Binance-affiliated BNB Chain has rebounded after a period of stagnation in 2023 amid accelerating institutional and decentralized finance (DeFi) adoption. During the past year, BNB Chain has benefited from multibillion-dollar inflows into DeFi, US exchange-traded funds (ETFs), and rising trading volume at affiliated centralized exchange (CEX) Binance. Consequently, the blockchain network’s native BNB token (BNB) has emerged as among the market’s most resilient cryptocurrencies, surpassing all-time highs in the first quarter of 2025 even as the broader crypto market trended downward. “This resilience isn't just about price action — strong fundamentals also back it,” Joao Wedson, CEO of investing analytics platform Alphractal, said in an April X post. “Binance has built a massive ecosystem where BNB is used extensively,” Wedson added.
This makes it a much more concentrated and ‘old-fashioned’ smart contract platform than rivals,” it said in a May research note reviewed by Cointelegraph.“While this caps upside potential, it also provides a degree of stability,” according to the asset manager. PancakeSwap is among BNB Chain’s largest DEXs, with roughly $1.5 billion in TVL, according to DefiLlama.USD1 on BNB Chain vs.Ethereum.
As of May 7, BNB Chain ranks fourth among layer-1 blockchain networks by TVL, the data shows. According to Standard Chartered, BNB Chain’s “use cases remain almost entirely on decentralised exchanges [DEXs], lending protocols, and liquid staking.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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