From the perspective of an 800-billion-dollar node, the upward logic of BNB is actually quite clear. Ultimately, it is expected to generate over 20 billion in profit by 2025. Combined with the Q4 burn estimates, the current market cap of 1.2 trillion seems indeed cheap.

The most interesting part here is the public chain under the leading exchanges. Its growth rate is somewhat outrageous—an average of 4.2 million daily active users, whereas the same period last year only had monthly active users at this level. The ecosystem scale is also soaring; the overall value has already surpassed 10 billion, with weekly trading volume exceeding 40 billion and transaction counts reaching 120 million. From the public chain perspective alone, an 800-billion valuation is not unreasonable.

Adding the exchange wallet sector, with total users surpassing 16 million, a 10 billion valuation also seems reasonable. Returning to the exchange itself—annual trading volume of 71 trillion, including spot trading of 7 trillion, and net profit of over 20 billion. Given this scale, is a valuation starting at 100 billion reasonable? I think it's hard to say it's excessive. Looking higher, at a 200 billion market cap, the entire ecosystem foundation is actually right there.