Just a few observations - take away from it what you will. How much do you really think about Binance Coin?

Binance, faced with regulatory witlessness says "Screw you, I'm going to Malta and I'm getting a pretty sweet deal with the government there"...Of course most of this regulatory scrutiny should have occurred 6-12 months ago if authorities were on the ball and doing their jobs. I digress, whatever, good move for Binance.

They also decide to create their own blockchain, allowing them to take a stab at the scaling issue - with quite a bit of revenue, capital & Clout, to-boot. This also legitimizes them, they are masters enough of the technology not to be tethered to Ethereum and their ERC-20 standard. They can effectively steal their scaling solution or try one of their own. Also, this gives you an angle on "decentralized exchanges" - maybe a little more centralized than in utopia, but they can still have a lot of the transparency and functionality, with a less hands-on approach.

We learn of increased incentives & rewards to new user/account referrals. This was done intelligently, effectively requiring you to have a "stake" in BNB large enough to receive these rewards...but the trading benefits alone ensure you will likely have some in your account if you trade there.

And finally, now they are dropping a Billi-B-Billion on blockchain startups, ensuring they are first in line for any new tech they find and can leverage.

There are a lot of smart things happening here that should help the value of BNB and the exchange. Also, I suspect the appreciation of BNB itself inspires "investment frothiness", because there are gains in the portfolio that a lot of people don't necessarily attribute to their performance on "main positions". There are a lot of incentives aligned.