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BNB Chain, the Ethereum Virtual Machine (EVM)-compatible network tied to cryptocurrency exchange Binance, is experiencing a resurgence in the decentralized finance (DeFi) and memecoin spaces just as some of its rivals face an identity crisis.<\/p>\n
For most of 2024 and into early 2025, Solana dominated the retail DeFi narrative. It became the network of choice for memecoins tied to celebrities, influencers and political figures, including US President Donald Trump<\/a>.<\/p>\n However, the ecosystem took a reputational hit after Argentine President Javier Milei jumped on the memecoin bandwagon. His associated project, \u201cLibra,\u201d was accused of insider trading<\/a>. The controversy dented trust in Solana\u2019s memecoin sector and opened the door for competitors.<\/p>\n BNB Chain has seized the moment, capturing displaced memecoin volume. The chain has its own memecoin platform, Four.meme \u2014 comparable to Solana\u2019s Pump.fun \u2014 and introduced daily competitions to promote new projects and subsidize their liquidity. Some of these memecoins have even gone on to secure listings<\/a> on Binance itself.<\/p>\n This momentum is clearly reflected in the trading volume of the network\u2019s top decentralized exchange (DEX), PancakeSwap. In a two-week stretch from March 15, PancakeSwap led all EVM chains\u2019 DEX volume on nine separate days, according to Dune Analytics data.<\/p>\n PancakeSwap on BNB Chain dominates the second half of March in DEX volume. Source: <\/em>Dune Analytics<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n \u201cIt\u2019s worth noting that PancakeSwap\u2019s recent volume spike likely stems from renewed retail enthusiasm for BNB memecoins. Unlike other ecosystems where meme-related volume has declined over recent weeks, BNB Chain has seen significant growth in this sector,\u201d said Justin Barlow, head of business development and investments at Sei Foundation.<\/p>\n In a written analysis shared with Cointelegraph on March 27, Barlow reviewed CoinGecko data and found that just two BNB memecoins were responsible for roughly 13% of PancakeSwap\u2019s daily trading volume.<\/p>\n Related: <\/strong><\/em>Insider trading allegations surface as TRUMP memecoin floods Solana DEXs<\/strong><\/em><\/a><\/p>\n BNB Chain launched in 2020 as Binance Smart Chain, positioning itself as a low-cost, fast and EVM-compatible alternative to Ethereum at a time when high gas fees and limited layer-1 options made Ethereum less accessible.<\/p>\n It quickly attracted developers and users but developed a reputation for scammy projects and faced criticism for centralization<\/a>. As regulatory pressure on Binance mounted<\/a>, activity on the chain declined while more decentralized and innovative ecosystems like Ethereum layer 2s and Solana gained momentum.<\/p>\n PancakeSwap has become the centerpiece of BNB Chain\u2019s resurgence, sustaining high-volume trading across the network. According to DefiLlama, BNB Chain led all blockchains in DEX volume for eight days during the two-week period starting March 15 \u2014 the same stretch in which PancakeSwap dominated the EVM DEX landscape.<\/p>\n Binance-linked BNB Chain dominated the second half of March. Source: <\/em>DefiLlama<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n \u201cDEX volumes are a clear signal of user engagement and interest in DeFi, and sustained activity on a platform like PancakeSwap suggests that retail interest in BNB Chain and its memecoin ecosystem is growing,\u201d Barlow said. A byproduct of DEX volume growth is higher yields for liquidity providers.<\/p>\n In addition to DEX volume, BNB Chain recently led the industry in active addresses among EVM networks \u2014 and was second only to Solana across all blockchain ecosystems over the past week.<\/p>\n The resurgence of BNB Chain is closely linked to the boom in memecoins. In February, BNB Chain published its 2025 tech roadmap<\/a>, reaffirming its commitment to supporting the memecoin ecosystem.\u00a0<\/p>\n \u201cWe are happy to see many of the meme tool providers integrate with BNB Chain. And we will continue to work closely with them in 2025 and beyond,\u201d the announcement said.<\/p>\n Just days later, Binance founder Changpeng Zhao posted on X that his dog\u2019s name is Broccoli, a remark that sparked a wave of Broccoli-themed memecoins<\/a> on BNB Chain. Zhao added that he would not be issuing a memecoin himself but would \u201clikely interact\u201d with a few tokens on the network.<\/p>\n Source: <\/em>Changpeng Zhao<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Memecoin activity has been surging ever since. One example came in late March; in a now-viral trade, one trader reportedly invested $232 into the Mubarak memecoin to profit $1.1 million, according to Lookonchain.<\/p>\n Savvy trader flips $232 of Mubarak memecoin into $1.1 million. Source: <\/em>Lookonchain<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n BNB Chain has also outpaced competitors in several core DeFi metrics. It recently surpassed both Solana and Ethereum L2s in daily fees generated<\/a>.\u00a0<\/p>\n To further support the momentum, BNB Chain launched the \u201cBNB Chain Meme Liquidity Support Program\u201d on Feb. 18. The initiative provides $200,000 in permanent liquidity to top-performing memecoins<\/a>.<\/p>\n \u201cMemecoins are absolutely driving the recent activity. You can see it in the sharp increase in the number of newly created tokens and the uptick in smaller trade sizes, which often accompany memecoin speculation. When total value locked remains stable but volume spikes, it\u2019s usually retail trading that\u2019s driving the difference \u2014 and right now, that energy is heavily concentrated in BNB Chain\u2019s meme sector,\u201d Rachel Lin, CEO of DEX SynFutures, told Cointelegraph.<\/p>\n Related: <\/strong><\/em>XRP and Solana race toward the next crypto ETF approval<\/strong><\/em><\/a><\/p>\n Data suggests that Solana\u2019s memecoin sector is cooling off<\/a>. According to Solscan<\/a>, token launches dropped to around 26,300 on March 22, the lowest since November.\u00a0<\/p>\n Daily transaction volume also hit a low of under 43 million on March 1, according to Nansen, the lowest figure since November.<\/p>\n Solana\u2019s transaction volume is also on a downward trend along with cooling memecoin activity. Source: Nansen<\/em><\/p>\n<\/figcaption><\/figure>\n Even in a downtrend, Solana\u2019s activity levels remain significantly higher than BNB Chain\u2019s. Nansen data shows that Solana\u2019s lowest transaction day still outpaced BNB Chain\u2019s peak of 7.8 million transactions. But momentum appears to be shifting.<\/p>\n BNB Chain\u2019s transactions have risen but are still far behind Solana. Source: Nansen<\/em><\/p>\n<\/figcaption><\/figure>\nBNB Chain\u2019s reversal of fortune<\/h2>\n
Binance-backed growth, memecoin liquidity and Broccoli<\/h2>\n
Solana vs. BNB: Who owns the memecoin crown?<\/h2>\n
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