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In a recent report by market analysis firm Messari, BNB Chain demonstrated remarkable performance in the first quarter of 2025, showcasing substantial growth in network revenue.
The total fees collected by the network reached $70.8 million, marking a significant 58.1% quarter-over-quarter (QoQ) increase from $44.6 million in the previous quarter. When measured in BNB, revenue also rose by 58%, climbing from 69,500 BNB to 109,800 BNB.
BNB Chain Market Cap Declines 14.8%
A notable surge in revenue occurred in early February, fueled by increased adoption of BNB Chain and the rising popularity of the TST memecoin. This spike pushed the number of unique on-chain users to an all-time high of 517 million on February 11, 2025. However, this peak was followed by a rapid normalization in activity levels, indicating a return to more typical usage patterns.
Despite its growth, BNB Chain faced challenges in its market capitalization, which stood at $86.2 billion at the end of Q1—a decline of 14.8% QoQ.
This pullback was in line with broader market conditions, as Bitcoin’s (BTC) market cap also fell by 11.8%, while Ethereum (ETH) and Solana (SOL) experienced even steeper declines of 45.2% and 29.6%, respectively.
One of the most significant findings from Messari’s report was the dramatic increase in gas fees from wallet-to-wallet transactions, which soared by 122.6% QoQ, generating 19,266 BNB and accounting for 17.4% of total revenue.
This shift marked wallet-to-wallet transactions as the largest contributor to revenue, surpassing the previously dominant DeFi sector, which saw its share of revenue drop to 8.4% despite a 7.6% increase in fees.
Stablecoins emerged as the third-largest revenue generator, increasing by 23.4% QoQ to 5,745.1 BNB, though their overall share of revenue decreased by 23.1%. Other categories, such as MEV and Infrastructure, reported declines in revenue, while bridge fees saw a modest increase of 8.6%.
Fourth Position In Total Value Locked
BNB’s circulating supply at the end of Q1 was 142.5 million, reflecting an annualized deflation rate of 4.6%. Notably, the 30th quarterly BNB burn took place on January 23, where 1.6 million BNB, valued at approximately $1.2 billion at the time, was removed from circulation.
On-chain activity continued its upward trend, with average daily transactions rising by 20.9% QoQ to reach 4.9 million, and average daily active addresses increasing by 26.4% to 1.2 million.
In terms of staking, total staked BNB increased by 2.4% QoQ, although the dollar value of staked BNB fell by 11.8% due to a decrease in BNB’s price. This positioned BNB Smart Chain as the third-highest PoS network in terms of dollar value staked.
Despite a slight decrease in Total Value Locked (TVL) in USD—from $5.4 billion in Q4 to $5.3 billion—BNB Smart Chain maintained its ranking as the fourth-highest chain for TVL. Venus Finance and PancakeSwap topped the protocols by TVL, although both experienced declines.
The decentralized exchange (DEX) ecosystem on BNB Chain continued to thrive, with average daily DEX volumes soaring by 79.3% QoQ to $2.3 billion. The number of active DEXs also increased to 82, underlining the robust competitive environment.
While the stablecoin market on BNB Chain grew, reaching a total market capitalization of $7 billion, it slipped in the rankings from third to fourth among blockchain networks, overtaken by Ethereum, TRON, and Solana.
As of now, Binance Coin is trading at $601, maintaining its 5th position among the largest cryptocurrencies on the market with a market capitalization of $87 billion, just behind XRP, Tether’s USDT, Ethereum and Bitcoin.
Featured image from DALL-E, chart from TradingView.com
