The BNB Chain, an Ethereum Virtual Machine (EVM)-compatible network associated with a prominent cryptocurrency exchange, is witnessing a revival in both decentralized finance (DeFi) and memecoin sectors at a time when some competitors are grappling with their identity.
Throughout most of 2024 and into early 2025, Solana was at the forefront of the retail DeFi narrative. It emerged as the preferred network for memecoins linked to celebrities, influencers, and political figures, including former US President Donald Trump.
However, the ecosystem took a hit to its reputation when Argentine President Javier Milei joined the memecoin craze. His associated initiative, “Libra,” faced accusations of insider trading. This controversy undermined trust in Solana’s memecoin sector and created opportunities for rivals.
Capitalizing on this shift, BNB Chain has captured the volume of memecoins that were displaced. The chain features its own memecoin platform, Four.meme — akin to Solana’s Pump.fun — and has initiated daily competitions to encourage new projects and support their liquidity. Some of these memecoins have even secured listings on the exchange itself.
This upward trajectory is evident in the trading volume of the network’s leading decentralized exchange (DEX), PancakeSwap. Over a two-week period starting March 15, PancakeSwap topped the DEX volume charts among all EVM networks on nine separate days, as reported by Dune Analytics.
PancakeSwap on BNB Chain held a dominant position in DEX volume for the latter half of March. Source: Dune Analytics
“It’s important to note that the recent surge in PancakeSwap’s volume likely comes from renewed retail interest in BNB memecoins. Unlike other ecosystems where memecoin-related activity has been declining in recent weeks, BNB Chain has witnessed notable growth in this domain,” explained Justin Barlow, head of business development and investments at the Sei Foundation.
In a written analysis shared on March 27, Barlow evaluated data from CoinGecko and discovered that just two BNB memecoins accounted for approximately 13% of PancakeSwap’s daily trading volume.
BNB Chain’s Turnaround
Originally launched in 2020 as Binance Smart Chain, BNB Chain aimed to be a low-cost, fast, and EVM-compatible alternative to Ethereum, especially during a time of high gas fees and limited layer-1 options on Ethereum.
The platform quickly gained traction among developers and users but earned a reputation for being associated with fraudulent projects and faced criticism around its centralization. As regulatory scrutiny on the exchange increased, activity on the chain waned while more decentralized and innovative systems, such as Ethereum layer 2s and Solana, began to flourish.
PancakeSwap has become the focal point of BNB Chain’s revival, maintaining high-volume trading across the network. As reported by DefiLlama, BNB Chain led all blockchains in DEX volume for eight days during the two-week span beginning March 15, coinciding with PancakeSwap’s dominance of the EVM DEX landscape.
BNB Chain, associated with Binance, further solidified its standing in the latter half of March. Source: DefiLlama
“DEX volumes provide crucial insight into user engagement and interest in DeFi, and the sustained activity on a platform like PancakeSwap indicates that retail enthusiasm for BNB Chain and its memecoin ecosystem is on the rise,” Barlow noted. An increase in DEX volume often leads to higher returns for liquidity providers.
In addition to impressive DEX volume, BNB Chain has recently led EVM networks in active addresses and ranked second only to Solana across all blockchain ecosystems over the past week.
Growth Supported by Binance, Memecoin Liquidity, and Broccoli
The resurgence of BNB Chain is intricately linked with the uptick in memecoins. In February, BNB Chain released its tech roadmap for 2025, reaffirming its support for the memecoin ecosystem.
“We are pleased to witness many meme tool providers collaborating with BNB Chain, and we will continue to support them in 2025 and beyond,” stated the announcement.
Shortly thereafter, the founder of the exchange remarked on X that his dog’s name is Broccoli, igniting a surge of Broccoli-themed memecoins on BNB Chain. He added that while he wouldn’t be launching a memecoin himself, he might interact with several tokens on the network.
Source: Changpeng Zhao
Memecoin activity has been on the upswing since then. One notable instance occurred in late March when a trader reportedly converted $232 into $1.1 million by investing in the Mubarak memecoin, according to Lookonchain.
A savvy trader transformed $232 of Mubarak memecoin into $1.1 million. Source: Lookonchain
BNB Chain has also surpassed competitors in several essential DeFi metrics, recently generating more daily fees than both Solana and Ethereum L2s.
To further enhance this momentum, BNB Chain inaugurated the “BNB Chain Meme Liquidity Support Program” on February 18, providing $200,000 in permanent liquidity to the top-performing memecoins.
“Memecoins are undoubtedly driving recent activity. This is evident from the notable rise in the number of newly created tokens and an increase in smaller trade sizes that typically accompany memecoin speculation. When the total value locked remains stable, but volume spikes, it usually indicates retail trading as the driving force — and right now, that energy is significantly focused on BNB Chain’s meme sector,” shared Rachel Lin, CEO of DEX SynFutures.
Solana vs. BNB: Who Holds the Memecoin Crown?
Recent data indicates that Solana’s memecoin sector is losing steam. According to Solscan, the number of token launches dropped to about 26,300 on March 22, the lowest figure observed since November.
Moreover, daily transaction volume dipped below 43 million on March 1, as reported by Nansen, marking its lowest point since November.
Solana’s transaction volume is also trending downward alongside declining memecoin activity. Source: Nansen
Despite the downturn, Solana’s activity levels still surpass those of BNB Chain. Nansen’s data reveals that Solana’s lowest transaction day eclipsed BNB Chain’s peak of 7.8 million transactions. However, a shift in momentum seems to be underway.
Although BNB Chain’s transactions have increased, they still lag significantly behind Solana. Source: Nansen
Pump.fun, Solana’s memecoin launchpad, is also exhibiting signs of fatigue. Fewer than 1% of new tokens meet the platform’s criteria for trading. The decline in bonding levels indicates a cooling phase for Solana’s memecoin market.
Yet, this does not necessarily imply a long-term shift in dominance, according to Alan Orwick, co-founder of Quai Network. “This trend reflects the cyclical nature of speculative interest across blockchain ecosystems, ultimately rejuvenating energy in DeFi,” he stated.
Orwick also pointed out that this rotation appears to be influenced by regional preferences, with a surge in Asian market participation boosting activity on Binance-related platforms.
Lin from SynFutures added that the distinction between the momentum of Solana and BNB Chain lies in their respective audiences: “Solana tends to attract crypto native traders, while BNB Chain appeals more to a global, retail-first audience. We’re witnessing a rotation of capital and attention based on user behavior and transaction economics rather than a definitive long-term supremacy of one chain over the other.”
The rise of BNB Chain amid Solana’s slowdown emphasizes the fast-evolving, cyclical dynamics of cryptocurrency markets, particularly within the memecoin niche. While Solana continues to lead in raw activity, BNB Chain is demonstrating its ability to capture retail interest and generate substantial volume when the timing is right. Backed by Binance, bolstered liquidity initiatives, and viral meme culture, BNB Chain has effectively regained its foothold in DeFi.