BitMart Research: BNB Chain's Rise and the Activation of the MEME Track Competition Landscape
Mahe, Seychelles, February 24, 2025 — BitMart Research, the research arm of BitMart Exchange, has released a detailed report on BNB Chain's recent rise and the competitive MEME token landscape. This report explores BNB Chain’s strategic initiatives, its growing influence in the MEME sector, and the implications for investors, developers, and the broader crypto ecosystem.
I. BNB Chain's Three Major Strategies: CZ Traffic Diversion, Infrastructure Optimization, and Wealth Effect Creation
In the context of a sluggish overall market, CZ successfully brought a new wave of traffic and market discussion to BNB Chain. The recent surge in popularity of BNB Chain is largely attributed to CZ's continuous topic creation through high-frequency Twitter interactions and controversial token listing decisions, such as TST and Broccoli events, which generated FOMO emotions and attracted investors' attention, thereby driving traffic to BNB Chain.
Simultaneously, BNB Chain announced its development plans for 2025, further creating an environment for users to trade MEME tokens. Notably, BNB Chain has made significant upgrades in Gas fees, including reducing Gas fees, supporting multiple tokens for Gas payments, and introducing a feature that allows project teams to sponsor users' Gas fees. These measures aim to lower the barriers for users to enter the Web3 ecosystem and enhance user experience.
II. Recent Major Events in BNB Chain
1. TST: From a Teaching Token to a Market FOMO Wave
On February 6, the BNB Chain team accidentally exposed the contract address of the example token TST in a teaching video on the Four.meme platform. Chinese community KOLs quickly hyped it, causing its market capitalization to soar from less than 500K to52 million. Despite CZ clarifying multiple times that TST was not an official token and that the team did not hold any shares, market enthusiasm continued to rise. On February 9, Binance announced the listing of TST spot and futures trading, and its market capitalization surged 100 times in just three days, breaking through $500 million, becoming a "star asset" in the BNB Chain ecosystem. After this event, BNB Chain's popularity briefly surpassed Solana, and Four.meme's traffic surged, becoming one of the core platforms for MEME token issuance.
2. BNB Chain Announces 2025 Strategic Roadmap
On February 11, CZ stated that it was time for the BNB Chain to break free from constraints. Subsequently, on February 12, BNB Chain announced its 2025 ecosystem construction goals, revealing several network upgrades. Following this announcement, BNB broke through 640,reaching peak 725, significantly increasing market enthusiasm.
Low Latency and High Throughput: Plans to reduce block generation time from 3 seconds to less than 1 second while maintaining the ability to process 100 million transactions per day, enhancing Web3 speed, smoothness, and scalability.
Gas Fee-Free Transaction Mechanism: Introducing BNB Chain Paymaster, allowing users to pay Gas fees with any BEP-20 token (not BNB or stablecoins) and introducing a corporate sponsorship Gas model, similar to SUI and Aptos.
Anti-MEV Protection Mechanism: To address the over $1.3 billion in MEV losses in 2024, BNB Chain will hide transaction details until block confirmation to combat sandwich attacks and front-running robots. Establishing private transaction pool relay systems, implementing punishment and blacklist mechanisms for violating validators, and expelling MEV abusers through community governance.
Smart Wallet Upgrade: Compatible with EIP-7702 standard, supporting batch transactions and one-click operations (such as cross-chain swaps). Future integration of AI assistants to provide portfolio management, MEV risk warnings, and trading strategy optimization.
AI-Priority Infrastructure: Auditing smart contract vulnerabilities through code assistants (Code Copilot), reducing development barriers; DataDAOs supporting users in monetizing private data; Trusted Execution Environments (TEEs) providing a secure sandbox for AI agents in DeFi.
MEME Token Ecosystem Support: Launching no-code token issuance tools and liquidity solutions to replicate Solana's MEME fever, while reducing fraud risks through review mechanisms.
After the TST price surge following CZ's mention, CZ's actions became the focus of MEME players. On February 13, CZ tweeted about the operation mechanism of MEME tokens, asking if creating a token only required sharing a pet's name and photo. After understanding the mechanism, CZ expressed interest in how it worked. On February 14, CZ announced a pet dog named Broccoli without providing an official contract address, leading to thousands of tokens with the same name appearing on the BSC chain overnight. Countless players rushed to trade on BNB Chain, causing congestion and website crashes on Four.meme. CZ later stated that this "pressure test" exposed technical issues that still needed optimization on the BSC chain. Although CZ repeatedly emphasized that he did not issue any tokens, Binance Alpha listed three Broccoli-related projects on February 19, indirectly indicating his tacit approval of the MEME fever-driven traffic dividend.
4. SHELL: Chain Staking Activity Triggers a Capital Siphon
On February 13, BNB Chain, in collaboration with Binance Wallet and PancakeSwap, launched a public offering event for MyShell token SHELL. Backed by Binance Labs' investment background, the event oversubscribed by 105 times, attracting over 130,000 BNB for subscription. This event not only boosted BNB Chain's popularity but also drainage Binance Wallet.
III. Analysis of BNB Chain's Current Situation and Future Challenges
1. Competitive Analysis
BNB Chain vs. Solana
According to Nansen's on-chain data, since early February when CZ drove traffic to BNB Chain through high-frequency tweets, the chain's active address count has shown explosive growth. On February 18, the single-day active address count exceeded 2.8 million, setting a historical peak in the past 12 months, while Solana's active address count declined by 36% during the same period. However, Solana's daily active address count still remains above 4 million.
(Data Source: Nansen)
Four.meme vs. Pump.fun
According to Dune's data, Pump.fun platform maintained a monopoly position with over 100,000 new accounts per day before February due to its first-mover advantage. However, with Four.meme leveraging the traffic dividend from the BNB Chain ecosystem, the industry landscape has undergone a significant reshuffle. By February 17, Pump.fun's new account count had halved to 50,000/day, while Four.meme's count soared from less than 500 to over 20,000/day. Although Four.meme's current scale is only 40% of Pump.fun's, its weekly growth rate of 325% has made it one of the important MEME launch platforms.
2. BNB Chain Drives a New Round of MEME Fever in the Short Term
More significantly, on February 14, when CZ disclosed the pet dog "Broccoli," causing a frenzy of imitation tokens, BNB Chain's network Gas fees surged to $0.43 in an instant, setting a new high since January 2022. This data confirms the success of CZ's traffic diversion strategy, bringing new active users to the previously sluggish BNB Chain. Combining CZ's recent actions and BNB's innovative plans, it can be inferred that MEME will be one of the main development goals for BNB Chain in 2023. Currently, under the influence of Binance's traffic, BNB Chain has initiated the first phase of MEME fever. In the current market lacking new narrative drivers, BNB Chain may continue to rely on MEME token popularity to maintain market attention, and high-return MEME projects may still emerge in the BNB Chain ecosystem in the short term.
3. Future Challenges
However, BNB Chain faces multiple challenges in replicating Solana's MEME fever. The main challenge is the recent trust crisis in the MEME track. Due to MEME tokens launched by Trump and Argentine President couples causing significant user losses, frequent token launches by presidents and celebrities have harvested a large amount of liquidity from the crypto market and severely damaged market confidence. It may be difficult to restore investor trust in the future. Additionally, the current crypto market is affected by Trump's transaction cooling down, macroeconomic conditions, and policies, showing a general trend of continuous volatility and downward movement. Following the Adjustment of BTC, altcoins have experienced significant declines. Previously popular Ai Age tokens have also seen significant price drops.
4. Potential Impact
With BNB Chain regaining market attention through strategic upgrades and the MEME craze, Solana, which previously dominated the MEME sector almost single-handedly, now faces a new competitor. The rapid rise of the BNB Chain has put unprecedented competitive pressure on Solana, potentially driving it to accelerate technological upgrades and ecosystem reforms. Furthermore, BNB Chain's success has demonstrated new opportunities for other blockchain ecosystems. More chains may adopt BNB Chain’s "event-driven marketing + technical upgrades + wealth effect" strategy to promote their own ecosystems, potentially sparking a new wave of market enthusiasm.
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