Annual Review of BNB Chain: Number of active addresses ranks first among L1s, supply of stablecoins

The year 2025 will be a year of “return to home ground” for the BNB Chain. In an era of multi-chain competition and continuous user diversion, the BNB Chain not only remained strong but also thrived due to its low costs, high performance, and deep compatibility with the EVM. Especially during this year’s Binance Blockchain Week, the BNB Chain established itself as a key player in Web3 growth through ecological initiatives, cross-sector collaborations, and infrastructure improvements. The data is impressive: daily active users reached over 5 million, total trading volume on DEXs exceeded $2 trillion, the scale of stablecoins increased to 14 billion, RWA applications are being implemented faster, and the Meme ecosystem is spreading rapidly within the community. By 2025, the BNB Chain will no longer be just a “data factory” filled with transaction volumes, but rather a super network that integrates DeFi, AI, RWA, and Meme culture, attracting hundreds of millions of users and developers worldwide.

DEXs have the highest number of daily active users.

The BNB Chain ecosystem has expanded from a single chain in 2020 to a multi-layer global network, and the data clearly shows the true growth of the ecosystem. Currently, the DAU of the BNB Chain remains stable at around 3.7 million, with a peak of 5 million, making it the largest among all L1 blockchains, with a market share of 22.6%.

Data source: Token Terminal

The daily active users of opBNB also rank first among all L2 blockchains, standing at around 1.5 million, with a market share of 41.9%.

Data source: Token Terminal

In addition, as of December 8th, the total trading volume on DEXs has exceeded $2 trillion. As of 2025, the trading volume has reached approximately $680 billion, with a monthly peak of $119.2 billion in October.

Data source: DeFiLlama

Meme currencies have become the “King of Traffic” this year. As catalysts for user acquisition, community engagement, and transaction frequency, meme currencies are undoubtedly the “King of Traffic” of this year. This year, the BNB Chain meme ecosystem has seen significant growth, from infrastructure development (Four.Meme) to community enthusiasm (CZ effect). It has transformed from a simple “casino” model into a more complex “semi-ecosystem” structure. One of the most active meme currencies this year is BNB Chain. In the first half of the year, the trading volume of meme currencies on BNB Chain even surpassed that of Solana and Ethereum. In June alone, BNB Chain meme currencies accounted for approximately 45% of the total trading volume on DEXs.

The rise of the meme ecosystem is due to the solid foundation provided by its infrastructure. As a “killer app” for promoting meme narratives on BNB Chain, the Four.Meme platform has undergone upgrades. Standardized contract addresses will be named with the format “4444”. PancakeSwap V2 liquidity addition plans have been implemented, along with the destruction of LP tokens. Additionally, the “0 Fee Carnival” campaign has reduced the cost of minting tokens, further stimulating a trend of “mass minting”.

The main players in this Meme craze aren’t just English-speaking communities. The Chinese community, which had been less influential until now, stepped forward in October and created something truly remarkable. The most popular project was “$BinanceLife”, a project that represents the concept of self-mockery. Its name seems to encapsulate the entire journey of a Binance user: from depositing funds, to playing games, to finally ending up with zero assets. The value of $BinanceLife reached its peak twice after its launch in October. At the beginning of the month, its value was around $458 million, and then it increased again on October 21st, reaching over $400 million.

Currently, although the Meme craze is fading away, and most tokens have seen significant price drops, this event still leaves a lasting mark in the history of cryptocurrencies in 2025.

Stablecoins have consistently ranked first in terms of monthly active addresses

The BNB Chain (BSC+opBNB) has performed exceptionally well among stablecoins. Thanks to its low cost, deep integration into the Binance ecosystem, and various incentives, it has remained among the top three stablecoin-blockchains.

As of December 6th, the total circulation of BNB Chain stablecoins is approximately $14 billion. The annual supply has increased by about 102.9% (from around $6.9 billion at the beginning of the year). The total trading volume is around $953.8 billion, with an average monthly trading volume of about $85 billion from January to November. The number of transactions has been the highest among all blockchain networks since May. And the number of monthly active addresses has always been the highest among all blockchain networks this year.

Stablecoin supply so far this year; data source: Artemis Terminal

Monthly trading volume; data source: Visa Onchain Analytics

Monthly number of transactions; data source: Visa Onchain Analytics

The number of monthly active addresses increased significantly. Data source: Visa Onchain Analytics.

The growth in the stablecoin sector was due to the development of the BNB Chain network itself. First, there was the “0 Gas Fee Carnival” campaign, which was extended multiple times in 2025, covering various currencies such as USDT, USDC, and USD1. This campaign significantly boosted the transfer, withdrawal, and bridging of stablecoins, and also played a key role in attracting funds from individual investors and institutions.

Additionally, the BNB Chain underwent three major technological upgrades in 2025, primarily through hard forks. These upgrades focused on improving network scalability, transaction speed, and security. One of these upgrades, the Maxwell upgrade implemented on June 30th, reduced the block time from 1.5 seconds to 0.75 seconds, achieving sub-second confirmation times. The average gas fee was reduced to $0.01 per transaction, resulting in a 20% improvement in network efficiency.

Furthermore, the deep integration of communities and institutions like World Liberty Financial has helped turn the BNB Chain from a “transaction chain” into a “stablecoin payment hub”.

RWA has become one of the mainstream platforms for institutional use.

In 2025, the BNB Chain became a leading platform in the field of RWA tokenization, thanks to its technological upgrades and ecosystem integration efforts. As of December 8th, the total market value of RWA tokens reached $1.74 billion, accounting for approximately 9.46% of the RWA market’s total value. There are over 100 projects using RWA, and the number of holders has increased significantly compared to the beginning of the year, reaching 5,231.

11月TVL已突破10.05亿美元，单月增长55.1%，季度环比更是暴涨1,510%，从7500万美元增至12.08亿美元，增速为全行业最快;其中USYC达9.03亿美元，CASH+货币基金规模达到7.12亿美元，形成双引擎增长。

数据来源：Rwa.xyz

BNB Chain之所以能在RWA代币化领域快速崛起，最大的促进因素在于提供一站式解决方案，包括合规发行(KYC/AML工具)、二级流动性(PancakeSwap等DEX集成)和DeFi实用性(借贷)等，减少了跨链摩擦。

此外，专属的RWA激励计划也功不可没。BNB Chain于今年1月份设立首期5000万美元专属RWA激励基金，为在BNB Chain上构建或迁移的RWA项目提供个性化支持，包括TVL激励、流动性补贴、合规指导等，成为全年RWA爆发的起点。

在诸多因素的推动下，RWA相继传来利好消息。先是Kraken与Backed Finance联合的xStocks联盟于7月正式在BNB Chain上线首批60+种代币化美股与ETF，首次让普通用户实现24/7链上交易传统股票。随后，Ondo Finance“Global Markets”于10月登陆BNB Chain，代币化资产种类迅速突破100种，进一步把股票、ETF、商品等传统资产带入DeFi。

最值得关注的是，11月14日，贝莱德旗下BUIDL基金通过证券型代币平台Securitize与跨链协议Wormhole上线BNB Chain。这是全球最大资产管理公司旗舰RWA产品首次真正落地BNB Chain。此外，招银国际和Circle也分别与BNB Chain达成合作。招银国际将其38亿美元的美元货币市场基金代币化为CMBMINT和CMBIMINT上线BNB Chain，而Circle则将旗下代币化货币市场基金USYC部署至BNB Chain。这些资产的上线，标志着BNB Chain成为机构级RWA的主流战场之一。

Aster异军突起，Perp逐渐成熟

尽管Hyperliquid等仍主导Perp市场，但BNB Chain通过Aster等旗舰项目，在今年实现翻倍增长。数据显示，截至12月8日，BNB Chain的Perp月交易量基本呈逐月递增模式，并于10月份达到峰值，约224.83亿美元，占全球Perp份额显著提升，从年初约1%，增长至约2.05%。Perp成为仅次于Meme和稳定币的第三大叙事。

数据来源：DeFiLlama

2025年BNB Chain上涌现多个面向永续交易的协议，热门项目包括Aster、MYX Finance等。Aster作为BNB Chain Perp的头牌，支持多链统一流动性，提供隐藏订单、股票Perp和极高杠杆(最高1001倍)。CZ也曾公开购买ASTER，推动其快速崛起。

展望

2025 will be a crucial year for the BNB Chain as it transitions from high-speed growth to a phase of “ecosystem deepening”. With its advantages in terms of high performance, low fees, and large user base, the BNB Chain can achieve success in various areas such as Memes, stablecoins, and RWA. This will help it establish itself as a key infrastructure component in the Web3 ecosystem.

However, the BNB Chain still faces challenges. It needs to shift from focusing on short-term traffic to emphasizing long-term value. Additionally, it must navigate competition from other blockchain platforms as well as macroeconomic uncertainties. Let’s see how the BNB Chain can prove itself to be more than just another blockchain platform. Whether it can attract the next 1 billion users and become the global engine of Web3, we’ll have to wait and see.