BNB Chain Annual Review: Highest Daily Active Addresses Among L1s, Stablecoin Supply Doubled

Written by: Felix. PANews

2025 is a milestone year for BNB Chain. Amidst multi-chain competition and the diversion of users and capital, BNB Chain has become one of the fastest-growing networks in the Web3 space in 2025, thanks to its low fees, high throughput, and EVM compatibility. During the “2025 Binance Blockchain Week” event, BNB Chain further strengthened its position as a multi-chain infrastructure through dedicated sessions, ecosystem project showcases, and partner interactions.

Looking back at the data, BNB Chain achieved multiple records in 2025: daily active users (DAU) peaked at over 5 million, cumulative DEX trading volume surpassed $2 trillion, stablecoin supply soared to $14 billion, the RWA project ecosystem took shape, and Meme coins drove community activity with viral growth. This year, BNB Chain is not just a “digital factory” for trading volume, but has evolved into an ecosystem integrating DeFi, AI, RWA, and Meme culture, attracting hundreds of millions of users and developers globally.

DEX Ranks First in Daily Active Users

The BNB Chain ecosystem has expanded from a single chain in 2020 to a multi-layer global network, with data clearly reflecting its real growth. Currently, BNB Chain’s DAU is stable at around 3.7 million, with a peak of 5 million, ranking first among all L1 blockchains with a market share of 22.6%.

Data source: Token Terminal

opBNB’s daily active users also rank first among all L2 blockchains, stabilizing around 1.5 million with a market share of 41.9%.

Data source: Token Terminal

Additionally, as of December 8, cumulative DEX trading volume surpassed $2 trillion, with trading volume for 2025 to date reaching about $680 billion. The monthly peak was in October at $119.2 billion.

Data source: DeFiLlama

Meme Narrative Becomes the Year’s “Traffic King”

Meme coins, as a catalyst for user acquisition, community engagement, and trading frequency, are the undisputed “traffic king” of the year. In 2025, the BNB Chain Meme ecosystem evolved from infrastructure boom (Four.meme) to community frenzy (CZ effect), transforming from a “casino” to a “semi-ecosystem” and becoming one of the most active narratives on-chain. In the first half of the year, BNB Chain’s Meme coin trading volume once surpassed both Solana and Ethereum, accounting for about 45% of overall Meme coin DEX trading volume in June alone.

The rise of the Meme ecosystem is inseparable from robust infrastructure. As BNB Chain’s “killer app” driving the Meme narrative, the token launch platform Four.Meme underwent a product upgrade, standardizing contract addresses (all ending with “4444”) and implementing the PancakeSwap V2 liquidity addition plan, along with simultaneous LP token burning. The “0 Fee Carnival” event (zero gas transfer incentives) lowered minting costs, further sparking a “minting for all” craze.

The Meme frenzy was not just led by the English-speaking community; the waning Chinese community “stood out” in October, putting on a grand finale. The hottest project was the “self-mockery” representative $BinanceLife, a name that seems to summarize the life of a Binance user: from deposit, to all-in, to liquidation. After launching in October, $BinanceLife’s market cap surged twice, peaking at about $458 million early in the month and again surpassing $400 million on October 21.

Currently, although the Meme craze has faded and most tokens have dropped sharply, this frenzy remains a highlight in the 2025 history of cryptocurrency.

Stablecoins Hold First Place in Monthly Active Addresses

BNB Chain (BSC + opBNB) stands out in the stablecoin sector, maintaining a top-three blockchain position for stablecoins thanks to low costs, deep Binance ecosystem integration, and a series of incentive activities.

As of December 6, BNB Chain’s total stablecoin circulation is around $14 billion, with an annual supply increase of about 102.9% (from $6.9 billion at the start of the year). Total trading volume is about $953.8 billion, with an average monthly trading volume from January to November of about $85 billion. Since May, transaction count has ranked first among all blockchains, as has monthly active address count throughout the year.

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

Monthly trading volume; Data source: Visa Onchain Analytics

Monthly transaction count; Data source: Visa Onchain Analytics

Monthly active address count; Data source: Visa Onchain Analytics

Growth in the stablecoin sector is due to BNB Chain’s network development. First is the “0 Gas Fee Carnival” event, which was extended multiple times in 2025, covering multiple stablecoins such as USDT, USDC, and USD1. This directly stimulated stablecoin transfers, withdrawals, and bridging, becoming a key reason for both retail and institutional capital inflows.

Secondly, BNB Chain underwent three major technical upgrades in 2025 (mainly hard forks), focusing on scalability, transaction speed, and security. The Maxwell upgrade on June 30 reduced BSC block time from 1.5 seconds to 0.75 seconds, achieving sub-second confirmation and lowering median gas fees to $0.01 per transaction, increasing network efficiency by 20%.

In addition, deep integration with the community and institutions (such as World Liberty Financial) has shifted BNB Chain from a “transaction chain” to a “stablecoin payment hub”.

RWA Becomes a Mainstream Institutional Battleground

In 2025, BNB Chain became a leading platform in the tokenized RWA field, thanks to technical upgrades and ecosystem integration. As of December 8, its total RWA market cap reached $1.74 billion, accounting for about 9.46% of the RWA market; it hosts over 100 projects; and the number of holders surged to 5,231 from the start of the year.

In November, TVL surpassed $1.005 billion, growing 55.1% in a single month and skyrocketing 1,510% quarter-over-quarter, from $75 million to $1.208 billion—the fastest growth rate in the industry. USYC reached $903 million, and the CASH+ money market fund hit $712 million, forming dual growth engines.

Data source: Rwa.xyz

The biggest driver of BNB Chain’s rapid rise in RWA tokenization is its one-stop solution, including compliant issuance (KYC/AML tools), secondary liquidity (DEX integration with PancakeSwap, etc.), and DeFi utility (lending), reducing cross-chain friction.

In addition, a dedicated RWA incentive plan played a crucial role. In January, BNB Chain launched a $50 million RWA incentive fund to provide personalized support—including TVL incentives, liquidity subsidies, and compliance guidance—for RWA projects built or migrated to BNB Chain, becoming the catalyst for the year’s RWA boom.

Under these factors, RWA saw a series of positive developments. First, Kraken and Backed Finance’s xStocks alliance launched over 60 tokenized US stocks and ETFs on BNB Chain in July, enabling regular users to trade traditional stocks on-chain 24/7 for the first time. Next, Ondo Finance “Global Markets” went live on BNB Chain in October, quickly surpassing 100 tokenized asset types and bringing traditional assets like stocks, ETFs, and commodities into DeFi.

Most notably, on November 14, BlackRock’s BUIDL fund launched on BNB Chain via the Securitize security token platform and the Wormhole cross-chain protocol. This is the first time the flagship RWA product of the world’s largest asset manager has truly landed on BNB Chain. Additionally, CMB International and Circle both partnered with BNB Chain. CMB International tokenized its $3.8 billion USD money market fund into CMBMINT and CMBIMINT and launched them on BNB Chain, while Circle deployed its tokenized money market fund USYC on BNB Chain. The launch of these assets marks BNB Chain as a mainstream institutional RWA battleground.

Aster Emerges, Perp Matures

While Hyperliquid and others still dominate the Perp market, BNB Chain has doubled its growth this year with flagship projects like Aster. As of December 8, BNB Chain’s Perp monthly trading volume has grown month over month, peaking in October at about $22.483 billion. Its global Perp market share rose significantly from about 1% at the start of the year to around 2.05%. Perp has become the third largest narrative after Meme coins and stablecoins.

Data source: DeFiLlama

2025 has seen the emergence of several perpetual trading protocols on BNB Chain, with popular projects including Aster, MYX Finance, among others. Aster, the flagship Perp on BNB Chain, supports unified multi-chain liquidity, offers hidden orders, stock Perps, and extremely high leverage (up to 1001x). CZ has also publicly bought ASTER, fueling its rapid rise.

Outlook

2025 marks BNB Chain’s transition from rapid growth to “ecosystem deepening.” Leveraging high performance, low fees, and a large user base, BNB Chain has flourished in areas such as Meme coins, stablecoins, and RWA, solidifying its position as Web3 infrastructure.

However, challenges remain for BNB Chain, which must shift from “short-term traffic” to “long-term value,” while facing competition among blockchains and macro uncertainties. How BNB Chain can further prove it is more than just a chain, bring the next billion users on-chain, and become the global engine of Web3 is something we will all be watching closely.

Related reading: Capital, Users, and Narratives—Analyzing BNB’s Long-Term Bullish Logic