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您的利润是我的机会。 -Jeff Bezos，Amazon 创始人兼 CEO Binance 最好地体现了 Bezos 这句名言。这个行业领先的交易所收取业内最低的费用，以此作为战略和竞 争优势。与 Amazon 相似，Binance 的战略是利用低价来建立强大的网络，通过规模产生利润。如今， Binance 是交易量最大的交易所，前 50 位代币的 82%1 以及现货交易量的 36.6% 都在 Binance2 上进行。
交易所是少数有强大网络效应的企业之一。流动性会吸引更多流动性。因为这个缘故，大多数国家都只有 一个占主导地位的股票交易所，因为这是符合自然规律的市场平衡机制。由于加密货币交易的全球化性质， 自然会有一种趋向一个交易加密货币的主导性全球交易所的压力。随着市场的成熟，某位早期占据市场的 积极进取的参与者的地位将变得更加牢固。
到目前为止，Binance 是最积极进取的加密货币交易所。在过去的 18 个月，它取得了爆炸式的增长，成 为占主导地位的全球加密货币交易所，并且增长势头不减。而且，他们还推出了野心勃勃的新增长计划， 以期强化其网络效应。其中两个最重要的计划是:1) 推出法定货币支持 — 2019 年将在五大洲的 10 个 国家推出(直至最近，Binance 不支持任何法定货币对)，2) 发布 Binance DEX，这是新推出的一个强 大的去中心化交易所 (DEX)，预期在 2019 年上半年推出后很快就会成为点主导地位的 DEX。Binance 的领导地位为他们带来了巨大的机会，并将迅速抢先占据市场。
Binance 是一家流动性企业，并利用此优势来执行监管仲裁策略，即搬到监管最友好的司法辖区。公司 历史上曾五次更改司法辖区，开始是在香港，后来是新加坡、日本、台湾、开曼群岛，最终落在马耳他。 Binance 的基地在马耳他，在全球各地设立了枢纽，在 10 个不同的司法辖区被 10 种法定货币-加密货 币交易所锚定，使企业可以灵活适应指定的监管机构。
这足以说明，我们一直在紧密地跟随 Binance 和 Binance Chain 上升。Binance Chain 提供一种无限去中 心化交易所，允许世界上的任何人在任何地方
1 Binance 的集中交易所在其同行(Coinbase Pro、Bitfinex、Kraken、Bittrex、Poloniex)中的交易对交易量是最高 的，根据 CoinMarketCap.com 市场统计数据，前 50 位资产中有 41 种在 messari.io上。 2 经过调整，剔除虚假交易 — 数据来源:https://www.blockchaintransparency.org/december-2018-rankings/
交易任何代币。如果成功，这样一种交易所对整个加密货币生态系统是极有意义的。
Binance 了解，区块链的力量可以为经济活动实现新的革命性的模式。因此，他们在宣布推出 Binance
DEX 时，曾宣布“Binance 将从一家公司转变成一个社区”。我们预期 Binance DEX 创造的价值将包含在
BNB 代币中，而不是 Binance 股权中 — 从而让用户能毫无障碍地直接参与平台的经济活动。我们相信，
Binance 将成为第一家赢利性公司，从集中开始，达成有意义的规模，最终将自身去中心化而成为首家 互联网主权组织，成为最大的去中心化自治社团 (DAC)。
由于 Binance 的费用行业最低、触及范围全球最广并且交易量最大，我们相信在迈向全球主导性加密货 币交易所的路上，它是领跑者。我们也相信，Binance 的代币 BNB 的价值被极大地低估了，主要原因 是作为一项新资产，许多投资者尚未充分领会其特性。
2018 年，Binance 通过购买后销毁机制(模拟股票回购)为 BNB 投资者带来了 $8800 万的回报。 BNB 代币当前的完全稀释估值为 $19 亿，即收益率为 4.6%。但是，必须注意的是，BNB 不是典型 公司中的典型股份，存在实质性的差异，这在我们的报告中有介绍。
BNB 的价值并不仅受 Binance 回报给投资者的现金驱动。BNB 具有巨大的效用，被用作:
押注代币 — 持有大量 BNB 的用户可依据设定的价目表获得交易费用折扣 折扣代币 — 使用 BNB 支付交易费用的用户可获得折扣 支付代币 — Binance Chain 上的所有交易费用必须用 BNB 支付 总之，在评估 BNB 价值时，所有这些因素都必须考虑。在我们的全面分析中，我们探讨了 Binance 的商业战略、DEX 市场及其竞争，并提出了一个 BNB 估值框架。
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