BNB Chain Resurges in DeFi and Memecoin Space
BNB Chain, the Ethereum Virtual Machine (EVM)-compatible network associated with Binance, is experiencing a resurgence in the decentralized finance (DeFi) and memecoin sectors, while some of its competitors are facing challenges in defining their identities.
For most of 2024 and early 2025, Solana dominated the retail DeFi narrative and became the preferred network for memecoins related to celebrities, influencers, and political figures, including former US President Donald Trump.
However, Solana’s reputation suffered when Argentine President Javier Milei joined the memecoin trend. His project, “Libra,” was accused of insider trading, damaging trust in Solana’s memecoin sector and creating opportunities for competitors.
BNB Chain has seized this moment by capturing the displaced memecoin volume. The chain has its own memecoin platform, Four.meme, similar to Solana’s Pump.fun, and has introduced daily competitions to promote new projects and support their liquidity. Some of these memecoins have even been listed on Binance itself.
This momentum is evident in the trading volume of the network’s top decentralized exchange (DEX), PancakeSwap. According to Dune Analytics data, PancakeSwap led all EVM chains’ DEX volume on nine separate days during a two-week period starting from March 15.
Justin Barlow, head of business development and investments at Sei Foundation, noted, “It’s worth noting that PancakeSwap’s recent volume spike likely stems from renewed retail enthusiasm for BNB memecoins. Unlike other ecosystems where meme-related volume has declined, BNB Chain has seen significant growth in this sector.”
BNB Chain’s Reversal of Fortune
BNB Chain was launched in 2020 as Binance Smart Chain, positioning itself as a low-cost, fast, and EVM-compatible alternative to Ethereum. It quickly gained developers and users but faced criticism for scammy projects and centralization as regulatory pressure on Binance increased. As a result, activity on the chain declined while more decentralized and innovative ecosystems like Ethereum layer 2s and Solana gained momentum.
PancakeSwap has become the focal point of BNB Chain’s resurgence, with high-volume trading across the network. According to DefiLlama, BNB Chain led all blockchains in DEX volume for eight days during the two-week period starting from March 15.
Barlow stated, “Sustained activity on a platform like PancakeSwap suggests that retail interest in BNB Chain and its memecoin ecosystem is growing.” Higher yields for liquidity providers are a byproduct of DEX volume growth.
In addition to DEX volume, BNB Chain has also led the industry in active addresses among EVM networks and was second only to Solana across all blockchain ecosystems in the past week.
Binance-backed Growth, Memecoin Liquidity, and Broccoli
The resurgence of BNB Chain is closely tied to the boom in memecoins. In February, BNB Chain published its 2025 tech roadmap, reaffirming its commitment to supporting the memecoin ecosystem. Shortly after, Binance founder Changpeng Zhao mentioned that his dog’s name is Broccoli, sparking a wave of Broccoli-themed memecoins on BNB Chain.
Memecoin activity has been surging ever since. In late March, a trader reportedly invested $232 into the Mubarak memecoin and made a profit of $1.1 million.
BNB Chain has outpaced its competitors in several core DeFi metrics and recently surpassed Solana and Ethereum layer 2s in daily fees generated.
To further support the momentum, BNB Chain launched the “BNB Chain Meme Liquidity Support Program,” providing $200,000 in permanent liquidity to top-performing memecoins.
Solana vs. BNB: Who Owns the Memecoin Crown?
Data suggests that Solana’s memecoin sector is cooling off, with a decrease in token launches and daily transaction volume. However, Solana’s activity levels still surpass BNB Chain’s. Pump.fun, Solana’s memecoin launchpad, is also experiencing signs of fatigue, with fewer new tokens meeting the platform’s requirements.
Alan Orwick, co-founder of Quai Network, believes that this pattern reflects the cyclical nature of speculative interest across blockchain ecosystems. He also mentioned that regional preferences, particularly increased Asian market participation, influence the activity on Binance-related platforms.
Rachel Lin, CEO of DEX SynFutures, stated that the key difference between Solana and BNB Chain’s momentum is the audience. Solana is more native to crypto traders, while BNB Chain attracts a more global, retail-oriented crowd. The rotation of capital and attention depends on user behavior and transaction economics.
The rise of BNB Chain amid Solana’s slowdown illustrates the fast-paced, cyclical nature of crypto markets, particularly in the memecoin space. While Solana still leads in raw activity, BNB Chain has shown that it can attract retail attention and drive significant volume when the timing is right. With strong backing from Binance, dedicated liquidity programs, and viral meme momentum, BNB Chain has regained relevance in DeFi.