The popularity of Binance Alpha and the hot money effect almost made me overlook the explosion of BNB Chain! Let's first look at a set of data.
BNB Chain's TVL has once again experienced an explosion since 2021, breaking through $6.1 billion, with a 24-hour increase of 3.57%; Chain Fees reached $592,000 in 24 hours, but Chain Revenue during the same period is similar, indicating that the chain's fees are still relatively low, with most profits flowing to dApp developers and the ecological layer, reflecting a healthy ecology. The number of on-chain transactions is expected to increase explosively in 2025, highly related to the meme craze. 1.71 million active addresses + $5.613 billion DEX trading volume indicate that it is not 'virtual fire', but real users and real transactions; over $10 billion in stablecoin market capitalization combined with $15 billion in cross-chain assets means BNB Chain has become an important hub for capital flow.
In recent years, the public chain battle has been fierce, with Layer 2 quietly rising to grab a share of the market, competing for users, funds, and developers; even once-popular projects are not immune to being washed away by the tide. However, BNB Chain has become increasingly 'resilient', leaping from a dragon-slaying youth into a 'dynamic and resilient' young adulthood: in 2025, TVL returns to over $6 billion, on-chain transactions double, and DEX trading volume ranks first among global public chains. Driven by the memecoin craze, this 'old brand' public chain has regained its vitality, prompting a reevaluation of its growth path and underlying momentum.
Reviewing BNB Chain's growth notes, it wasn't achieved overnight. It was not built on one-time airdrops or short-term capital stimulation, but on a whole set of 'replicable and scalable' ecological system construction. From the earliest exchange extension network to DeFi, GameFi, and now the explosion of memecoins, BNB Chain has always centered around one core strategy: to enable more users to 'afford', 'utilize', and 'sustain' here.
Because of the DeFi summer, high TVL entered people's sight, even becoming a quantitative standard for project quality, but some public chains have high TVL, yet the active addresses and transaction numbers are very cold, just like a luxury supermarket located in the suburbs, with a full range of goods but few customers. In contrast, the BNB Chain had 1.71 million active addresses by June 2025, representing not only user numbers but also real usage. Compared to some high TVL but 'cold' public chains, the BNB Chain ecology is vibrant, operating 'daily', rather than 'locked and stagnant'. Additionally, a $5.6B DEX daily trading volume and over $10B in stablecoin market capitalization indicate that users are not just 'watching', but are actively using.
If someone is using it, the first requirement is that it must be 'affordable'. In March of this year, BNB Chain announced that the 'Zero Gas Fee Carnival' event in September 2024 will be extended until June 30, 2025, allowing users to easily enjoy waived Gas fees for stablecoin transfers on BNB Chain, covering stablecoins including 'USDT, USDC, and FDUSD'. According to May's BscScan data, the on-chain Gas of BNB Chain was reduced from 1 Gwei to 0.1 Gwei, lowering it to one-tenth of its previous value.
After experiencing a bear market in 2022-2023, the BNB Chain warmed moderately in 2024, with a spike in early 2025, possibly related to BTC surpassing the $100,000 mark and the booming memecoin market; in 2025, fees decreased significantly compared to peak periods, but stability is stronger, with no extreme fluctuations as before. Although the revenue growth is small, it indicates that the chain's 'value recovery' mechanism is gradually optimizing, placing more emphasis on ecological self-circulation rather than relying on high Gas profits.
Overall, BNB Chain has transitioned from a period of wild growth to a 'ecological stability period' driven by real transactions, with the trends in on-chain fees and income reflecting the collective evolution of user structures, usage scenarios, and application quality:
BNB Chain has transitioned from 'high fever prosperity' to 'endogenous growth':
From the 'explosive' peak of chain fees in 2021-2022 to the currently stabilized and orderly growth, it reflects the gradual maturity of the ecology.
Users no longer flood in blindly, but participate in on-chain transactions more rationally.
The slight rebound in on-chain income indicates that there is still room for optimization:
Most of the income is still earned by application layer projects, and the yield improvement space for the BNB main chain itself is limited, but this aligns with its positioning as a 'service-oriented public chain'.
On-chain trading activity is gradually being activated by 'low fees + ease of use':
In today's context where users increasingly care about transaction efficiency and costs, BNB Chain's advantage of low chain fees has become one of its competitive strengths.
'Low chain fees but high trading volume' may become the new normal:
Unlike the early logic of 'high chain fees = high popularity', what is now more valued is ecological prosperity and real applications, rather than how much the chain itself has earned.
Another key point is the explosive rise of memecoin culture on BNB Chain. Before this market wave, many might have thought it was just a 'game of foolishness'. However, from on-chain data, it is becoming a real driver for ecological activity.
Data from Fourmeme on June 10 shows that among the top five meme projects by market capitalization, $B ranks first with a market cap of $349 million and $62.9 million in 24-hour trading volume, attracting a significant amount of liquidity and representing extremely high user participation. EGL1, Caila, Janitor, and others have also achieved rapid trading breakthroughs in a short period, evidently driven by community rapid dissemination and FOMO psychology.
Behind this is the underlying advantages of BNB Chain's low Gas fees, high TPS, and high compatibility at work. Memecoin projects can almost complete the full loop from deployment to community launch to capital entry with 'no threshold'. Numerous projects attract tens of thousands of address interactions at the initial launch, this on-chain 'vibrancy' is difficult for other high-threshold public chains to replicate in the short term.
Therefore, rather than saying memecoins are mere speculation, it is more accurate to say they are the most communicative entry point in the current crypto ecosystem, and BNB Chain is the 'highway' of this meme economy.
Today, the BNB Chain is no longer a chain 'backed by major centralized exchanges', but a truly self-sustaining, efficient ecological network that can embrace trending narratives and accommodate innovative projects. Its growth does not rely on gimmicks, but on structure; its explosion is not coincidental, but a build-up.
In the crypto rhythm of 'one day in the crypto world equals one year in the real world', what can truly transcend cycles is often not the trendiest concept, but the most stable foundation. BNB Chain is that character who 'practices internal skills' in silence, ultimately stepping back into the spotlight.