$BNB

### **BNB Value Reconstruction: From Fuel to Ecological 'Metabolic Hub'**

**Core Findings**

The essence of BNB breaking through $710 is the **victory of the token economic model upgrade** — its role is undergoing a threefold leap:

1. **Metabolic Engine**: The destruction mechanism has evolved from passive deflation to an active regulatory tool (annual destruction rate dynamically linked to on-chain Gas consumption)

2. **Consensus Container**: The holder structure has undergone a dramatic change (the proportion of whale addresses holding >5000 BNB decreased by 12%, while the mid-holding amount of 50-500 BNB increased by 23%)

3. **Ecological Antibody**: Demonstrated unconventional resilience under regulatory shocks (during the Q2 2025 withdrawal of US users, on-chain activity in Asia increased by 37% against the trend)