Binance's BNB Chain has shown a significant rebound after experiencing stagnation in 2023, driven by accelerating institutional interest and decentralized finance (DeFi) adoption. Over the past year, the BNB Chain has attracted multibillion-dollar inflows into DeFi, exchange-traded funds (ETFs), and increased trading volume on Binance, its affiliated centralized exchange. As a result, BNB, the network's native token, has reached new all-time highs in early 2025, trading at approximately $600 with a market cap nearing $85 billion. Inflows into DeFi have increased BNB Chain's total value locked (TVL) from $3.5 billion to over $6 billion. However, this is still below the peak of more than $20 billion in 2022. The blockchain's use cases are strongly tied to decentralized exchanges and the issuance of the USD1 stablecoin, predominantly on the BNB Chain. Institutional adoption is also on the rise, bolstered by the exchange's trading volume, which hit around $76 trillion in 2024, accounting for 40% of global spot trading volumes.

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