BNB centralisation key point: The validator set is relatively small (the earlier 21 validators model was explicitly referenced) and the chain in several analyses is judged less decentralised than some “pure” proof-of-stake systems.

For example: during the October 2022 incident, a claim was made that the chain was paused by “contacting ~26 validators” to suspend operations. This suggests that a small group of validators (or at least reachable by the central entity) had significant control.

On the governance side, some critics argue that the ecosystem retains significant influence from Binance (the exchange) and therefore is less “community-governed” than some purely decentralised chains.

Implication: If you are assessing decentralisation for example to measure “trustlessness” or resistance to central censorship - BNB Chain (and BNB token) score moderate, but not best-in-class. #MarketPullback