BNB Chain monthly growth of 57%, exchange ecosystem battles intensify on-chain

From Exchange to Chain Ecosystem: A Turnaround

Remember the wave of Chinese Meme hype in early October? From “Binance Life” going viral to overseas players learning Chinese to trade crypto, this trend once again ignited BNB Chain. Although market focus was briefly disrupted, the underlying logic is even more worth pondering—when the first-tier exchange industry pattern gradually solidifies, who can still find incremental growth? The answer points to the chain.

Data speaks volumes. In Q3 2025, the total market cap of crypto assets surpassed $4.02 trillion, a 16.2% increase from Q2. Within this huge cake, a leading exchange’s spot and derivatives trading volume reached $9.93 trillion, accounting for over one-third of the market share—this has been a consistent quarterly achievement.

But the key is, when all platforms are fighting for this one-third share, times are tough. Defense and offense strategies of major exchanges both seem very challenging. So, smart people are turning their eyes to the on-chain world.

BNB Chain’s “Comeback” Moment

Saying BNB Chain has made a comeback is no exaggeration.

According to the latest data, in Q3, BNB Chain performed best among blockchains alongside Solana and Avalanche. Its DEX trading volume hit $225 billion, reaching a new high since Q4 2021, second only to Solana and Ethereum. But what’s truly eye-catching is the number of active addresses—surging to 52.5 million in September, a 57% increase month-over-month, surpassing Solana and Ethereum to become the leading mainstream chain.

Transaction counts are also skyrocketing: from 892 million in Q2 to 1.22 billion in Q3. What does this mean? There are people on the chain, and they are very active.

Active users directly translate into revenue. BNB Chain generated $357.3 million in fee income before the end of Q3, with $2.2 million in September alone—setting a new high since March. It’s worth noting this was achieved despite continuous fee reductions—over the past 18 months, BNB Chain has lowered transaction fees three times, with a total reduction of 75%.

The on-chain ecosystem is also filling gaps. After DeFi veterans like PancakeSwap and Venus have been stationed for years, new perpetual contract DEXs like Aster have emerged. In September, this product’s single-day revenue once reached $7.2 million, significantly boosting BNB Chain’s perpetual contract trading volume in Q3 by 55%, reaching $36 billion.

The Ambitions of Two “Little Binances”

If we must summarize, Binance has replicated its trading landscape on-chain.

Alpha handles “on-chain spot,” Aster handles “on-chain contracts.” This combination tests and verifies BNB Chain’s ability to handle high-frequency trading. In terms of TVL, BSC’s TVL reached $8.729 billion, with 1,033 protocols—2.7 times that of Solana. Although still behind Ethereum, its monthly growth rate of 15.02% makes it the fastest-growing among the TOP10 public chains.

Fee reduction is the key trigger. The fee cut in May 2025: median transaction fees dropped by 75%, daily transaction counts surged by 140%, surpassing 12 million. This proves a simple truth—cheap and easy to use, people will come.

What Has Institutional Entry Changed?

But trading alone is not enough. The real turning point comes from deeper participation.

BNB’s narrative has shifted beyond just a platform token to a comprehensive asset: traders use it to offset fees, investors participate in Launchpool and early projects, developers pay Gas fees with it. By September, institutional investors also arrived.

Franklin Templeton announced it would expand its tokenization platform Benji to BNB Chain, aiming to create financial assets on-chain. In October, China Merchants Bank’s wholly owned subsidiary took a more direct step—bringing a $3.8 billion money market fund on-chain to BNB Chain, allowing investors to subscribe with fiat or stablecoins and redeem in real-time.

RWA (Real World Assets on-chain) is no longer just a concept; it’s happening.

This also explains why BNB hit a new high of $1376. Part of this rally was driven by confidence from institutional processes in Bitcoin and Ethereum. US investment bank Jefferies said the crypto market is still in the “Internet 1996” stage, with many institutions developing strategies and allocating funds among tokens, ETFs, and digital asset custody companies.

They advise not to focus excessively on Bitcoin’s price but on “adoption, development, usage, and use cases.” BNB happens to meet this standard. Since June this year, several listed companies have announced including BNB in their balance sheets. In August, B Strategy announced raising $1 billion to establish a U.S.-listed company holding BNB as a financial asset. In October, Hong Kong investment bank Huaxing Capital raised $600 million to launch a BNB-focused treasury.

The True Ocean of Stars

Meme hype is lively, but think calmly—how long can it last?

In comparison, RWA applications are a more transformative new world. When more institutions like Franklin Templeton and China Merchants Bank International adopt BNB Chain, this chain will have the opportunity to verify its value as a cornerstone of the financial system. This requires continuous expansion, upgrades, fee reductions, and efficiency improvements.

The first-tier exchange landscape has already solidified, making it hard to steal market share from competitors. But the on-chain world is a new frontier. BNB Chain is pioneering new tracks with activity and ecosystem development. Alpha and Aster are just the starting points; institutional entry is the accelerator.

BNB, through Meme noise, has reached new highs, but the true destination is this very path.