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BNB Chain’s Market Cap Does The Limbo, Leaves Revenue Partying On

BBG News

Scandalously, while the BNB Chain’s market cap spent Q1 playing hide-and-seek—vanishing to the tune of nearly 15%—its revenues decided to host a champagne-soaked soirée. According to Messari (a name now synonymous with crypto crystal ball gazing), BNB Chain’s network revenues leapt 58.1% quarter-over-quarter, scaling the dizzying heights of $70.8 million. Wallet-to-wallet transaction fees, like an ambitious upstart at an Oxford dining club, muscled past DeFi, orchestrating a riotous 122.6% rise and now claiming 17.4% of revenue, leaving DeFi muttering at the table with a paltry 8.4%. Even stablecoins popped their monocles, eking out a 23.4% gain, now responsible for 5.2% of the pot—or a little less after taxes, one imagines.

Curiously, as revenues climbed like a socialite after the right marriage, the BNB market cap chose to ruminate in drawing rooms, dropping 14.8% down to $86.2 billion—but still clinging to the non-stablecoin crypto elite, fourth in line to the digital throne. 🏰

On-chain activity swelled with all the subtlety of a debutante ball: BNB Smart Chain’s daily transactions ascended 20.9% to 4.9 million, while daily active addresses pirouetted up by 26.4% to 1.2 million. Stablecoin transactions, apparently immune to fatigue, commandeered 45% of the dance floor with 1.2 million of their own each day. Wallet-to-wallet transfers, presumably exhausted, nonetheless hauled themselves up by 50.9% to 835,000 daily. In value locked, BNB added a genteel 14.7%—presumably in BNB rather than empty promises.

Meanwhile, DEX volume staged its own roaring twenties—up 79.3% and averaging $2.3 billion per day. PancakeSwap, in a move reminiscent of Lady Marchmain at the annual charity bazaar, managed to seize over 90% of those festivities (who invited everyone else, anyway?).

Messari, never one to let the party be dull, applauded the Pascal hard fork for unleashing technical tartinery: EIP-7702 smart contract wallets, batch transactions, and cryptographic improvements, all while the BNB Good Will Alliance—possibly in capes—slashed sandwich attacks by over 90%. At last, a quarter full of drama, plot twists, and the distinct aroma of speculative excess. 🥂🎩

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2025-04-30 12:13

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