BNB isn’t just another token—it’s the fuel powering Binance, the world’s largest crypto exchange, and BNB Chain, a high-speed blockchain driving DeFi, AI, and next-gen applications.

Initially launched in 2017 as an ERC-20 token on Ethereum, BNB has since migrated to its own blockchain, evolving into a hybrid exchange and utility token with diverse applications. Further, the BNB chain was amongst the earliest networks that offered a scalable alternative to Ethereum, on top of being the first EVM-compatible network, developers could migrate their existing applications from Ethereum without heavily changing the codebase. As a result, BNB is one of the most battle-tested networks in the crypto landscape, having successfully withstood multiple stress-test scenarios.

Impressively, while much of the year’s attention has been on the big three—Bitcoin, Solana, and Ethereum—BNB has quietly flown under the radar. Yet, it has outperformed all three, surging by approximately 90% over the past year.

Figure 1: 1-Year Performance of Major Cryptoassets

Source: 21Shares, Coingecko

So, why are we talking about BNB now?

For one, centralized exchange (CEX) tokens ranked second among the fastest-growing sectors last year, surging 370% in value. This growth trailed only tokenization-related assets, which skyrocketed by around 700% during the same timeframe, as depicted below.

Figure 2: Sector Performance in Last Year

Source: 21Shares, Artemis

The reason they stood out is that they have proved their product-market fit. These tokens remain structurally dependent on centralized exchanges that function as primary liquidity gateways for retail traders, particularly during periods of high market activity. Their value accrual operates through a dual mechanism: direct exposure to exchange revenue growth combined with mandatory utility functions, including transaction cost reductions, ecosystem interoperability requirements, and participation in yield-bearing initiatives controlled by platform operators. This symbiotic relationship between token and platform creates a potent network effect.

In addition, BNB just revealed its 2025 technical roadmap, which promises to significantly increase the competitiveness of the network by focusing on scalability, security, and AI integration:

1. Sub-Second Transaction Speeds

• BNB Chain will reduce block time from 3 seconds to sub-second latency while maintaining capacity for 100M daily transactions.

Impact: Upgrade eliminates frustrating network delays, making blockchain interactions feel nearly instantaneous – critical for high-frequency applications like DeFi & AI.

2. Gasless Transactions

• ”Megafuel system” is a system that previously allowed users to pay gas fees with stablecoins. This is now expanded to other BEP-20 tokens (BNB-based tokens) instead of just BNB and stables.

• Organizations can also sponsor gas fees for specific transactions, which is a similar feature to what newer networks like SUI offer.

Impact: This removes a major barrier for new users unfamiliar with crypto gas mechanics and enables novel business models like ”freemium” dApps.

3. Anti-MEV Protection

• New safeguards target sandwich attacks and other malicious Maximal Extractable Value (MEV) strategies.

• Validators and wallets will collaborate to hide transaction details until blocks are finalized, preventing front-running, while transaction details could be encrypted to prevent bots from exploiting pending transactions.

• Validators facilitating MEV abuse face slashing and expulsion via governance votes, while users will be Incentivized with reporting systems to flag bad actors.

Impact: This creates a fairer trading environment, particularly crucial for retail investors.

4. Smart Wallet Integration

• EIP-7702 compatible wallets introduce batch transactions and simplified key management. Users can execute multi-step operations (like DEX trades) in one click instead of multiple approvals.

• Future plans include AI-powered wallet assistants to optimize spending, cross-chain swaps, and portfolio management.

Impact: Simplify on-chain interactions and create a more user-intuitive experience

5. AI-First Infrastructure – with key initiatives including:

• Code Copilot: AI-assisted coding/debugging for smart contracts

• DataDAOs: Monetize private datasets for AI training via decentralized governance

• Trusted Execution Environment (TEEs): Secure environments for autonomous AI agents handling financial decisions

Impact: These tools lower development barriers while enabling sophisticated AI dApps in healthcare, gaming, and DeFi.

6. Memecoin Ecosystem Support

• BNB Chain commits to infrastructure for meme coins like simplified launch platforms and liquidity tools.

Impact: While controversial, this recognizes memes’ role in driving retail adoption and network activity, which can be realized below in the case of Trump’s token launch.

What sets BNB apart?

1. Streamlined Development and a Diverse Ecosystem

The BNB ecosystem unifies development across its three core chains with shared tooling, eliminating external dependencies while consolidating typically fragmented blockchain use cases across multiple networks:

• BNB Smart Chain: Supports diverse dApps as a general-purpose network.

• opBNB: Processes 100M+ daily transactions via low-cost Optimistic rollups, optimized for DeFi/gaming.

• BNB GreenField: Integrates decentralized storage with DeFi/NFTs via programmable data ownership, driving a 350% surge in stored data this year through AI and data economy applications.

Figure 3: BNB GreenField Data Stored

Source: 21Shares, GreenFieldScan

This vertically integrated design enables developers to address diverse needs – scalability, privacy, and cost – without bridging to external ecosystems.

2. Unmatched Integration with Binance’s Global Infrastructure

The BNB ecosystem leverages Binance’s position as the world’s largest crypto exchange to create a seamless, interconnected experience:

• Direct Exchange-to-Blockchain Onboarding: Binance’s Web3 Wallet simplifies onboarding for millions of users, enabling one-click access to BNB Chain DeFi, NFTs, and dApps without leaving the exchange interface.

• Token Utility Synergy: BNB’s role spans fee discounts, staking rewards, Launchpad participation, and gas fees on all three networks (BNB Chain, OpBNB & GreenField), creating circular demand tied directly to Binance’s services.

3. Corporate Muscle

In 2023, Binance earned nearly $15B, with 2024 profits expected to grow amid record crypto activity. Despite spinning off, Binance Labs remains invested in the BNB ecosystem, backing key projects like THENA, a major DEX with dual AMMs and full revenue sharing, which plans to merge with Venus, the chain’s largest lending protocol. Binance Labs also fosters innovation through the MVB Accelerator program, supporting 131 startups in 2024 across DeFi, NFTs, AI-driven Web3, and infrastructure and helping BNB to stand out from other networks where the foundation doesn’t have a VC arm that invests directly in the ecosystem.

4. Safety Features

Beyond the 2025 MEV-focused upgrades, BNB Chain enhances user protection through:

• Built-in MEV Protection: Wallets like Trust Wallet, Binance Web3 Wallet, and OKX Wallet automatically shield transactions from sandwich attacks and predatory bots.

• Free Private RPCs: Users of wallets like MetaMask can use private RPCs (e.g., PancakeSwap, Merkle BSC) to keep transactions hidden from the public mempool.

5. Deflationary Supply

BNB is amongst the few networks with a truly deflationary policy. To be able to execute this strategy, the network employs two different apparatuses:

Quarterly Burns

• Burns tokens based on BNB’s price and network activity

• Removed 58M BNB total so far

• Became truly deflationary after 2022 (23M net reduction)

• Continues until supply drops below 100M, currently at 146M

Real-Time Burns

• Destroys part of every transaction fee automatically

• Burned 252K BNB ($166M value) to date

With a capped supply and a 5.2% deflation rate in 2024 (depicted below), BNB’s scarcity-driven approach sets it apart in a market dominated by inflationary tokens.

Figure 4: BNB Chain Annual Inflation Rates

Source: 21Shares, TokenTerminal

Real-time Burn: Via the BEP-95 improvement proposal, BNB burns a portion of gas fees collected by validators from each block on the BNB Chain. This has burnt close to 252K BNB, since its inauguration, currently worth around $166M.

As a result, BNB’s deflationary monetary policy ranks among the strongest in crypto, combining a 5.2% 2024 deflation rate with a capped max supply—a stark contrast to assets reliant on uncapped emissions. This deliberate scarcity framework positions it uniquely in a market dominated by inflationary tokens.

6. Leader in Embracing AI

As outlined in the BNB 2025 technical roadmap, the network aims to introduce features designed to enhance its competitiveness and strengthen its position as a leader in next-generation blockchain infrastructure. At the core of this vision is an AI-first architecture that natively integrates advanced tools for debugging smart contracts and enabling private data monetization without dependence on third-party services. This strategic shift positions BNB as the premier platform for scalable AI applications, bridging the divide between speculative AI concepts and practical, user-focused innovation.

What are BNB’s Challenges and Risks?

Centralization Risks: Operates with only 45 active validators vs. thousands in networks like Ethereum.

Competitive Pressures

AI Complexity Risks: The ”AI-first” roadmap introduces untested risks, including AI-generated smart contracts that may exacerbate vulnerabilities. In 2024 alone, 35K high-risk contracts were flagged on the BNB Chain, and AI tools could worsen this trend.

Market Dependency: BNB’s performance is highly reliant on favorable market conditions and Binance’s legal standing. Regulatory or operational issues with Binance could severely impact BNB’s prospects.

Binance Reliance: BNB’s success is tightly tied to Binance’s reputation and operations, creating a single point of failure that could deter investors amid security or regulatory challenges.

To sum up, here is our outlook for the BNB Chain, taking into account potential outcomes for the bull and bear scenarios:

What’s happening this week?

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Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

I takt med att kaffepriset har stigit är det många som letar efter en börshandlad produkt som spårar priset på kaffe. I och med att EU kräver att en börshandlad fond (ETF) skall vara diversifierad och ha minst 16 olika underliggande tillgångar så finns det i Europa inga ETFer som spårar utvecklingen för kaffe, men vi har identifierat fyra börshandlade produkter för den som vill satsa på kaffepriset.

Vi har endast lyckats identifiera en emittent som erbjuder börshandlade produkter i form av ETCer på kaffe. Det finns emellertid en rad certifikat hos Nordnet och Avanza som erbjuder exponering mot denna råvara. Observera att det finns ganska stora skillnader mellan dessa fyra börshandlade produkter som vi hittat som ger exponering mot kaffe. Vi tittar närmare på dessa under tabellen.

Namn	Kortnamn	Avgift	ISIN
WisdomTree Coffee 2x Daily Leveraged	4RT2	0,98%	JE00B2NFTD12
WisdomTree Coffee 3x Daily Leveraged	3CFL	0,98%	JE00BYQY3Z98
WisdomTree Coffee	OD7B	0,49%	JE00BN7KB557
WisdomTree Coffee – EUR Daily Hedged	ECOF	0,49%	JE00B6TK3K31

Handla 4RT2 ETC

WisdomTree Coffee 2x Daily Leveraged (4RT2 ETC) är en europeisk börshandlad råvara med 2 x i hävstång. Denna fond handlas på flera olika börser, till exempel Borsa Italiana, Deutsche Boerse Xetra, och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade råvara.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, SAVR och Avanza.

Handla 3CFL

WisdomTree Coffee 3x Daily Leveraged (3CFL ETC) är en börshandlad råvara (”ETC”) med 2 x i hävstång som handlas på London Stock Exchange.

London Stock Exchange är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Handla OD7B ETC

WisdomTree Coffee (OD7B ETC) är en europeisk börshandlad råvara som handlas på bland annat London Stock Exchange och tyska Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, SAVR och Avanza.

Handla ECOF ETC

WisdomTree Coffee – EUR Daily Hedged (ECOF ETC) är en börshandlad råvara (”ETC”) som handlas på Borsa Italiana. Denna skiljer sig från övriga börshandlade råvaror i denna artikel eftersom den är valutasäkrad i euro.

Borsa Italiana är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Invesco BulletShares 2028 USD Corporate Bond UCITS ETF Dist (BS28 ETF) med ISIN IE000A0RC215, strävar efter att spåra Bloomberg 2028 Maturity USD Corporate Bond Screened index. Bloomberg 2028 Maturity USD Corporate Bond Screened-index spårar företagsobligationer denominerade i amerikanska dollar. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller under det angivna året (här: 2028) i indexet. Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade. Löptid: december 2028 (Denna ETF kommer att stängas efteråt).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,10 %. Invesco BulletShares 2028 USD Corporate Bond UCITS ETF Dist är den billigaste ETF som följer Bloomberg 2028 Maturity USD Corporate Bond Screened index. ETFen replikerar resultatet för det underliggande indexet genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kuponger) i ETFen delas ut till investerarna (kvartalsvis).

Invesco BulletShares 2028 USD Corporate Bond UCITS ETF Dist är en mycket liten ETF med tillgångar på 2 miljoner euro under förvaltning. Denna ETF lanserades den 21 maj 2024 och har sin hemvist i Irland.

Produktbeskrivning

Invesco BulletShares 2028 USD Corporate Bond UCITS ETF Dist syftar till att tillhandahålla den totala avkastningen för Bloomberg 2028 Maturity USD Corporate Bond Screened Index (”Referensindexet”), minus påverkan av avgifter. Fonden har en fast löptid och kommer att upphöra på Förfallodagen. Fonden delar ut intäkter på kvartalsbasis.

Referensindexet är utformat för att återspegla utvecklingen för USD-denominerade, investeringsklassade, fast ränta, skattepliktiga skuldförbindelser utgivna av företagsemittenter. Den är marknadsvärdevägd med ett tak på 4,5 % för enskilda företagsemittenter. För att vara kvalificerade för inkludering måste företagsvärdepapper ha minst 300 miljoner USD pari utestående och en effektiv löptid på eller mellan 1 januari 2028 och 31 december 2028.

Värdepapper är uteslutna om emittenter: 1) är inblandade i kontroversiella vapen, handeldvapen, militära kontrakt, oljesand, termiskt kol eller tobak; 2) inte har en kontroversnivå enligt definitionen av Sustainalytics eller har en Sustainalytics-kontroversnivå högre än 4; 3) anses inte följa principerna i FN:s Global Compact; eller 4) kommer från tillväxtmarknader.

Portföljförvaltarna strävar efter att uppnå fondens mål genom att tillämpa en urvalsstrategi, som inkluderar användning av kvantitativ analys, för att välja en andel av värdepapperen från referensindexet som representerar hela indexets egenskaper, med hjälp av faktorer som index- vägd genomsnittlig löptid, branschsektorer och kreditkvalitet. När en företagsobligation som innehas av fonden når förfall, kommer kontanterna som fonden tar emot att användas för att investera i kortfristiga USD-denominerade skulder utgivna av det amerikanska finansdepartementet.

ETFen förvaltas passivt.

En investering i denna fond är ett förvärv av andelar i en passivt förvaltad indexföljande fond snarare än i de underliggande tillgångarna som ägs av fonden.

”Förfallodag”: den andra onsdagen i december 2028 eller sådant annat datum som bestäms av styrelseledamöterna och meddelas aktieägarna.

Handla BS28 ETF

Invesco BulletShares 2028 USD Corporate Bond UCITS ETF Dist (BS28 ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, SAVR och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
Borsa Italiana	EUR	BS28
London Stock Exchange	GBX	BX28
London Stock Exchange	USD	BS28
SIX Swiss Exchange	CHF	BS28
XETRA	EUR	BS28

Största innehav

Namn	CUSIP	ISIN	Kupongränta	Vikt %
Verizon Communications Inc 4.329% 21/09/28	92343VER1	US92343VER15	4.329	1.44%
Amgen Inc 5.15% 02/03/28	031162DP2	US031162DP23	5.150	1.35%
CVS Health Corp 4.3% 25/03/28	126650CX6	US126650CX62	4.300	1.30%
General Motors Financial Co Inc 5.8% 23/06/28	37045XEH5	US37045XEH52	5.800	1.24%
Pfizer Investment Enterprises Pte 4.45% 19/05/28	716973AC6	US716973AC67	4.450	1.18%
Banco Santander SA 5.588% 08/08/28	05964HAU9	US05964HAU95	5.588	1.09%
Comcast Corp 4.15% 15/10/28	20030NCT6	US20030NCT63	4.150	1.04%
Ford Motor Credit Co LLC 6.8% 12/05/28	345397C92	US345397C924	6.800	0.96%
Cigna Group/The 4.375% 15/10/28	125523AH3	US125523AH38	4.375	0.91%
AerCap Ireland Capital DAC / AerCa 3% 29/10/28	00774MAW5	US00774MAW55	3.000	0.85%

Innehav kan komma att förändras