BNB Chain Annual Review: Daily Active Addresses Rank First in L1, Stablecoin Supply Doubles

Written by: Felix. PANews

2025 was a milestone year for BNB Chain. Amidst multi-chain competition and the diversion of users and capital, BNB Chain, with its low fees, high throughput, and EVM compatibility, became one of the fastest-growing networks in the Web3 field in 2025. Furthermore, at the "2025 Binance Blockchain Week" event, it 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 several records in 2025: its peak daily active users (DAU) exceeded 5 million, cumulative DEX trading volume surpassed $2 trillion, stablecoin supply surged to 14 billion, the RWA project ecosystem began to take shape, and Meme coin drove community vitality through viral spread. That year, BNB Chain was not merely a "digital factory" for trading volume, but evolved into an ecosystem integrating DeFi, AI, RWA, and Meme culture, attracting hundreds of millions of users and developers worldwide.

DEX has the highest number of daily active users.

The BNB Chain ecosystem has expanded from a single chain in 2020 to a multi-layered global network, and the data can intuitively reflect the ecosystem's true 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 also ranks first among all L2 blockchains in terms of daily active users, remaining stable at around 1.5 million, with a market share of 41.9%.

 Data source: Token Terminal

Furthermore, as of December 8, the cumulative trading volume of DEX has exceeded $2 trillion, and the trading volume so far in 2025 is expected to reach approximately $680 billion, with a monthly peak of $119.2 billion in October.

 Data source: DeFiLlama

Meme narratives are the " King of Traffic " of the year.

Meme coins, acting as a catalyst for new user acquisition, community interaction, and transaction frequency, are undoubtedly the "king of traffic" this year. This year, the BNB Chain Meme ecosystem has transformed from an infrastructure boom (Four.meme) to a community frenzy (CZ effect), evolving from a "casino" to a "semi-ecosystem," making it one of the most active narratives on the blockchain. In the first half of the year, BNB Chain's Meme coin trading volume even surpassed Solana and Ethereum. In June alone, it accounted for approximately 45% of the total Meme coin DEX trading volume.

The rise of the Meme ecosystem is inseparable from solid infrastructure. As BNB Chain's "killer application" driving the Meme narrative, the token launch platform Four.Meme has completed a product upgrade, standardizing contract addresses (all ending with "4444"), implementing the PancakeSwap V2 liquidity addition scheme, and simultaneously burning LP tokens. Furthermore, the "0 Fee Carnival" event (zero-gas transfer incentive) reduced minting costs, further fueling a "minting for everyone" craze.

The meme craze wasn't limited to the English-speaking community; the waning influence of the Chinese community also "stood up" in October, staging a grand finale. The most popular was the self-deprecating project, $BinanceLife, whose name seems to encapsulate the life of a Binance user: from depositing funds to going all-in and finally being liquidated to zero. $BinanceLife's market capitalization surged twice after its October launch, reaching a peak of approximately $458 million at the beginning of the month, and then exceeding $400 million again on October 21st.

Currently, although the meme craze is fading and most tokens have fallen sharply, this frenzy will still leave a significant mark on cryptocurrency history in 2025.

Stablecoins maintain the highest number of monthly active addresses.

BNB Chain (BSC + opBNB) has performed particularly well in the stablecoin field, ranking among the top three blockchains in the stablecoin sector thanks to its low cost, deep integration with the Binance ecosystem, and a series of incentive activities.

As of December 6, the total circulating supply of BNB Chain stablecoin was approximately $14 billion, with a year-to-date supply growth of approximately 102.9% (from approximately $6.9 billion at the beginning of the year); total transaction volume reached approximately $953.8 billion, with an average monthly transaction volume of approximately $85 billion from January to November; the number of transactions has consistently ranked first among all blockchains since May; and the number of monthly active addresses has consistently ranked first among all blockchains this year.

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

 Monthly transaction volume; Data source: Visa Onchain Analytics

 Monthly transaction count; Data source: Visa Onchain Analytics

 Monthly active addresses; Data source: Visa Onchain Analytics

The growth in the stablecoin sector is attributed to the development of the BNB Chain network itself. Firstly, the "0 Gas Fee Carnival" campaign, which was extended multiple times throughout 2025 and covered multiple currencies including USDT, USDC, and USD1, directly stimulated stablecoin transfers, withdrawals, and bridging, and was also a significant reason for the inflow of funds from retail and institutional investors.

Secondly, BNB Chain underwent three major technical upgrades in 2025 (primarily in the form of hard forks). These upgrades focused on improving network scalability, transaction speed, and security. Among them, the Maxwell upgrade implemented on June 30 reduced BSC block time from 1.5 seconds to 0.75 seconds, achieving "sub-second" confirmation, lowering the median gas fee to $0.01 per transaction, and improving network efficiency by 20%.

Furthermore, deep integration with communities and institutions (such as World Liberty Financial) has enabled BNB Chain to transform from a "transaction chain" into a "stablecoin payment hub".

RWA has developed into one of the mainstream battlegrounds for institutional-level organizations.

In 2025, BNB Chain became a leading platform in the RWA tokenization field through technological upgrades and ecosystem integration. As of December 8, its total RWA market capitalization reached $1.74 billion, accounting for approximately 9.46% of the total RWA market; it had over 100 projects; and the number of holders increased significantly from the beginning of the year, reaching 5,231.

TVL exceeded $1.005 billion in November, a 55.1% increase in a single month and a staggering 1,510% increase quarter-on-quarter, from $75 million to $1.208 billion, the fastest growth rate in the entire industry; of which USYC reached $903 million and CASH+ money market fund size reached $712 million, forming a dual-engine growth.

 Data source: Rwa.xyz

The biggest factor contributing to BNB Chain's rapid rise in the RWA tokenization field is its provision of a one-stop solution, including compliant issuance (KYC/AML tools), secondary liquidity (DEX integration with PancakeSwap and other platforms), and DeFi utility (lending), which reduces cross-chain friction.

In addition, the dedicated RWA incentive program also played a crucial role. In January of this year, BNB Chain established an initial $50 million dedicated RWA incentive fund to provide personalized support for RWA projects built or migrated on BNB Chain, including TVL incentives, liquidity subsidies, and compliance guidance, becoming the starting point for the RWA boom throughout the year.

Driven by a number of factors, RWA has seen a series of positive developments. First, the xStocks consortium, a collaboration between Kraken and Backed Finance, officially launched over 60 tokenized US stocks and ETFs on BNB Chain in July, enabling ordinary users to trade traditional stocks on-chain 24/7 for the first time. Subsequently, Ondo Finance's "Global Markets" landed on BNB Chain in October, quickly bringing the number of tokenized assets to over 100, further integrating traditional assets such as stocks, ETFs, and commodities into DeFi.

Most notably, on November 14th, BlackRock's BUIDL fund launched on BNB Chain through the security token platform Securitize and the cross-chain protocol Wormhole. This marks the first time the flagship RWA product of the world's largest asset management company has truly been implemented on BNB Chain. Furthermore, CMB International and Circle have also 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 to BNB Chain. These asset launches signify that BNB Chain has become one of the mainstream battlegrounds for institutional-grade RWAs.

Aster has emerged as a dark horse, while Perp is gradually maturing.

While Hyperliquid and others still dominate the Perp market, BNB Chain has achieved double-digit growth this year through flagship projects like Aster. Data shows that as of December 8th, BNB Chain's monthly Perp trading volume has generally shown a month-on-month increasing trend, peaking in October at approximately $22.483 billion. Its share of the global Perp market has significantly increased, from about 1% at the beginning of the year to approximately 2.05%. Perp has become the third largest narrative after Meme and stablecoins.

 Data source: DeFiLlama

In 2025, several protocols for perpetual transactions emerged on the BNB Chain, with popular projects including Aster and MYX Finance. Aster, as the leading BNB Chain Perp, supports unified liquidity across multiple chains, offering hidden orders, equity Perp, and extremely high leverage (up to 1001x). CZ also publicly purchased Aster, driving its rapid rise.

Outlook

2025 is a crucial year for BNB Chain's transformation from high-speed growth to "ecosystem deepening." Leveraging its high performance, low fees, and large user base, it has established a competitive advantage and achieved success in multiple areas, including Meme, stablecoins, and RWA, solidifying its position as a Web3 infrastructure.

However, BNB Chain still faces challenges. It needs to shift from "short-term traffic" to "long-term value," and also needs to confront competition among blockchains and macroeconomic uncertainties. How BNB Chain will better prove itself as more than just a chain, bringing the next billion users onto the chain and becoming a global engine for Web3, remains to be seen.