The BNB chain, the EVM -compatible network tied to the Cryptocurrency Exchange Binance, experiences a resurgence in decentralized finances (DEFI) and memecoin spaces as some of its rivals are faced with an identification crisis.
For most of 2024 and early 2025, Solana led the retail Defi Narrative. It has become a network of choice for Memecoins tied to celebrities, influencers and political figures, including US president Donald Trump.
However, the ecosystem took a reputation hit after Argentine president Javier Milei jumped into the memecoin bandwagon. His associated project, “Libra,” has been accused of trading of insider. The controversy made confidence in Solana’s Memecoin sector and opened the door for competitors.
The BNB chain seized the moment, capturing the transferred amount of memecoin. The chain has its own memecoin platform, four.Meme – comparable to Solana’s pump.fun – and introduced a sunny competition to promote new projects and subsidize their liquidity. Some of these memecoins have continued Safe list In Binance itself.
This momentum is clearly reflected in the trading volume of the leading decentralized exchange (Dex), pancakeswap. In a two -week stretch from March 15, Pancakeswap led all DEX volume of the EVM chain on nine separate days, according to Dune Analytics data.
Pancakeswap on the BNB chain leads in the second half of March in the DEX volume. Source: Dune analytics
“Kapansin-pansin na ang kamakailan-lamang na dami ng spike ng Pancakeswap ay malamang na nagmumula sa na-update na sigasig ng tingian para sa mga memecoins ng BNB. Hindi tulad ng iba pang mga ekosistema kung saan ang dami ng nauugnay sa meme ay tumanggi sa mga nakaraang linggo, ang chain ng BNB ay nakakita ng makabuluhang paglaki sa sektor na ito,” sabi ni Justin Barlow, pinuno ng pag-unlad ng negosyo at pamumuhunan sa SEI Foundation.
In a written review shared with Cointelegraph on March 27, Barlow reviewed coingecko data and found that only two BNB Memecoins were responsible for nearly 13% of the volume of sunny pancakeswap trade.
Related: Insider trading allegations appear as Memecoin floods Solana Dexs
The return of the BNB chain of fate
The BNB chain was launched in 2020 as Binance Smart Chain, which positions itself as a cheap, fast and compatible EVM alternative to Ethereum at a time when high gas fees and limited L1 options made Ethereum less accessible.
It quickly attracts developers and users but developed a reputation for scammy projects and faced Criticism for centralization. Number The regulation of pressure in Binance already mountedChain activity refused while more decentralized and innovative ecosystems such as the Ethereum L2S and Solana gained momentum.
Pancakeswap has become the center of the resurgence of the BNB chain, which maintains a high trading volume throughout the network. According to Defillama, the BNB chain led all blockchains in the DEX volume for eight days for two weeks since March 15-the same stretch where pancakeswap leads the scene of the EVM Dex.
The BNB chain in relation to BNB is chairing the second half of March. Source: Delete
“DEX volumes are a clear signal of user interaction and interest in the defi, and prolonged activity on a platform such as Pancakeswap suggests that retail interest in the BNB chain and the Memecoin ecosystem is growing,” Barlow said. A byproduct of DEX volume growth is a higher yield for liquidity providers.
In addition to the DEX volume, the BNB chain recently led the industry to active addresses on EVM networks – and second only to Solana on all blockchain ecosystems in the last week.
Development rear of binance, memecoin and broccoli liquidity
The resurgence of the BNB chain is closely linked to the boom in Memecoins. In February, the BNB chain published its its 2025 Tech RoadmapIt proved its commitment to supporting the memecoin ecosystem.
“We are happy to see many of the meme tool providers that include the BNB chain. And we will continue to work closely with them in 2025 and beyond,” the announcement said.
A few days later, Binance founder Changpeng Zhao posted on X whose dog’s name was Broccoli, a statement that sparked a wave of broccoli themed memecoins In the BNB chain. Zhao added that he would not issue a memecoin himself but “likely to mix” some tokens in the network.
Source: Changpeng Zhao
Memecoin activity has fallen since then. An example came in late March; In a trade today, an entrepreneur has been reported to have invested $ 232 in Mubarak Memecoin to earn $ 1.1 million, according to the lookonchain.
The Savvy Trader filed $ 232 by Mubarak Memecoin for $ 1.1 million. Source: Lookonchain
The BNB chain also has competitors in some major defi metrics. Recently exceeded both Solana and Ethereum L2S Sun -Saver fee formed.
To further support the momentum, the BNB chain launched the “BNB Chain Meme Liquidity Support Program” in Feb. 18. The initiative gives $ 200,000 to Permanent liquidity in the leading memecoins.
“The memecoins are fully driving recent activity. You can see it with the sharp number of newly created tokens and the revolt to smaller trade sizes, which often includes the memecoin -haaka -haaka. When TVL remains stable but the volume of spikes, it usually sells trade that drives a difference -and now, the energy is heavily focused on the sector of the meme chain sector of BNB, “cointelegraph.
Related: The race of XRP and Solana toward the next approval of crypto ETF
Solana compared to BNB: Who owns the memecoin crown?
Data suggests that Solana The memecoin sector is cooling. According to SolscanThe launch of the token dropped around 26,300 on March 22, the lowest since November.
The day -to -day volume of the transaction also hit under 43 million on March 1, according to Nansen, the lowest figure since November.
Solana’s transaction volume is also in a descending trend along with cooling memecoin activity. Source: Nansen
Even in a downtrend, Solana’s levels of activity remain higher than the BNB chain. Nansen data shows that Solana’s lowest transaction day has still released the BNB chain peak of 7.8 million transactions. But the momentum appears to be moving.
The BNB chain transactions rose but still behind Solana. Source: Nansen
The pump.fun, Solana’s memecoin launchpad, also sees signs of fatigue. Fewer than 1% of new tokens meet platform requirements to be tradable. Falling in bonding levels points to a cooling season for Solana’s Memecoin market.
But it doesn’t have to signal a move to long-term dominance, Alan Orwick, co-founder of the Quai Network said. “This pattern reflects the cycle of the nature of the speculation that is interesting throughout the blockchain ecosystem, which ultimately brings modified energy to defi.”
“This cycle appears to be influenced by regional preferences, with increasing activity in the Asian market participation on the platforms associated with Binance,” Orwick said.
Lin of Synfutures added that the main difference between Solana and BNB chain momentum is the audience: “Solana has become more native to crypto entrepreneurs, while the BNB chain draws a more universal, earrings-first. We do not have transaction. “
The BNB chain increases in the midst of Solana’s slowing features the rapid, rotational nature of crypto markets, especially in the memecoin space. While Solana is still leading the raw activity, the BNB chain proves that it can get the retail and drive a significant volume if the moment is right. Through strong backbone from Binance, dedicated liquidity programs and viral meme momentum, the BNB chain is to reclaim the relationship with the defi.
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