BNB Chain rises to $600 as DeFi and institutions increase use

BNB Chain, affiliated with Binance, has shown a rebound in 2025 after a stagnant 2023, driven by growing adoption from decentralised finance (DeFi) and institutional investors.

The native token BNB surpassed previous all-time highs in the first quarter of 2025 despite a broader downturn in the cryptocurrency market.

“This resilience isn't just about price action - strong fundamentals also back it. Binance has built a massive ecosystem where BNB is used extensively,” noted Joao Wedson, CEO of analytics platform Alphractal.

As of May 7, BNB (CRYPTO:BNB) trades around $600 with a market capitalisation near $85 billion, according to CoinMarketCap.

Asset manager Standard Chartered projects BNB’s price could reach $2,775 by the end of 2028.

On May 5, VanEck proposed the first BNB exchange-traded fund (ETF) in the United States, signaling increased institutional interest.

BNB Chain’s total value locked (TVL) in DeFi has grown from approximately $3.5 billion at the start of 2024 to over $6 billion as of May 7, based on DefiLlama data.

Though this is below its 2022 peak of $20 billion, BNB Chain ranks fourth among layer-1 blockchains by TVL.

Standard Chartered described BNB Chain as focused mainly on decentralised exchanges, lending protocols, and liquid staking, calling it a “more concentrated and ‘old-fashioned’ smart contract platform than rivals.”

This focus may limit upside potential but offers stability, the report said.

PancakeSwap, a major decentralised exchange on BNB Chain, holds about $1.5 billion in TVL.

Institutional adoption is also supported by Binance’s strong performance, which recorded a record $76 trillion in trading volume in 2024, accounting for roughly 40% of global spot trading.

Additionally, the stablecoin USD1, backed by former US President Donald Trump, has issued over $2 billion on BNB Chain, representing 99% of its circulating supply.