On July 28, 2025, a pair of "digital boots" bearing the BNB logo shook the global sportswear giant's throne. With a market capitalization of $119.1 billion, BNB surpassed Nike and SoftBank, catapulting it to 185th place globally. This historic moment marked an epic transformation for BNB: from a mere "exchange token" to a fundamental part of the crypto economy. As the world marveled at how a "hidden" crypto token could surpass the global footwear king, the answer lay in the BNB ecosystem—powered by three powerful value engines that are driving this momentous shift in economic dominance. Engine 1: Deflationary Flywheel—Code-Encoded Scarcity BNB's multi-billion dollar market capitalization isn't a castle in the air—it's built on two solid foundations: a robust deflationary model and thriving ecosystem demand. Binance is burning 20% of its quarterly profits to repurchase and permanently destroy BNB. Over 48 million BNB have been destroyed to date, representing 31% of its initial supply. In the most recent quarter (Q32), approximately 15,900 BNB tokens were destroyed, valued at approximately $1.024 billion. This creates a precise mathematical logic: the higher the price, the higher the value burned, and the lower the circulating supply—thus creating a self-reinforcing deflationary flywheel within the system. Engine Two: Explosive Ecosystem Growth—A Comprehensive Value Capture Network BNB's core value is closely tied to the Binance ecosystem. First, Binance remains the world's largest cryptocurrency exchange by trading volume. BNB's utility within Binance (e.g., paying transaction fees, participating in new coin mining, staking, etc.) has significantly increased demand. Compared to other exchange coins, BNB has a wider range of real-world use cases, providing a solid foundation for its valuation. Second, Binance's influence extends far beyond its exchange: Binance Smart Chain (BNB Chain), DeFi, NFTs, DeSci (decentralized science), and deep integration with traditional industries together form a complete ecosystem. A thriving on-chain economy Since the Binance Alpha testnet launch in May, the BNB chain has topped the global public chain DEX trading volume rankings. Monthly on-chain trading volume surged 122%, and the number of monthly active stablecoin users exceeded 15.3 million, a near 40% monthly growth rate. The chart below shows each chain's share of weekly DEX trading volume. The dark blue section represents the BNB chain, currently the chain with the largest trading volume. As the "fuel" of the BNB chain, BNB is consumed by over 2,000 DApps daily. Every transaction, staking, and payment strengthens BNB's deflationary momentum, transforming BNB from a speculative token into a true "cash-flow-driven asset" backed by active economic use. Traditional Finance Integration Progressing Well Through partnerships with companies such as Ondo Finance and xStocks, Binance has integrated over 100 US stocks, ETFs, and funds into the BNB chain, making significant progress in tokenizing real-world assets (RWAs). Recently, Binance Earn launched RWUSD, a principal-guaranteed product that tracks the performance of tokenized US Treasuries and other RWAs. These initiatives not only expand the application of blockchain in traditional finance but also enhance the practical utility and market demand for BNB. Furthermore, the BNB chain is gaining traction in consumer-facing industries, including KingoFood (restaurants), OFF-White (luxury shopping), and software provider NOWNodes—where BNB is increasingly accepted as a payment method. Engine 3: Capital Breakthrough—Traditional Markets Repricing Crypto Assets With the collision of stocks and cryptocurrencies, and an increasing number of US public companies announcing digital asset reserves, the barriers between Wall Street and Web3 are breaking down. Within this new narrative, the market is reassessing the value of BNB as a "core infrastructure asset." Several milestones followed: WLFI, the Trump family's cryptocurrency project, deployed over 90% of its $1 stablecoin on the BNB chain. Recently, the Abu Dhabi Exchange (MGX) invested $2 billion in Binance at $1. Nano Labs, a US-listed company, added 8,000 BNB via over-the-counter (OTC) transactions, bringing its total holdings to 128,000 BNB, valued at over $108 million, with a future goal of a $1 billion reserve. Windtree (WINT), another US-listed company, signed a $60 million securities purchase agreement with Build & Build Corp to acquire BNB, launching a funding strategy to reach a $200 million reserve. A $500 million PIPE funding round led by 10X Capital and CZ Family Office's YZi Labs aims to establish Vape as the world's largest publicly listed BNB fund manager. All of this suggests that BNB is evolving from a purely on-chain token to an asset whose net asset value (NAV) can be reflected in the public stock market—a key pillar on BNB's path to $1,000. Conclusion When BNB surpassed traditional giants with a market capitalization of $119.1 billion, it marked not only the success of a single token but also the rise of a new collaborative model between traditional finance and the on-chain economy. This leap is driven by the robustness and real demand of the deflationary mechanism, the regenerative power of the Binance ecosystem, and the profound recognition of traditional capital markets. Nike has been surpassed—Who will be the next brand to succumb to BNB's influence?