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BNB Chain, closely associated with the cryptocurrency exchange Binance, surpassed Solana in daily fee generation, becoming the leading blockchain in this metric.
Data from analytics firm Nansen indicated that BNB Chain's daily fees exceeded $5.8 million on February 13, topping Solana's $3.3 million and amassing over five times the sum of Ethereum's fees. This achievement marked the first occasion since October 31, 2024, that a blockchain other than Ethereum or Solana has led the industry in daily fees.
A significant portion of the fees generated on BNB Chain can be attributed to PancakeSwap, a decentralized exchange (DEX) that primarily operates on the BNB Chain.
PancakeSwap's trading volume on February 13 was the highest among all DEXs across various chains. The surge in activity on BNB Chain was not limited to the exchange, as the chain has also seen a recent increase in daily active addresses, surpassing both Tron and Ethereum to secure the second spot in that category.
However, with nearly 6 million active addresses in the past week, BNB Chain still trails behind Solana, which maintains a leading 35.8 million active addresses.
The rise in BNB Chain's fee revenue and trading volume was partly driven by the speculative trading of memecoins, particularly highlighted by the rapid ascent and decline of the "Test" (TST) token. TST, which was initially created as a tutorial token for BNB Chain's memecoin launchpad Four.Meme, experienced a speculative bubble that pushed its market cap to $500 million before it plummeted.
Despite memecoins often being regarded as lacking intrinsic value, they have become one of the most popular use cases in the cryptocurrency space over the past year, attracting attention from various figures, including former U.S. President Donald Trump, who endorsed a pair of meme tokens. BNB Chain has expressed its support for the meme coin ecosystem as part of its 2025 roadmap.
The native token of BNB Chain, BNB, priced at $666.73, has seen a 15% increase in value over the past week. This growth has enabled BNB to overtake Solana's SOL token and become the fifth-largest cryptocurrency by market capitalization.
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