‘Eligible Topics’;  After a sluggish 2023, BNB Chain, the Binance-affiliated layer-1 blockchain, is showing clear signs of recovery amid growing institutional adoption, revived DeFi activity, and ETF interest. Its native token BNB is currently trading at $598.73, marking a strong comeback with a market capitalization nearing $85 billion, according to CoinMarketCape

The rebound is fueled by multibillion-dollar inflows into DeFi protocols, surging trading volumes on Binance, and a broader narrative shift toward real-world use cases and institutional-grade products.DeFi Inflows Surpass $6B on BNB Chain

According to DeFiLlama, total value locked (TVL) on BNB Chain has jumped from $3.5 billion in early 2024 to over $6 billion as of May 7, 2025 — a 71% increase year-to-date. While it still trails its all-time high of over $20 billion in 2022, the upward momentum marks renewed confidence in the ecosystem.

PancakeSwap, the largest DEX on BNB Chain, accounts for about $1.5 billion in TVL, underscoring the blockchain’s strength in core DeFi sectors such as DEXs, lending, and liquid staking.

“BNB Chain remains a more concentrated, old-fashioned smart contract platform compared to rivals like Ethereum and Solana,” Standard Chartered wrote in a May research note. “But this structure provides a degree of stability, which may be appealing in volatile macroeconomic conditions.”

Institutional Tailwinds Strengthen BNB's Trajectory

BNB Chain’s resilience is also supported by its connection to Binance, which saw a record $76 trillion in trading volume in 2024 and now accounts for roughly 40% of global spot crypto trading, according to Standard Chartered. This strong CEX backbone has given BNB Chain an edge in sustaining and scaling its infrastructure.

In a major development, VanEck filed for the first U.S.-based BNB ETF on May 5, aiming to capitalize on the growing institutional demand for Binance-linked assets. If approved, it could be a watershed moment for BNB’s presence in traditional markets.