BNBCHAIN’s Ecosystem Evolution: A Deep Dive from Liquidity Feast to Innovation Dilemma
CONTENT
Summary
Ecosystem Overview
1. Ecosystem Project Categories
2. BNBCHAIN Ecosystem Data Overview
BNBCHAIN’s AI
1. Major Events in BNBCHAIN
2. BNBCHAIN’s AI Layout
3. Why BNBCHAIN, Which Was Early in AI, Lacks Competitiveness?
BNBCHAIN’s Infrastructure Issues
BNBCHAIN’s MEME
1. Representative Tokens Overview
2. Features of BNBCHAIN’s Meme Coins
Conclusion
Summary
BNB Chain is a Layer 1 blockchain supported by Binance, launched as Binance Smart Chain (BSC) in September 2020 and renamed BNB Chain in February 2022 to emphasize its evolution into an independent ecosystem. Its native token, BNB, surged at the end of 2020 due to the DeFi boom, leading the market to revalue it as a top Layer 1 token. The ecosystem spans DeFi （such as PancakeSwap）, GameFi (such as CryptoBlades), NFT (such as BakerySwap), social media (such as Friend 3), data storage (such as BNB Greenfield), and AI (such as MyShell). While benefiting from Binance’s support, many projects have declined due to a lack of sustainability. BNB Chain’s TVL peaked at $20 billion in 2021 but later dropped to just over $2 billion, recovering to $5 billion in 2024 (a 58.2% increase), though it declined by 29% in terms of BNB. The number of addresses grew by 17.7% (reaching 486 million), but this increase did not translate into substantial gains.
The AI strategy unfolded in May 2024 through opBNB （high TPS） and BNB Greenfield (data storage), but infrastructure limitations (such as MEV attacks and transaction congestion) and the lack of wealth effects have left it lagging Solana. In the meme ecosystem, BNB Chain features dog- and cat-themed tokens (such as FLOKI and Baby Doge Coin), backed by strong supporters but relatively monotonous, whereas Solana’s meme landscape is more diverse and vibrant. When choosing BNB Chain meme coins, factors to watch include the yellow logo, endorsements from influential figures, and stable trends, but the initial listing effect has weakened, making risk management crucial. BNB Chain needs innovation and infrastructure upgrades to regain its competitive edge.
Ecosystem Overview
BNB Chain is a Layer 1 blockchain supported by Binance, powered by its native token BNB. It originated in September 2020 as Binance Smart Chain (BSC), launched by the cryptocurrency exchange Binance. In February 2022, it was renamed BNB Chain to reflect its evolution into an independent blockchain ecosystem.
1. Ecosystem Project Categories
· Decentralized Finance （DeFi）
BNB Chain is a popular choice in the DeFi ecosystem, with several well-known decentralized exchanges, lending platforms, and yield farming projects. The following are representative projects:
PancakeSwap: A decentralized exchange that provides instant token swaps and liquidity farming.
Venus Protocol: A lending and borrowing platform that allows users to earn interest or borrow assets.
Alpaca Finance: A platform focused on yield farming, where users can earn additional returns by providing liquidity.
Tranchess: A risk management and yield optimization platform that offers a variety of DeFi tools.
Mdexswap: Another decentralized exchange that supports cross-chain transactions.
· GameFi
BNB Chain supports a variety of blockchain games, with a particular focus on the “Play-to-Earn” model, attracting a large number of players. Representative projects include:
CryptoBlades: A character-based “Play-to-Earn” game where players can earn cryptocurrency through gameplay.
Faraland: A multiplayer role-playing game (RPG) where players can own unique NFT warriors.
Monsterra: A multi-chain “Play-to-Earn” game that supports BNB Chain and other blockchains.
Alien Worlds: A sci-fi fantasy game where players earn tokens by completing tasks.
· NFTs（Non-Fungible Tokens）
BNB Chain is an active platform in the NFT market, supporting the creation, purchase, and sale of unique digital assets. Representative projects include:
BakerySwap: A decentralized exchange that integrates an NFT marketplace.
NFTb: An NFT lending platform that allows users to pledge NFTs in exchange for loans.
Phantasma Chain: A platform focused on NFTs and blockchain, supporting the creation and trading of digital assets.
BNB Chain NFT Marketplace: The official NFT marketplace of BNB Chain, enabling users to trade digital collectibles.
· Social Media
BNB Chain has a few social media projects that emphasize decentralization and user data control. Representative projects include:
Friend 3: A social media platform that offers passive income mechanisms, allowing users and creators to earn rewards through social interactions.
· Data Storage and Management
BNB Chain supports decentralized data storage through its infrastructure, enhancing data ownership and privacy. Representative projects include:
BNB Greenfield: A decentralized storage solution that allows users and dApps to create, store, and exchange data.
· Blockchain and Artificial Intelligence (AI) Integration
In recent years, BNB Chain has emphasized an “AI-first” strategy, supporting several AI-driven projects. Representative projects include:
MyShell: A decentralized platform that revolutionizes the creation, sharing, and monetization of AI applications.
NFP: An AI-driven project that may cover multiple industries.
ChainGPT: A tool combining AI and blockchain to enhance smart contract development.
Gata: An AI-related project on BNB Chain, with its specific features yet to be explored.
Alaya: An AI project focusing on AI innovation in the blockchain ecosystem.
MEET 48: An AI-driven project, with use cases including social networking or data processing.
Conclusion:
BNB Chain has gone through nearly five years since its DeFi emergence in August 2020. The explosive rise of the BNB token price at the end of 2020 was closely related to BSC, as users discovered that Binance was not just a centralized exchange, but BNB was also a top-tier Layer1 core token. As a result, the market re-priced the BNB token. In the following years, like other public chains, BNB has focused on GameFi, DeFi, NFTs, and AI, leading to the birth of many projects listed on Binance. These projects, supported strongly by Binance, achieved great success at certain times but eventually faded and were delisted by Binance. This highlights that the long-term success of a project ultimately depends on its sustainability.
2. BNB Chain Ecosystem Data Overview
When we measure a blockchain using data, there are unavoidable metrics such as TVL, transaction volume, interaction counts, and developer numbers.
Similar to other financial markets, the cryptocurrency market thrives on liquidity, commonly referred to as TVL. BNB Chain’s TVL explosion was concentrated in early 2021, when all DeFi innovations on Ethereum were replicated on the BSC chain. BSC’s advantages include higher TPS, faster confirmation speeds, and lower fees. This advantage led to a massive influx of users, even though the BSC projects were simply copied. In May 2021, TVL peaked at $20 billion, but then plummeted to just over $2 billion. Even though the recent market has warmed up and CZ has started promoting again, TVL only doubled to $5 billion. This makes the narrative of innovation-less public chains seem like a bubble scam — once the bubble bursts, no matter how hard they try, each rebound feels like a dead cat bounce. In 2021, Binance’s support was not as strong as it is now. Not only did He Yi get personally involved, but CZ also broke with tradition and actively promoted the chain.
What’s even more interesting is that when we compare the TVL trend of BNB Chain with the BNB token, we find:
source：defillama
After the BNB token experienced the burst of the bubble, it re-launched and even reached new highs. This proves that the logic of centralized exchanges （CEX） is enduring, with user stickiness and genuine demand. A Layer1 blockchain, however, needs new innovations and new use cases to breathe new life into the chain. All CEXs can list tokens from all chains, so there are no significant competitive barriers. When the market is good, if CEX A sees a surge in activity, CEX B will experience the same. The competition here is based on services, security, liquidity, etc. On the other hand, the competition among public chains is brutal. The prosperity of other public chains doesn’t bring any benefits to one’s own chain and may even divert the limited liquidity away.
“The ecosystem’s growth is reflected in a 58.2% increase in total value locked （TVL）, a 17.7% increase in unique addresses, and opBNB reaching 4.7 million daily active users （DAU）.”
This excerpt comes from BNB Chain’s 2024 annual report, which emphasizes what it considers the most crucial growth indicators. However, from a user’s perspective, these metrics seem trivial. We all know that the key to a blockchain’s TVL lies in the value of its native token, which makes up the majority. Therefore, the 58% increase in TVL in 2024 is largely attributed to the rise in the value of the BNB token. When we measure the TVL of this chain in terms of BNB quantity, we can see that in 2024, the total TVL of the chain actually decreased from 11 million BNB to 7.8 million BNB, a drop of 29%.
Another point is the increase in the number of addresses. The report shows, “In 2024, the total number of unique addresses on BSC increased by 17.7%, reaching over 486 million. This growth is consistent with the steady expansion of previous quarters.” This means 210,000 new addresses were added each day.
source：2024BNB Chain Ecosystem Report
On the data level, we don’t see any significant growth for BNB Chain, which means that apart from a small group of tax-receiving entities (such as BNB nodes), the remaining ecological niches are unlikely to generate much profit. This implies that it is very difficult for users to simply hold tokens from projects within the ecosystem and expect to gain profits.
BNB Chain’s AI
Before discussing BNB Chain’s AI, we need to review its development over the years. Many people don’t fully understand what BNB Chain’s AI is about. In this market cycle, the AI sector has largely been led by Solana. Naturally, many would think that BNB Chain is only jumping on the bandwagon, presenting half-finished products to ride the wave.
1. Major Events of BNB Chain
September 2020: BNB Smart Chain officially launched, introducing the PoSA consensus mechanism, supporting smart contracts, and attracting early developers.
2021: The DeFi and NFT craze, with projects like PancakeSwap driving growth in TVL and transaction volumes.
February 2022: Rebranding, as Binance Smart Chain and Binance Chain merged to form BNB Chain, enhancing its community-driven image.
2023: Regulatory disputes, with Binance facing SEC charges that could affect public trust, but technological development continued.
2024: Launch of opBNB and BNB Greenfield, improving scalability and data storage capacity. According to the BNB Chain Blog:2024Annual Report, opBNB achieved 4.7 million daily active users by the end of 2024, and BSC’s TVL increased by 58.2%.
2025: AI-first strategy, supporting AI-driven projects like MyShell and ChainGPT, further expanding the ecosystem.
2. BNB Chain’s AI Layout
These are the major events in the BNB Chain ecosystem as listed by AI. The sectors related to specific projects are mainly DeFi, NFT, and AI. DeFi and NFT have already passed their peak, so the core focus of BNB Chain moving forward is AI.
When discussing BNB Chain’s AI, the key events to note are the launches of opBNB and BNB Greenfield in 2024. Why introduce these two? We can find the answer in the official BNB Chain report.
source： BNB Chain Official Report
In the May 2024 report titled “Why Build AI on BNB Chain?”, it is mentioned that:
“BNB Chain’s ecosystem has a strong infrastructure and multi-chain architecture, including BNB Smart Chain (BSC), opBNB, and BNB Greenfield, all of which are tailor-made for AI integration.
These three chains are merged into a unified solution called ‘One BNB.’ This structure provides AI projects with a seamless and efficient environment, allowing developers to leverage the unique features of each chain:
BSC: The first-layer platform offers strong EVM compatibility and a Proof-of-Stake Authority consensus model. This significantly enhances transaction speed and reduces costs.
opBNB: A second-layer solution built using the OP Stack. It has high performance, handling 5–10K TPS, and uses optimistic rollup technology to further scale throughput and reduce transaction costs, making it suitable for high-performance AI applications requiring fast processing and low latency.
BNB Greenfield: A decentralized data storage solution focused on enhancing privacy and security, providing a solid foundation for AI applications that manage large volumes of data.”
In simple terms: opBNB and BNB Greenfield provide strong support for AI applications. The low latency and high throughput of opBNB （up to 10,000 TPS） and extremely low gas fees make it ideal for AI use cases that require fast data processing and response, such as vehicle motion recognition and chatbots, ensuring quick transaction confirmations and a smooth user experience. Its integration with BSC maintains data integrity and security through BNB tokens and the Layer-1 network’s security, meeting the real-time AI needs. On the other hand, BNB Greenfield offers a decentralized, secure data storage platform, supporting fine-grained data access control and data markets. Users can control and monetize their personal data, providing high-quality datasets for AI training while creating new opportunities through DataFi applications, jointly driving AI innovation and deployment.
Therefore, BNB Chain had already started actively laying the groundwork for the AI sector well in advance, not only by creating ecosystem projects but also by building the infrastructure for the ecosystem. As of May 1,2024, many projects had already been launched. So why did the AI sector only explode on the Solana chain in October 2024? This is related to the underlying operational logic of the cryptocurrency market. Cryptocurrency users focus on wealth effects, not true knowledge or foresight. It’s about liquidity, not project quality.
source： BNB Chain Official Report
In this chart, we can see several familiar projects, such as MyShell, ChatGPT, Sleepless AI, HOLOworld AI, and more. The most notable among them is HOLOworld AI. I first came across this project in November 2024. Through the Avaai project, I learned about it. AVA is a token on the Solana chain focused on AI agents. It was only when writing this report that I discovered HOLOworld AI was initially a BNB Chain project. After seeing the explosive market for AI agents on the Solana chain, the project rushed to launch a token on Solana. However, since it was supported by BNB Chain, they couldn’t directly launch the project’s token on Solana and instead released an AI agent. Due to the booming market, this AI agent project briefly surpassed a market cap of $300 million. Interestingly, the Virtual token was actually launched earlier than Goat, back in May 2024 on the Base chain. Unfortunately, it didn’t attract much attention at the time. Luckily, the project later released their AI agent virtual idol, Luna, and with the support of Base’s official promotion and the exposure of AIXBT, they managed to create the Virtual token’s success.
3. Why doesn’t BNBCHAIN, which laid out AI early, have competitiveness?
Speaking of BNBCHAIN, why hasn’t it been able to capture much value despite laying out early? On one hand, it’s due to the lack of infrastructure on BNBCHAIN. For example, it is still facing MEV attacks, and these bots run rampant on BNBCHAIN. In high-concurrency situations, the chain gets stuck, and users cannot trade for extended periods. There is also a lack of support for Telegram bots and trading bots, which results in low trading volume and poor activity.
On the other hand, CZ and He Yi believe that the community should not be guided but should be allowed to develop on its own. This is in stark contrast to the ideas of Raj and Toly from Solana. In particular, CZ thinks it’s wrong to excessively hype memes, which leads to the lack of a wealth effect.
Returning to the question of why Solana’s infrastructure is much more advanced than BNBCHAIN’s, is Solana inherently like this? Of course not. While Solana’s official team has been supporting DEPIN and GameFi projects, it’s undeniable that memes played a key role in Solana’s ecosystem resurgence after the FTX collapse in 2022.
The BONK token became the hero of the ecosystem. BONK introduced many EVM chain users to the Solana ecosystem for the first time. The meme market at the end of 2023, such as Myro, Wif, and Silly, also helped Solana chain develop a group of Telegram bots and trading bots.
BNBCHAIN’s Infrastructure Issues
A tangent: why do mainstream Chinese media fully support “Black Myth: Wukong” after its creation as China’s first AAA game? Why was “Nezha 2” everywhere during this year’s Spring Festival season? It’s because the upgrading of industries (infrastructure) depends on these miracles. These miracles give everyone hope for this place and encourage more people to invest in the industry. The development of “Black Myth: Wukong” will drive the demand for graphics card chips in the market. This demand from upstream and downstream can prompt chip companies to carry out research and provide them with plenty of room for trial and error. The massive success of “Nezha 2” will also promote the development of China’s special effects industry and cultural industry, spreading Chinese culture around the world. Therefore, national-level support is necessary and essential.
Why is everyone flocking to the Solana ecosystem? Because Wif is such a miracle, and Bome is also such a miracle. With the slogan “only possible on Solana” continuously occupying users’ minds, it has strengthened Solana’s wealth effect.
Supporting an industry shouldn’t simply mean supporting that industry or just supporting projects within that industry. Official, one-sided blood transfusions often result in industry projects scamming subsidies and working in isolation, ultimately leading to a fruitless effort.
The same logic applies to public chains. What truly helps an ecosystem thrive is actually good projects. Memes are a crucial part of this. The influential KOLs in this round actually emerged from Solana’s meme scene. They earned from the ecosystem and naturally speak for it. What’s interesting is that Solana’s price dropped 57% from its high of $295 to $125, more than halving, yet the ecosystem’s user sentiment remains positive, with no one criticizing Solana’s official team. In fact, such a significant correction means that many stakeholders must have sold off large amounts of assets.
Rome wasn’t built in a day. When the current market began in December 2023, there was a representative token called Zero. This project adopted a new asset issuance method where users sent SOL continuously, and assets were distributed through random verification. The project added all liquidity to the pool. This marked the birth of the first thick liquidity pool and a new case for liquidity addition with full token distribution. As soon as the project launched, it attracted significant attention from the community. However, the token’s rise lasted for a long time. One reason was that the project’s pool was thick, and small amounts of money couldn’t drive the token’s price up. Another reason was that people didn’t know how to buy it. The project’s pool was on Meteora, and people were learning about this DEX for the first time, but transactions kept failing, and at that time, there was no OKX. People asked, “What about Jupiter?” Unfortunately, Jupiter didn’t support it either. Finally, people discovered that Birdeye could be used for trading, which attracted a large amount of funds. This created the first “god pool.” The prosperity of a chain relies on thousands of real users and infrastructure capable of supporting interactions among these real users.
BNBCHAIN’s MEME
1.Introduction to Representative Tokens
MEME is also an important component of the BNBCHAIN ecosystem, with top projects reaching a market value of billions of USD and hundreds of thousands of token holders.
Baby Doge Coin
· Introduction: Baby Doge Coin, launched in April 2021, is a dog-themed meme token aimed at being more sustainable than its predecessors, emphasizing community involvement and animal welfare. According to CoinMarketCap: Baby Doge Coin, it is on a mission to help save dogs, having donated over 81,000 pounds of dog food and holding a world record.
· Tokenomics: The total supply is 100,000,000,000,000 tokens, and the current circulating supply is approximately 163,712,257.10 billion tokens, according to BscScan: Baby Doge Coin Token Tracker. (Taxes have been eliminated).
· Community: The community is highly active with strong social media engagement, supporting animal welfare charities, such as donating over $1.5 million in collaboration with multiple animal rescue organizations.
· Market Cap:$200 million
FLOKI
· Project Introduction: FLOKI, inspired by Elon Musk’s dog Floki, was launched in July 2021 and quickly gained popularity due to its meme nature and strong community support. According to the Floki Official Website, it supports the Valhalla NFT game and FlokiFi decentralized finance products.
· Tokenomics: The total supply is 10,000,000,000,000 tokens, with 432,586 holders according to BscScan: FLOKI Token Tracker.
· Community: FLOKI has a strong community focus, supporting charity and community-driven activities, such as locking assets to support the ecosystem via the FlokiFi Locker. According to CoinDesk: BNB Chain’s Venus to Accept Floki Tokens, FLOKI can be used as collateral in the Venus protocol.
· Market Cap:$600 million
Simon’s Cat （CAT）
· Description: Simon’s Cat （CAT） is based on the popular animated series “Simon’s Cat” and launched on BNB Chain in August 2024, aiming to bring traditional brands into the Web3 space. According to CoinMarketCap: Simon’s Cat Price, it attracted users through an airdrop to FLOKI holders.
· Tokenomics: The total supply is 9,000,000,000,000 tokens, with 268,145 holders according to BscScan: Simon’s Cat Token Tracker.
· Community: The project leverages the large online fanbase of the animated series to engage millions of users. According to Binance: Simon’s Cat Token Surges, the CAT token price surged more than 26% after Binance launched its derivatives in October 2024.
· Market Cap: $60 million
Cheems
· Project Introduction: Cheems Token （CHEEMS） is a meme token based on the Shiba Inu dog meme “Cheems,” known for its humor and community-driven characteristics.
· Tokenomics: Cheems Token is unique in its transparent and community-driven model. According to the Cheems Token Official Website, it has no team reserves, transaction taxes, or revenue sources, focusing entirely on the market. The project emphasizes that “Cheems is the king of memes,” aiming to generate more wealth through community power. The community stays active through social media and events like meme competitions and charity activities (e.g., supporting animal welfare), attracting a large fan base.
· Market Cap:$170 million
2. Characteristics of BNBCHAIN’s MEME
These are some of the most representative meme tokens on BNB Chain, and undoubtedly, these projects have attracted many users to the platform. BNB Chain’s meme tokens are usually based on popular internet memes, such as dogs and cats, with representative tokens including Floki, Baby Doge Coin, and Cheems. They are driven by active communities, with some attempting to increase their utility through NFT platforms or charity activities （such as animal welfare）. BNB Chain’s high performance (fast transactions and low fees) makes it well-suited for trading these speculative assets. Floki and Baby Doge Coin have higher market capitalizations.
BNBCHAIN’s meme tokens often have strong background support and funding right from the start. It’s easy to see the background of these projects and their growth journey. However, meme coins without such backing typically lack any significant randomness. These tokens almost always end up going to zero. These projects have clear growth paths right from their inception.
Especially the TST token launched in February this year, which was entirely supported by CZ and Binance, gaining traction through their efforts.
3. Differences from Memes on Solana
The memes born on Solana are more diversified, covering a wide range of types.
source： PANew
In this 2024 collection of wealth-creating meme coins, the vast majority are Solana-based memes, which can be classified as follows:
· Animal Memes: wif, silly, wen, mew, etc.
· Lifestyle and Spirit: giga, chad
· Political Memes: TRUMP, tremp, pnut
· Creative Memes: peng, fwog
· Derivative Memes: andy, mumu
· Hot Event Memes: moodeng, luigi
· Celebrity Memes: mother
· Religious Memes: luce
· Art Memes: mundi, ban
· Emoji Memes: hehe, michi
· AI Memes: ai16z, goat, ava
· Desci Memes: rif, uro
The scope is very broad, and Solana’s memes, with their diverse forms, are able to attract a variety of people. In contrast, BNBCHAIN’s memes are much more monotonous. This difference is closely related to the disparities in their ecosystem infrastructure. Of course, this is not just a problem for BNBCHAIN; apart from the Solana ecosystem, other public chains face the same issue.
4. How to Choose Meme Coins on BNBCHAIN
Meme coins are generally issued directly, and their market-making or operations are based on market reactions. Aside from conspiracy groups, most community users are unaware of the situation before the coin is issued. If a meme is too much of a conspiracy, it usually means the project’s quality is secondary. It’s important to understand that the purpose behind meme coins on BNBCHAIN is to get listed on Binance — nothing more. The creators don’t believe they can build a strong community or meaningful culture, but they only need to be better than other meme coins on BNBCHAIN. After all, Binance will ultimately support its own projects.
When selecting meme coins on BNBCHAIN, only the following points need to be considered:
1、 Logos with yellow or black-yellow color schemes, which serve as a form of loyalty to Binance. These are considered “trusted” projects. For example, Cheems was originally a project on zkSync, and the dog itself was purely yellow. However, when it moved to BNBCHAIN, it became a dog wearing a black suit with black-yellow coloring. I don’t believe this is a coincidence.
2、 Many well-known figures or influencers endorse the project because it lacks strong memes or any interesting culture to attract users. Therefore, its core competitive advantage lies in authoritative endorsements. Since the quality of memes is similar, Binance will choose the ones with the loudest voices. This also reflects the will of the people.
For example, KOMA and Cheems have always been supported by prominent influencers in the Chinese community. In the end, KOMA was listed on Binance Futures, while Cheems was listed on Binance Spot. However, the effect of Binance listings has weakened, and it’s important to be aware of the associated risks.
3、 The token’s price trends are stable and have an upward long-term trajectory.
Conclusion
The rise of BNBCHAIN relies on DeFi innovation, Binance’s backing, and its own low gas fees and high TPS. However, aside from Binance’s endorsement, the DeFi sector has lost its edge, and other strong competitors have emerged with lower gas fees and higher TPS. At present, BNBCHAIN is focusing on developing its AI ecosystem, investing significant resources to support projects in the sector and build necessary infrastructure. When exploring BNBCHAIN-based projects, users can prioritize projects listed on bnbchain.org and those certified and supported by Binance’s MVB (Most Valuable Builder) program.
