Binance's BNB Chain has witnessed a significant rebound after a period of stagnation during 2023, primarily due to accelerating institutional interest and the growth of decentralized finance (DeFi). The BNB token price and on-chain metrics have increased following substantial inflows into DeFi, US exchange-traded funds (ETFs), and higher trading volumes on the Centralized Exchange (CEX) Binance. The BNB token surpassed its all-time highs in early 2025 despite a downturn in the wider crypto market. As of May 7, BNB is priced around $600, with a market capitalization of nearly $85 billion. Additionally, the total value locked (TVL) on BNB Chain has risen from approximately $3.5 billion to over $6 billion since the start of 2024, ranking fourth among layer-1 blockchains by TVL. Institutional adoption is also surging, aided by Binance’s dominance, which accounted for 40% of global spot trading volumes in 2024. Furthermore, a stablecoin backed by Donald Trump, USD1, has been primarily issued on BNB Chain, reflecting its growing utility in the market.

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