BNB Chain, the blockchain network affiliated with cryptocurrency exchange Binance, is experiencing a significant revival in decentralized finance and memecoin activity while competitors face mounting challenges. After Solana's dominance throughout early 2025, recent controversies have created an opening that BNB Chain has quickly exploited, with its exchange PancakeSwap leading in trading volume for nine days during the second half of March.
What to Know:
- BNB Chain's resurgence follows a reputation hit to Solana after insider trading allegations involving Argentine President Milei's "Libra" memecoin
- PancakeSwap has become central to BNB Chain's revival, leading all EVM chains in DEX volume for multiple days in March
- Binance is actively supporting memecoin growth through a $200,000 liquidity program while transaction activity shows shifting momentum from Solana to BNB Chain
Changing Fortunes in Blockchain's Memecoin Landscape
The cryptocurrency landscape has undergone a notable shift in recent weeks. Solana, which dominated the retail decentralized finance narrative throughout most of 2024 and early 2025, has seen its reputation tarnished. The blockchain became the network of choice for memecoins associated with celebrities, influencers and political figures, including US President Donald Trump.
However, trust in Solana's memecoin sector deteriorated after Argentine President Javier Milei's associated project "Libra" faced accusations of insider trading.
BNB Chain has capitalized on this opportunity by attracting displaced memecoin volume. The network operates its own memecoin platform, Four.Meme—similar to Solana's Pump.fun—and has introduced daily competitions to promote new projects while subsidizing their liquidity. This strategy has proven effective, with some memecoins even securing listings on Binance itself.
"It's worth noting that PancakeSwap's 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," said Justin Barlow, head of business development and investments at Sei Foundation.
In an analysis shared with Cointelegraph on March 27, Barlow examined CoinGecko data and discovered that approximately 13% of PancakeSwap's daily trading volume came from just two BNB memecoins.
The momentum extends beyond trading volume. BNB Chain recently led all EVM networks in active addresses and ranked second only to Solana across all blockchain ecosystems over the past week.
BNB Chain's rise represents a remarkable turnaround. Launched in 2020 as Binance Smart Chain, it initially positioned itself as an affordable, fast alternative to Ethereum when high gas fees made the latter less accessible. Despite early success, it developed a reputation for questionable projects and centralization concerns.
As regulatory scrutiny of Binance intensified, activity on the chain declined while more decentralized ecosystems gained traction.
Strategic Initiatives Drive BNB Chain's Revival
The resurgence of BNB Chain is closely connected to strategic moves by both the network and Binance. In February, BNB Chain published its 2025 technology roadmap, explicitly committing to support the memecoin ecosystem. "We 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," the announcement stated.
Shortly afterward, Binance founder Changpeng Zhao posted on X that his dog's name is Broccoli, sparking a wave of Broccoli-themed memecoins on BNB Chain. While Zhao clarified he would not issue a memecoin himself, he mentioned he would "likely interact" with some tokens on the network. Memecoin activity has surged since these developments. In late March, one trader reportedly transformed a $232 investment in the Mubarak memecoin into $1.1 million, according to Lookonchain.
To further capitalize on this momentum, BNB Chain launched the "BNB Chain Meme Liquidity Support Program" on February 18. This initiative provides $200,000 in permanent liquidity to high-performing memecoins, creating a supportive environment for continued growth.
"Memecoins 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," Rachel Lin, CEO of DEX SynFutures, told Cointelegraph. "When TVL remains stable but volume spikes, it's usually retail trading that's driving the difference—and right now, that energy is heavily concentrated in BNB Chain's meme sector."
BNB Chain has outpaced competitors in several core DeFi metrics, recently surpassing both Solana and Ethereum L2s in daily fees generated. PancakeSwap has become the centerpiece of this 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.
Barlow noted, "DEX 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." A beneficial side effect has been higher yields for liquidity providers.
Meanwhile, data indicates Solana's memecoin sector is cooling off. According to Solscan, token launches dropped to around 26,300 on March 22, the lowest since November. Daily transaction volume hit a low of under 43 million on March 1, according to Nansen, also the lowest figure since November.
Even with this downward trend, Solana's activity levels remain significantly higher than BNB Chain's. Nansen data shows that Solana's lowest transaction day still exceeded BNB Chain's peak of 7.8 million transactions. Nevertheless, momentum appears to be shifting as BNB Chain's transactions have steadily increased.
Competing Ecosystems and Future Outlook
The competition between blockchain networks reflects deeper market dynamics. "This pattern reflects the cyclical nature of speculative interest across blockchain ecosystems, which ultimately brings renewed energy to DeFi," said Alan Orwick, co-founder of Quai Network. "This rotation appears to be influenced by regional preferences, with increased Asian market participation driving activity on Binance-related platforms."
Lin of SynFutures emphasized the different user bases: "Solana has become more native to crypto traders, whereas BNB Chain draws a more global, retail-first crowd. We're not necessarily seeing one chain dominate long-term, but rather a rotation of capital and attention depending on user behavior and transaction economics."
Solana's memecoin launchpad, Pump.fun, also shows signs of fatigue. Fewer than 1% of new tokens meet the platform's requirements to become tradable. The drop in bonding levels suggests a cooling period for Solana's memecoin market, creating further opportunities for competitors like BNB Chain.
Closing Thoughts
The rise of BNB Chain amid Solana's slowdown demonstrates the fast-moving, cyclical nature of cryptocurrency markets, particularly in the volatile memecoin sector. While Solana maintains leadership in overall activity, BNB Chain has proven it can capture retail attention and drive substantial volume when market conditions favor its approach.
With strong backing from Binance, dedicated liquidity programs and viral memecoin momentum, BNB Chain has successfully reclaimed relevance in the decentralized finance landscape.