• BNB’s market cap rebounded 7.5% QoQ to $92.6 billion amid mixed market conditions.
• On-chain activity surged, with daily transactions more than doubling to 9.9 million.
• Incentive programs from Binance Alpha drove growth across gaming, DeFi, and “Others” categories.

According to Messari’s State of BNB Q2 2025, Binance Coin (BNB) saw a 7.5% quarter-over-quarter rise in market capitalization, reaching $92.6 billion by the end of Q2. This comes after a decline in Q1 and highlights a modest recovery amid a generally mixed asset performance across the crypto market.

Analysts attribute BNB’s resilience to investor confidence in the chain’s roadmap execution and long-term positioning, even though it has not returned to its Q4 2024 peak. The quarter reflected recalibrated risk from tightening liquidity and macroeconomic uncertainty, yet Binance maintained a stable market presence relative to other major tokens.

Also Read: Binance Coin (BNB) Price Soars, Hits Explosive $880 All-Time High

Lower Gas Costs Cut BNB Chain Revenue, Boost Activity

Binance Smart Chain generated $44.1 million in total fees in Q2 2025, marking a 37.5% decline from $70.5 million in Q1. The drop followed a reduction in minimum gas fees from 1 gwei to 0.1 gwei, encouraging more on-chain activity despite lower revenue.

Wallet-to-wallet transactions fell sharply, down 61.7% QoQ to 7,375.6 BNB, while DeFi fees decreased 31.9% to 6,338.6 Binance. Stablecoins generated 4,646.9 BNB, a 19.1% decline. Other categories, including MEV, Infrastructure, and Bridges, also saw declines.

Combined, these trends reflect a strategically designed fall in revenue while keeping people engaged. The Lorenz Hardfork and the DeFi incentive schemes contributed to enhanced efficiency by upgrading infrastructure. The April 16th burn of the 31st Binance destroyed 1.6 million BNB from the supply, worth $916.1 million, in support of an annualized rate of deflation of 4.5%.

BNB Smart Chain Daily Transactions Double to 9.9M in Q2

Q2 saw explosive Binance Smart Chain growth. Average daily transactions were over twice the previous rate, reaching 9.9 million, while daily active addresses jumped 33.2% to 1.6 million. Binance Alpha’s incentive structures fueled the surge, and airdrops, trading events, and token listings boosted activity.

The DeFi transactions recovered by 81.6% to 594,100 daily, and gaming jumped by 481.6% to 14,800 daily transactions. The “Others” segment, fueled by gamified initiatives, attained 6.5 million daily transactions, increasing by 173.7% QoQ. The MEV action also picked up, and the sandwich attacks decreased by 95% because of collaborative suppression campaigns by the Good Will Alliance.

The trading volume surged, and the daily swaps reached 8.1 million by the close of June. Stablecoin transfers dropped, however, to 14.7% of the volume, while the other areas gained momentum.

Also Read: BNB Set to Skyrocket: Will It Break $1,000 in the Coming Weeks?