As the core token of the Binance ecosystem, BNB was affected by the market correction this morning. However, on-chain data shows that the main trading pairs (USDT/FDUSD) still account for 26% of the network's liquidity, indicating a solid market foundation. In terms of key mechanisms, the ongoing quarterly burn (which has reduced supply by 50%) provides deflationary support in conjunction with the expansion of the BNB Chain ecosystem. If the trading volume on the smart chain continues to grow this quarter, it could catalyze expectations for a new round of burns. In the short term, pay attention to the stimulation of BNB staking demand from Binance's new Launchpool projects, while long-term ecosystem applications (such as Gas fees and DEX governance) remain the main drivers of its value. Investors can use the Bitcompare tool to track large on-chain transfers and sentiment fluctuations.