The BNB chain, the EVM-compatible network, which is sure with a cryptocurrency exchange, is experiencing a resuscitation in decentralized financing (Defi) and Memecoin rooms, as a few of its rivals of an identity crisis are exposed.
For many of the 2024 and early 2025, Solana dominated the Defi narrative in retail. It became the network of selection for memoins related to celebrities, influencers and political personalities, including US President Donald Trump.
However, the ecosystem achieved a status hit after the Argentine President Javier Milei had jumped on the Memecoin train. His associated “Libra” project was accused of the insider trade. The controversy into the trust in Solana's Memecoin sector and opened the door for competitors.
The BNB chain has confiscated the moment and recorded the repressed Memecoin volume. The chain has its own Memecoin platform, fourth meme – comparable to Solanas Pump.fun – and introduced day by day competitions to advertise recent projects and subsidize their liquidity. Some of those memoins have even secured lists in Binance themselves.
This dynamic is clearly reflected within the trading volume of the highest decentralized exchange (Dex) of the network, pancakeswap. In a two-week smear from March 15, Pancakeswap led all of the EVM chains dex volume on nine separate days on nine separate days.
Pancakewap within the BNB chain dominates the second half of March within the Dex volume. Source: Dune Analytics
“It is price noting that Pancake waps of the most recent volume spike might be attributable to the renewed retail for BNB Memecoin. In contrast to other ecosystems during which the meme-related volume has decreased up to now few weeks, the BNB chain on this sector has recorded significant growth on this sector,” said Justin Barlow, Head of Business Development and Investments on the Seet Foundment.
In a written evaluation that was shared with cointelegraph on March 27, Barlow Coingecko data checked and located that only two BNB in ​​memo cards were accountable for around 13% of the day by day trade volume of Pancakeswap.
The reversal of the happiness of the BNB chain
The BNB chain was launched in 2020 as a Binance smart Chain, which positioned itself as a cheap, fast and EVM-compatible alternative to Ethereum at a time, during which high gas fees and limited L1 options Ethereum made less accessible.
It quickly attracted developers and users, but developed a call for fraudulent projects and confronted criticism of centralization. The activity within the chain assembled as a regulatory pressure on Binance, while more decentralized and more revolutionary ecosystems comparable to Ethereum L2S and Solana gained dynamics.
Pancakewap has turn out to be the center of the resolution of the BNB chain and has maintained a highly volume trade in the whole network. According to Defillama, the BNB chain in eight days within the two-week time from March 15 from March fifteenth led all blockchains within the Dex volume of the identical route during which Pancakeswap dominated the EVM DEX landscape.
Binance-linked BNB chain dominates the second half of March. Source: Defillama
“Dex -Volumina are a transparent signal for the commitment and interest of users in Defi, and chronic activities on a platform comparable to Pancakewap suggest that retailers are growing within the BNB chain and the Memecoin ecosystem,” said Barlow. A by -product of the expansion of the Dex volume is higher for liquidity providers.
In addition to the DEX volume, the BNB chain recently led the industry in energetic addresses between EVM networks -and took second place for Solana last week in Allen Blockchain ecosystems.
Binance-assisted growth, Memecoin liquidity and broccoli
The rescue of the BNB chain is closely connected to the boom in Memecoins. In February, the BNB chain published its 2025 Tech Roadmap and confirmed its commitment to supporting the Memecoin ecosystem.
“We are pleased that most of the MEME tool are integrated within the BNB chain. And we’ll proceed to work closely with them in 2025 and beyond,” the announcement said.
Just a number of days later, Binance founder Changpeng Zhao released the name of his dog Brokkoli, a remark that triggered a wave of broccoli memorials on the BNB chain. Zhao added that he wouldn’t spend a Memecoin himself, but would probably “interact” with a number of tokens within the network.
Source: Changpeng Zhao
Memecoin activity has increased since then. An example got here at the tip of March; According to a trader reported, a trader reported $ 23 in Mubarak-Memecoin to learn $ 1.1 million in response to Lookonchain.
Savvy Trader turns 232 US dollars from Mubarak Memecoin in 1.1 million US dollars. Source: Lookonchain
The BNB chain has also exceeded competitors in several core metrics. It recently exceeded each Solana and Ethereum L2S in day by day fees.
In order to further support the dynamics, the BNB chain began the “BNB chain-meme liquidity support program” on February 18. The initiative offers a everlasting liquidity of $ 200,000 for Memökische powerful liquidity.
“Memoins actively act on the most recent activity. You can see them within the strong increase within the variety of newly created tokens and the rise in smaller trade sizes which are often accompanied by Memecoin speculations. If TVL stays stable, but the quantity spikes are frequently the retail trade. Cointelegraph.
Solana against BNB: Who owns the Memecoin crown?
Data suggests that the Memecoin sector from Solana cools down. According to Solscan, the token starts on March twenty second to around 26,300, the bottom since November.
According to Nansen, the bottom number since November, the day by day transaction volume on March 1 also reached a low of lower than 43 million.
The transaction volume of Solana can be within the downward trend along with cooling meter activity. Source: nansen
Even in a downward trend, the activity levels of Solana remain significantly higher than that of BNB chain. Nansen's data show that Solana's lowest transaction day still exceeds the BNB chain of seven.8 million transactions. But the momentum appears to be moving.
The transactions of the BNB chain rise, but still far behind Solana. Source: nansen
Pump.fun, Solanas Memecoin Launchpad, also sees signs of fatigue. Less than 1% of the brand new tokens meet the necessities of the platform to turn out to be tradable. The decline in binding levels points to a cooling period for the Solana Memecoin market. However, this doesn’t necessarily signal a shift in long -term dominance, said Alan Orwick, co -founder of Quai Network. “This pattern reflects the cyclical nature of speculative interest between Blockchain ecosystems that ultimately bring renewed energy.”
“This rotation appears to be influenced by regional preferences, with the participation of the Asian market activity increased in bony-related platforms,” ​​said Orwick.
Lin from synfutures added that an important difference between Solana and BNB Chain's dynamics is the audience: “Solana has turn out to be more native to crypto dealers, while the BNB chain creates a more global amount in retail. We don’t necessarily see a sequence, but a long-term rotation of capital and a focus and the eye of user behavior and transaction.”
The rise of the BNB chain in the midst of Solana's slowdown underlines the rapidly moving, cyclical nature of the cryptoma markets, especially within the Memecoin room. While Solana still leads into raw activities, the BNB chain proves that it could possibly attract the eye of retail and promote a meaningful volume if the moment is correct. With strong support from Binance, dedicated liquidity programs and viral memes and impulse, the BNB chain has reclaimed relevance.
