In recent months, Binance-affiliated BNB Chain has observed a significant rebound, emerging from a phase of stagnation experienced in 2023. This resurgence coincides with an uptick in both institutional investment and the adoption of decentralized finance (DeFi) platforms, marking a transformative period for the blockchain network.
Throughout the past year, BNB Chain has increasingly tapped into the billion-dollar inflows directed towards DeFi initiatives, the rise of US exchange-traded funds (ETFs), and a notable increase in trading volume on the affiliated centralized exchange (CEX) Binance. These factors have helped the blockchain’s native BNB token demonstrate remarkable resilience, even exceeding previous all-time highs in the first quarter of 2025 while many other cryptocurrencies faced downward pressures.
Joao Wedson, the CEO of the investing analytics platform Alphractal, emphasized the strong fundamentals bolstering this resilience, asserting that “Binance has built a massive ecosystem where BNB is used extensively.” This robust ecosystem is a cornerstone of the network’s growing appeal among investors and users alike.
According to market forecasts by Standard Chartered, the value of the BNB token could reach highs of $2,775 by the end of 2028. As of May 7, BNB was trading around $600, with a market capitalization nearing $85 billion, as reported by CoinMarketCap.
In an exciting development for investors, asset manager VanEck proposed the first BNB ETF in the United States on May 5, further cementing the token’s status and potential for broader market engagement.
DeFi Inflows and TVL Trends
Since the start of 2024, BNB Chain’s total value locked (TVL) has climbed from approximately $3.5 billion to over $6 billion, according to data from DefiLlama. While this growth is promising, it remains shy of the all-time highs of over $20 billion recorded in 2022.
Presently, BNB Chain ranks fourth among layer-1 blockchain networks by TVL. Standard Chartered noted that the chain’s use cases predominantly center on decentralized exchanges (DEXs), lending protocols, and liquid staking, characterizing it as a more traditional smart contract platform. Although this concentration may limit potential upside, it simultaneously offers a degree of stability in a volatile market.
PancakeSwap, a leading DEX within the BNB ecosystem, currently has around $1.5 billion in TVL, further highlighting the ecosystem’s robustness.
Institutional Adoption: A Driving Force
Institutional adoption on BNB Chain has been gaining momentum, significantly influenced by its relationship with the Binance exchange. In 2024, Binance recorded an unprecedented trading volume of approximately $76 trillion, claiming around 40% of the global spot trading volumes, as per Standard Chartered.
Additionally, the USD1 stablecoin, supported by former U.S. President Donald Trump, has been primarily issued on the BNB Chain, with data revealing that over $2 billion worth—accounting for 99% of its circulating supply—has been issued on this blockchain.
With a favorable outlook and substantial growth metrics, BNB Chain stands resilient against challenges and primed for future expansion within the rapidly evolving cryptocurrency landscape.
