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BNB Chain, the EVM-compatible network tied to cryptocurrency exchange Binance, is experiencing a resurgence in the decentralized finance (DeFi) and memecoin spaces just as some of its rivals face an identity crisis.
For most of 2024 and into early 2025, Solana dominated the retail DeFi narrative. It became the network of choice for memecoins tied to celebrities, influencers and political figures, including US President Donald Trump.
However, the ecosystem took a reputational hit after Argentine President Javier Milei jumped on the memecoin bandwagon. His associated project, βLibra,β was accused of insider trading. The controversy dented trust in Solanaβs memecoin sector and opened the door for competitors.
BNB Chain has seized the moment, capturing displaced memecoin volume. The chain has its own memecoin platform, Four.Meme β comparable to Solanaβs Pump.fun β and introduced daily competitions to promote new projects and subsidize their liquidity. Some of these memecoins have even gone on to secure listings on Binance itself.
This momentum is clearly reflected in the trading volume of the networkβs top decentralized exchange (DEX), PancakeSwap. In a two-week stretch from March 15, PancakeSwap led all EVM chainsβ DEX volume on nine separate days, according to Dune Analytics data.
βItβs worth noting that PancakeSwapβs 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,β said Justin Barlow, head of business development and investments at Sei Foundation.
In a written analysis shared with Cointelegraph on March 27, Barlow reviewed CoinGecko data and found that just two BNB memecoins were responsible for roughly 13% of PancakeSwapβs daily trading volume.
Related: Insider trading allegations surface as TRUMP memecoin floods Solana DEXs
BNB Chainβs reversal of fortune
BNB Chain launched in 2020 as Binance Smart Chain, positioning itself as a low-cost, fast and EVM-compatible alternative to Ethereum at a time when high gas fees and limited L1 options made Ethereum less accessible.
It quickly attracted developers and users but developed a reputation for scammy projects and faced criticism for centralization. As regulatory pressure on Binance mounted, activity on the chain declined while more decentralized and innovative ecosystems like Ethereum L2s and Solana gained momentum.
PancakeSwap has become the centerpiece of BNB Chainβs 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 β the same stretch in which PancakeSwap dominated the EVM DEX landscape.
βDEX 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,β Barlow said. A byproduct of DEX volume growth is higher yields for liquidity providers.
In addition to DEX volume, BNB Chain recently led the industry in active addresses among EVM networks β and was second only to Solana across all blockchain ecosystems over the past week.
Binance-backed growth, memecoin liquidity and Broccoli
The resurgence of BNB Chain is closely linked to the boom in memecoins. In February, BNB Chain published its 2025 tech roadmap, reaffirming its commitment to supporting the memecoin ecosystem.
βWe 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,β the announcement said.
Just days later, Binance founder Changpeng Zhao posted on X that his dogβs name is Broccoli, a remark that sparked a wave of Broccoli-themed memecoins on BNB Chain. Zhao added that he would not be issuing a memecoin himself but would βlikely interactβ with a few tokens on the network.
Memecoin activity has been surging ever since. One example came in late March; in a now-viral trade, one trader reportedly invested $232 into the Mubarak memecoin to profit $1.1 million, according to Lookonchain.
BNB Chain has also outpaced competitors in several core DeFi metrics. It recently surpassed both Solana and Ethereum L2s in daily fees generated.
To further support the momentum, BNB Chain launched the "BNB Chain Meme Liquidity Support Program" on Feb. 18. The initiative provides $200,000 in permanent liquidity to top-performing memecoins.
βMemecoins 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. When TVL remains stable but volume spikes, it's usually retail trading thatβs driving the difference β and right now, that energy is heavily concentrated in BNB Chainβs meme sector,β Rachel Lin, CEO of DEX SynFutures, told Cointelegraph.
Related: XRP and Solana race toward the next crypto ETF approval
Solana vs. BNB: Who owns the memecoin crown?
Data suggests that Solanaβs 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 also hit a low of under 43 million on March 1, according to Nansen, the lowest figure since November.
Solanaβs transaction volume is also on a downward trend along with cooling memecoin activity. Source: Nansen
Even in a downtrend, Solanaβs activity levels remain significantly higher than BNB Chainβs. Nansen data shows that Solana's lowest transaction day still outpaced BNB Chainβs peak of 7.8 million transactions. But momentum appears to be shifting.
BNB Chainβs transactions have risen but are still far behind Solana. Source: Nansen
Pump.fun, Solanaβs memecoin launchpad, is also seeing signs of fatigue. Fewer than 1% of new tokens meet the platformβs requirements to become tradable. The drop in bonding levels points to a cooling period for Solanaβs memecoin market.
But this doesnβt necessarily signal a shift in long-term dominance, said Alan Orwick, co-founder of Quai Network. βThis pattern reflects the cyclical nature of speculative interest across blockchain ecosystems, which ultimately brings renewed energy to DeFi.β
βThis rotation appears to be influenced by regional preferences, with increased Asian market participation driving activity on Binance-related platforms,β Orwick said.
Lin of SynFutures added that the key difference between Solana and BNB Chainβs momentum is the audience: βSolana has become more native to crypto traders, whereas BNB Chain draws a more global, retail-first crowd. Weβre not necessarily seeing one chain dominate long-term, but rather a rotation of capital and attention depending on user behavior and transaction economics."
The rise of BNB Chain amid Solanaβs slowdown highlights the fast-moving, cyclical nature of crypto markets, especially in the memecoin space. While Solana still leads in raw activity, BNB Chain is proving it can capture retail attention and drive meaningful volume when the moment is right. With strong backing from Binance, dedicated liquidity programs and viral meme momentum, BNB Chain has reclaimed relevance in DeFi.
Magazine: Memecoins are ded β But Solana β100x betterβ despite revenue plunge
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