BNB

The question the market is actually pricing in BNB is how much of it is a bet on a blockchain and how much is a bet on one company. The token is the gas asset of a public network with its own validators and its own fee burn. It is also the fee-discount instrument of a large centralised exchange, and its supply reduction runs on a formula only Binance executes. Both descriptions are true at once, which is what makes it hard to value.