BNB Chain kicked off 2025 with impressive financial and on-chain results, despite facing a nearly 15% drop in market capitalization.
According to Messari’s latest report, the network’s revenue in Q1 surged by 58.1% from the previous quarter, reaching $70.8 million. This remarkable growth was primarily driven by a 122.6% spike in wallet-to-wallet transaction fees, which contributed 17.4% to total earnings, surpassing revenue from DeFi activities. While DeFi’s contribution remained smaller at 8.4%, it still experienced a solid 7.6% quarter-over-quarter growth. Stablecoin-related transactions also saw a notable increase, growing 23.4%, although their share of the total revenue slightly decreased to 5.2%.
Despite the strong revenue performance, BNB’s market cap slipped 14.8% in Q1, closing at $86.2 billion. However, the token maintained its position as the fourth-largest non-stablecoin cryptocurrency by market capitalization, showcasing its resilience in the market.
On-chain activity on BNB Smart Chain demonstrated significant growth in Q1, with average daily transactions rising 20.9% quarter-over-quarter to 4.9 million. Additionally, daily active addresses increased by 26.4%, reaching 1.2 million. Stablecoins continued to dominate, accounting for about 45% of all transactions, averaging 1.2 million per day. Wallet-to-wallet transfers surged by 50.9%, with 835,000 transactions taking place daily. Furthermore, the total value locked on the network grew 14.7% in BNB terms, highlighting the platform’s expanding ecosystem.
In line with this growth, decentralized exchange (DEX) volume on BNB Smart Chain saw a significant boost, jumping 79.3% quarter-over-quarter to an average of $2.3 billion in daily trading. PancakeSwap remained the dominant platform, responsible for over 90% of the total DEX activity on the chain.
Messari also pointed to the successful deployment of the Pascal hard fork, which introduced crucial technical upgrades, including EIP-7702 smart contract wallets, batch transaction support, and enhanced cryptography.
To further accelerate the growth and visibility of its ecosystem projects, BNB Chain has entered a strategic partnership with global cryptocurrency exchange MEXC. This collaboration is expected to drive even more adoption and expansion for BNB Chain in the coming months.
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