The BNB chain provided outstanding Q1 performance in revenue and on-chain metrics, even with market capitalization falling almost 15%.
According to a new Messari report, the BNB chain recorded strong revenue performance in the first quarter of 2025, with network revenue rising 58.1% to $70.8 million per quarter. The surge was heavily driven by a 122.6% increase in wallet-to-wall transaction fees, accounting for 17.4% of total revenue, surpassing Defi. The Defi category contributed a modest 8.4% of total revenue and increased QOQ of 7.6%, while Stablecoin-related activities accounted for 5.2% of revenue and increased QOQ of 23.4%, while revenue share fell by 5.2%.
Source: Messari
Despite impressive revenue growth, BNB’s market capitalization fell 14.8% from the quarter, closing at $86.2 billion. Still, BNB retained its rank as the fourth largest non-stable cryptocurrency by market capitalization.
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As far as on-chain activity is concerned, BNB Smart Chain averaged 20.9% QOQ to 4.9 million daily trading, with daily active addresses ranging from 26.4% to 1.2 million. Stablecoins remained dominant, accounting for around 45% of all transactions at 1.2 million a day, with wallet-to-wall transfers surged from 50.9% to 835,000 daily. The total value locked in the BNB Smart Chain increased by 14.7% in BNB terminology.
Source: Messari
Dex volume surges at a QOQ of 79.3%, with daily trading average of $2.3 billion, and PancakesWap accounts for more than 90% of the chain’s total DEX activity.
Messari also noted the successful deployment of Pascal Hard Fork, introducing major technical upgrades such as the EIP-7702 smart contract wallet, batch transaction support, and improved cryptography. Additionally, the BNB Good Will Alliance, launched in March, helped to reduce sandwich attacks by more than 90% through coordinated MEV protection efforts.
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