Many people have not noticed that BNB will undergo its 36th quarterly destruction in July. As a holder, today we will talk about the story of BinanceCoin: Native. On April 15th of this year, BNB completed its 35th destruction, burning 1.56 million pieces at a price of approximately 1.02 billion US dollars, reducing the total supply to 134.7 million pieces. In January, the 34th time burned about 1.277 billion US dollars. That is to say, BNB is currently maintaining a pace of burning billions of dollars every quarter and will continue to burn until the total number is only 100 million. How did this mechanism come about? Let's briefly review BNB's past nine years. In 2017, Binance issued 200 million BNBs through an ICO at a price of approximately $0.15. The white paper promised to repurchase and destroy 20% of profits every quarter until half were burned. This is the starting point of the destruction mechanism. In 2019-2020, Binance launched its own public chain (now BNB Chain), coinciding with the DeFi outbreak, where BNB transformed from exchange discount coupons to gas coins for the entire chain. This is the most important upgrade in its value logic: demand no longer comes solely from commission discounts, but from the use of the entire chain. In the 2021 bull market, BNB rose to a peak of $690, more than 4000 times higher than its issue price. In December of the same year, the destruction rule was changed to the current Auto Burn formula, no longer linked to profit (because the market always deducts how much Binance earns from the amount of destruction), but instead linked to coin price and block output. 2022-2023 is the darkest moment: the cross chain bridge was hacked and lost about $570 million, Binance reached a settlement with the US Department of Justice and pleaded guilty to a fine of $4.3 billion, CZ resigned and pleaded guilty, and many people thought BNB was doomed at that time. As a result of the plot reversal in 2025, Trump pardoned CZ, and the number of live orders on the blockchain increased from 36 million at the beginning of the year to 58.1 million. On October 13th, BNB hit a historic high of $1370. It is now mid-2026, and BNB has fallen from its peak to around $600, a drop of approximately 55%. For me, it is a good boarding point, and currently my cost price is controlled at 530. There are currently two main positive aspects. Firstly, the ETF channel has been opened. On May 28, 2026, VanEck's spot BNB ETF, code VBNB, was listed on NASDAQ and became the first in the United States. Grayscale also submitted a similar application in January. The biggest significance of this matter is that retirement accounts and regular brokerage accounts in the United States can legally buy BNB for the first time, and BTC and ETH ETFs have already gone through the process. Secondly, the fundamentals on the chain are relatively solid. There are currently over 13.7 billion US dollars of stablecoins and 3.6 billion US dollars of tokenized assets RWA on BNB Chain, with 1.96 million daily active addresses ranking first on the entire chain. Every transaction on the chain consumes BNB as gas, and a portion of it is burned on the spot according to BEP-95. Thirdly, supply is contracting in one direction. From 200 million pieces burned in nine years to 134.7 million pieces, it is traceable and irreversible on the chain. After burning to 100 million pieces, the supply is basically locked. Finally, let's talk about the destruction in July. Actually, we can roughly calculate the quantity of the 36th destruction now, because the formula is public, the probability is still around 1.5 million pieces, which is about 900 to 1 billion US dollars at the current price. So the destruction announcement itself will not bring any surprises, it just reads the script from the supply side. The real determinant of the long-term is the demand side. As a holder, mentioning a few data points that I am actually monitoring is also my own operational basis. The first one is the net inflow of VBNB. ETF is the largest incremental capital entry in this cycle, and both BTC and ETH have been verified. This data can be found every day. If the cumulative net inflow after six months of listing is still around zero, it means that traditional funds do not recognize this asset, and the ETF's good news needs to be discounted. The second one is the money on the chain. The scale of stablecoins and RWAs is much larger than the monthly active inventory, currently at $16 billion and $3.6 billion respectively, which can be checked at any time on DefiLlama. These two numbers continue to rise, indicating that there is real business on the chain. But now it's a bear market, and we can't rely too much on these two indicators. The third one is Binance itself. The underlying logic of BNB is Binance, and buying BNB is approximately equivalent to buying Binance. Another thing I value very much is what happens after burning 100 million pieces? The official statement clearly states that the target of 100 million units only applies to quarterly Auto Burn, and once achieved, quarterly destruction will cease. However, BEP-95 will continue indefinitely. That is to say, the total amount of BNB will eventually fall below 100 million, but at a much slower pace. From a large number of quarterly transactions to a small number of transactions per transaction. So after 100 million coins, BNB will become a purely deflationary asset, with the deflation rate directly equal to the on chain activity. My own approach is to continuously invest below 600. As long as the supply is closing every quarter and the above three demand indicators are currently on the rise, a 55% pullback from the high point is an opportunity for me rather than a risk.