标准特许启动Binance的BNB代币的覆盖范围，预测到2028年可能会飙升360％

Standard Chartered已开始对Binance的交换令牌，BNB进行正式覆盖，并为该资产提供了该行业最详细的长期轨迹之一。

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已开始对Binance的贸易代币（BNB）进行正式覆盖，并阐明了该行业最详细的资产长期轨迹之一。

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.

该银行全球数字资产研究负责人杰弗里·肯德里克（Geoffrey Kendrick）在与该街区分享的研究报告中指出，令牌价格可能会从今天的大约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.

该路径意味着从当前水平的增益超过360％，并且至关重要的是，在更广泛的加密资本结构内，肯德里克称之为“基准般的角色”。

“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.”

肯德里克写道：“自2021年5月以来，BNB的交易几乎与未加权的比特币和以太坊完全一致。” “我们预计这种关系将继续保持下去，到2028年底，目前的价格从目前的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.

标准Charter的更广泛的前景在专业上毫不掩饰：预计比特币在2025年将达到200,000美元，2028年将达到500,000美元，而以太坊的价格为4,000美元，在同一视野中以$ 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.

当这些预测转化为跨编写比率时，它们揭示了市场份额的细微转变。 BTC-BNB的比率（一个比特币可以买到的BNB）有望从2025年的157点提高到2027年的180，然后保持稳定，这意味着比特币的美元赏金可能会超越BNB的款项。相比之下，看到ETH-BNB比率从2025年的3.14滑到2027年的2.70，这表明以太坊的表现可能胜过BNB，但比比特币更轻轻。

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）承认，BNB“以实际情况和通过循环中的市值来衡量的是表现不佳的比特币和以太币”，但他认为其温和的标记和与世界上最大的集中交易所“支持其长期价值”。

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.

研究说明剖析了BNB链的架构。它的“固定权限”模型每24小时仅旋转45个验证器，这与以太坊的百万级验证器集形成了鲜明的对比。肯德里克（Kendrick）将BNB链描述为“相对于其他连锁店的高度集中式”，并补充说，自2021年Defi激增以来，其开发人员活动已停滞不前，现在落后于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，即将到来的技术里程碑也有望扩大生态系统的弹性。肯德里克（Kendrick）引用了最近完成的帕斯卡（Pascal Hard Fork）和迫在眉睫的麦克斯韦（Maxwell）升级，该升级将于6月份作为开发人员的“增量但有意义”激励措施的例子。

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，令牌的命运仍然束缚在Binance的交易引擎上。持有人获得了根据其令牌余额和30天的量计算出的分层费用折扣，这是一种机械强制执行的用例，到目前为止，“即使来自其他生态系统的竞争，例如Solana Growws，也帮助BNB链保留了活动，” Kendrick指出。 BNB链上的主要分散交换pancakeswap放大了流动性循环。

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.

同时，常规的令牌燃烧以及固定限制的供应基于标准特许的结构放气说明了其在其市场上限到GDP估值屏幕上的高级BNB命令是合理的，这是银行首选指标的“富裕”。

At press time, BNB traded at $605.

发稿时，BNB的交易价格为605美元。