In 2025, BNB's returns significantly outperformed BTC and ETH. Specifically, BNB outperformed ETH by 33 percentage points, and if Launchpool rewards are included, the outperformance would reach 43 percentage points (the chart below was generated by ChatGPT and only simple attribute aggregation is possible; compound interest is not yet available). We believe that BNB's relative price will outperform ETH by approximately 30 percentage points annually over the next three years, achieving a market capitalization surpassing ETH within three years (BNB has a slightly larger supply than ETH, 130 million vs. 100 million).