ecosystem’s resilience. Kendrick cites the recently completed Pascal hard fork and the looming Maxwell upgrade, due in June, as examples of “incremental but meaningful” incentives for developers.

即便如此，即將到來的技術里程碑也有望擴大生態系統的彈性。肯德里克（Kendrick）引用了最近完成的帕斯卡（Pascal Hard Fork）和迫在眉睫的麥克斯韋（Maxwell）升級，該升級將於6月份作為開發人員的“增量但有意義”激勵措施的例子。

On the demand side, the token’s fortunes remain tethered to Binance’s trading engine. Holders receive tiered fee discounts calculated on their token balance and 30-day volume—a mechanically enforced use-case that has so far “helped the BNB Chain retain activity even as competition from other ecosystems like Solana grows,” Kendrick notes. PancakeSwap, the dominant decentralised exchange on BNB Chain, amplifies that liquidity loop.

在需求方面，令牌的命運仍然束縛在Binance的交易引擎上。持有人獲得了根據其令牌餘額和30天的量計算出的分層費用折扣，這是一種機械強制執行的用例，到目前為止，“即使來自其他生態系統的競爭，例如Solana Growws，也幫助BNB鏈保留了活動，” Kendrick指出。 BNB鏈上的主要分散交換pancakeswap放大了流動性循環。

Meanwhile, regular token burns, coupled with the fixed-limit supply, underpin a structural deflation that Standard Chartered says justifies the premium BNB commands on its market-cap-to-GDP valuation screen—currently “rich” by the bank’s preferred metric.

同時，常規的令牌燃燒以及固定限制的供應基於標準特許的結構放氣說明了其在其市場上限到GDP估值屏幕上的高級BNB命令是合理的，這是銀行首選指標的“富裕”。

At press time, BNB traded at $605.

發稿時，BNB的交易價格為605美元。