BNB-USD

BNB is not Binance equity—no dividends, no buybacks, no liquidation rights; value capture works indirectly through "supply-shrinking burns + ecosystem demand." At roughly $645 and a market cap near $87 billion, BSC's P/F of about 778x sits well above Solana (276x) and Tron (91x); the burn-implied annualized "buyback-like yield" of about 4.4% does not clearly beat the 10Y Treasury at 4.63%. Rating Watch: a quality ecosystem asset whose current price offers no meaningful margin of safety—ideal entry $300-450, acceptable $450-650, overvalued above $800.