BNB Chain has delivered some of its strongest performance metrics in years, but the price of its native token continues to lag behind expectations.
In the first half of 2025, the network saw revenue touch its highest level since 2021, with major peaks reported in both January and June.
According to on-chain data, this surge was largely driven by decentralised finance (DeFi) activity and record-breaking decentralised exchange (DEX) volume, even as BNB itself trades 16.5% below its all-time high.
According to user data shared on X, BNB Chain’s revenue resilience is primarily due to its sheer scale.
Despite minimal or even zero fees for many transactions, the network still ranked fifth in total fees collected across all Layer-1 and Layer-2 ecosystems.
The result underscores the chain’s massive transaction throughput, as activity continues to rise despite the low per-transaction cost.
June 2025 marked a particularly strong month, with monthly DEX volume surpassing $157 billion.
This figure, reported by X user Ucan, set a new all-time high for the network and suggests sustained user demand across decentralised applications.
📊 #BNBChain has reached an all-time high in monthly DEX volume: 🔹 June 2025 → $157.14 billion This reflects a significant rise in on-chain liquidity, user activity, and protocol-level engagement. BNB Chain is no longer just competitive in volume — it’s becoming a market
In comparison to other chains, BNB remains dominant in DEX trading, reflecting its consistent position as a key player in DeFi despite growing competition.
Maxwell upgrade halves block time
BNB Chain’s technological progress was highlighted by the successful rollout of its Maxwell Hardfork in late June.
The upgrade reduced block time from 1.5 seconds to 0.75 seconds, halving the time required for transaction confirmation and enhancing user experience.
For developers, this means a more efficient platform for deploying complex applications that require faster execution speeds.
The improved performance brings BNB Chain closer to Solana, which operates at around 0.4 seconds per block, while retaining significantly lower costs than Ethereum, which ranges between 12 and 15 seconds per block.
This balance of speed and affordability may offer a competitive advantage as developers assess platforms for new project launches.
According to commentary shared by X user andrew.moh, the infrastructure upgrade is expected to increase the quality and volume of decentralised applications, potentially leading to more sustained activity and user acquisition over time.
Officially, @BNBCHAIN is now achieving sub-second block times. The Maxwell Hardfork has reduced BNB Chain block times to just 0.75s. This is not merely a performance tweak. Here’s why loyal users on BNB Chain should pay attention: + Instant swaps and mints + Seamless GameFi
Market sentiment weighs on BNB price
Despite these structural and usage-based achievements, BNB’s market price has failed to reflect the surge in activity.
According to CoinGecko data, the token remains approximately 16.5% below its all-time high.
This price stagnation stands in contrast to the record-breaking milestones achieved by the network over the past six months.
Broader market conditions may be contributing to the muted price action. Investor caution has persisted following prolonged bearish cycles in 2023 and 2024.
In addition, external macroeconomic factors, such as tariff escalations and geopolitical tensions, have created uncertainty across digital asset markets.
The rise of Ethereum Layer-2 chains like Arbitrum and Optimism may also be drawing developer interest and user liquidity away from BNB Chain, despite its lower fees and improved throughput.
This shift could explain why higher revenue and faster block times have yet to translate into a sharp increase in token value.
What could lift BNB next
BNB Chain’s high-speed infrastructure and large transaction base position it well to benefit from a potential uptrend in global liquidity.
If risk appetite increases and stable macroeconomic conditions return, the network could see renewed inflows from developers and institutional players.
Some firms are beginning to consider accumulating BNB in anticipation of future growth.
While these early signs have not yet produced a material shift in price, sustained activity on-chain and broader market recovery could eventually drive renewed interest in the token.
Still, the gap between BNB Chain’s network performance and its token price reflects a market still struggling to reconcile usage metrics with asset valuation.
Whether this disconnect narrows in the second half of the year remains to be seen.
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