BNB Chain in Q1 2025—Will Momentum Continue?

The first quarter of 2025 saw a huge increase in Binance (BNB) Smart Chain. It outperformed the fourth quarter of the previous year in a number of ways. That shows the chain has solidified its position in the cryptocurrency space.

Binance Chain Onchain Activity

For Q1 2025, the average daily transactions increased by 20.9%, from 4.0M to 4.9M. The number of active daily addresses participating in the blockchain grew by 26.4% throughout the first quarter, from 0.9 million to 1.2 million. It showed a sustained boost in user participation.

There was a 25% hike in average transactions between Q1 and Q4. It increased from $0.12 to $0.15. At the same time, the BNB fee rate increased by 25.3% from 0.00019 to 0.00023.

Fees increased by 25% in dollar terms, mainly because the network experienced greater usage. However, both absolute fee metrics stayed relatively low. The chain also maintained its network stability as constant validator numbers remained at 45.

Network stake value in USD decreased by 11.8% from $20.8 billion to $18.4 billion. That showed investors made profits and reallocated funds despite positive network activity.

In this time, there was an increase the value of BNB staking, to 30.4 million BNB, reflecting a 2.4% increase in this period. The staking value dropped a bit, but user activity metrics throughout Q1 showed robust behavior. Any subsequent growth in using the BNB chain depended on the continuing positive trends reflected in its momentum.

BNB Smart Chain DEX Volume and TVL

In the first quarter, there was growth in decentralized exchange (DEX) activity on the BNB Chain. The quarter-over-quarter growth of average daily volumes grew 79.1% to reach $2.3 billion. For PancakeSwap, it was 91.8% of total DEX trading activity.

Before the end of the first quarter of 2025 a total of $2.1 Billion worth of transactions were recorded on PancakeSwap. That figure represented a 95.2% increase from previous levels.

The trading volume of THENA rose to $97.9M through a +23.5% increase, while DODO registered a -42.8% decrease with volume at $22M. Four.meme experienced a sharp rise of 469% to reach $9.5M.

Bankless activity on DEXs grew as users increasingly participated in token swaps, and the platforms provided boosted liquidity. Meanwhile, the value of DeFi TVL on BNB Chain remained relatively stable when converted to USD. It decreased only by 1.2% to reach $5.3 billion.

The TVL increased to 14.7% when measured in terms of BNB tokens, which showed increasing capital from users.

Although the TVL indicator showed a decline, the dollar amount usage persisted in native protocol interactions. These metrics showed how BNB Chain continued to grow as a DeFi platform while maintaining market stability, which supports ecosystem growth.

BNB Network Revenue

In Q1 in 2025, the quarterly revenue of the BNB Chain increased by 58.1% compared to the previous quarter. It reached a total of 70.8 million USD. Network revenue exceeded all previous records as wallet-to-wallet transaction fees increased by 122.6%. It produced 19.3K BNB that accounted for 17.4% of total revenue.

The sector of wallet transactions achieved the greatest revenue gain, exceeding DeFi’s 9.3K BNB, which was up 7.6% for Q1 2025.

The combination of Stablecoin transactions and MEV produced 7.3K BNB in Q1 revenue. The Stablecoin sector increased its total by 23.4%, and MEV declined by 6.1% during this period.

The infrastructure and the bridge sectors delivered revenue of 0.7K BNB and 0.3K BNB, respectively. Other remaining sectors witnessed substantial growth with 73.7K BNB revenue that increased by 66.5% since the previous quarter.

Total revenue increased as the Binance chain experienced higher levels of on-chain activity from increased speculation, greater energy consumption, and increased usage throughout the ecosystem.