39 bps plus no staking makes VBNB a convenience wrapper, not the cleanest way to own $BNB; direct holders still keep validator yield and actual gas utility on BSC. AP creations can still pull spot supply into Anchorage cold storage while BNB Chain is already doing 14M+ tx/day, 2.5M DAUs, $16B stablecoins and $3.6B RWAs. Clean first-week spreads matter more than a day-one pump: they give Grayscale’s GBNB and the rest of the alt ETF queue a working comp.

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