BNB Chain is on a roll. With 58 million active addresses, the network has now beaten both Near and Solana for the second month in a row, securing its lead as the most used smart contract blockchain in the market.
The chain’s activity continues to rise, fueled by surging perpetuals trading, meme token action, and fresh liquidity entering the ecosystem.
According to data from CryptoRank, Aster has been the standout catalyst, drawing thousands of traders and pushing BNB Chain to a new all-time high in monthly perpetual volume, a staggering $16.8 billion.
That figure cements BNB Chain’s position as the busiest ecosystem in crypto right now.
58 Million Active Addresses and Counting
BNB Chain’s momentum hasn’t slowed since the start of Q4.
With over 58 million active wallets, the network has kept a comfortable lead ahead of Solana and Near, both of which saw dips in address activity during the same period.
The continued surge suggests that despite broader market volatility, retail and DeFi participation on BNB Chain remains sticky. The network’s combination of low fees, fast finality, and popular trading apps continues to attract daily users at scale.
Activity spikes have also been supported by Aster, a perpetuals DEX that exploded in user count this month, thanks to aggressive trading incentives and liquidity programs.
Perp Volume at All-Time Highs
BNB Chain’s perpetual futures volume reached a record-breaking $16.8 billion in October, setting a new benchmark for on-chain trading activity.
The milestone underscores the shift of leverage trading away from centralized exchanges and into DeFi platforms built directly on the BNB ecosystem.
Aster led the surge, with participation from both professional traders and new users experimenting with on-chain leverage for the first time. The growth in perp volume also triggered secondary effects, more gas activity, higher liquidity rotation, and fresh capital flowing into BNB-based tokens.
As one analyst noted, BNB’s rising perp volume signals “a reawakening of DeFi trading energy” after months of muted activity.
Meme Season Returns to BNB Chain
It’s not just perpetual traders driving the spike.
BNB Chain’s meme ecosystem is heating up again, with liquidity rotating from older tokens into newly launched plays that benefit from the chain’s speed and cost advantage.
Fresh capital and retail participation have reignited speculative trading, boosting the performance of smaller ecosystem tokens and helping maintain high on-chain activity even during Bitcoin’s quieter sessions.
This “dual flow” of leveraged trading and meme speculation has become a signature pattern for BNB Chain. Unlike ecosystems that rely heavily on institutional inflows, BNB’s activity tends to rise from grassroots momentum, traders and developers building, experimenting, and speculating.
On-Chain DEX Volume: The Numbers Don’t Lie
BNB Chain’s dominance isn’t just about addresses, it’s about throughput.
As of November 7, total DEX trading activity across major networks shows BNB at the top:
- 24-hour volume: $12.27 billion
- 7-day cumulative volume: $130 billion
Monthly peak: October recorded over $800 billion, a 60% jump from the ~$500 billion monthly average seen between July and September.
That kind of growth is hard to ignore. It reflects both increased user demand and deeper liquidity provisioning on BNB-native platforms.
PancakeSwap Still Reigns Supreme
Within the protocol landscape, PancakeSwap remains the undisputed leader.
The DEX commands 57% of all on-chain market share, processing $73.8 billion in weekly trading volume.
For a platform that began as a “food-themed” DeFi project during the 2020 bull run, PancakeSwap’s sustained dominance highlights its ability to adapt. It now supports perpetuals, NFTs, and a wide range of BNB ecosystem tokens, making it one of the most complete decentralized trading platforms on any chain.
Coming in second is Uniswap, which maintains a 26.9% market share with $34.77 billion traded over seven days. Despite operating primarily on Ethereum and its L2s, Uniswap’s cross-chain expansion keeps it relevant among BNB-based traders seeking interoperability.
New players are also emerging. Fluid and Aerodrome now rank third and fourth respectively, capturing attention with innovative liquidity models and aggressive incentive programs.
Solana DEX Landscape Sees a Power Shift
While BNB Chain holds its crown, the Solana ecosystem has quietly gone through a major reshuffle.
As of November 7, 2025, PumpSwap has overtaken its rivals to lead Solana DEXs with $12.3 billion in trading volume, a 41.6% market share.
Humidswap follows at $6.2 billion (21%), and Meteora sits third with $3.5 billion (11.8%).
This shift marks a complete reversal from early 2025, when Raydium controlled nearly 60% of Solana’s DEX volume. The rise of PumpSwap and Humidswap shows how quickly liquidity can move in decentralized finance, especially when incentives align.
Still, BNB Chain’s broader user base and cross-protocol liquidity depth make it difficult for competitors to match its total throughput.
Fresh Liquidity, Strong Ecosystem
BNB’s resilience is also a reflection of its ecosystem structure.
Unlike chains that depend on isolated DeFi apps, BNB’s ecosystem thrives on synergy between trading protocols, stablecoin issuers, and emerging memecoins.
New capital inflows into Aster and PancakeSwap have not only driven perp and spot volumes higher but also funneled liquidity into smaller BNB projects, creating a self-reinforcing cycle of activity.
As one ecosystem observer from OKX Ventures noted, “BNB’s ability to attract sustained user activity is unmatched right now. The ecosystem keeps building, even in choppy markets.”
BNB Chain’s Winning Formula
BNB Chain’s formula seems clear, accessibility, scalability, and user incentives.
Where Ethereum L2s focus on institutional liquidity and Solana courts speed enthusiasts, BNB Chain continues to win by onboarding everyone else.
From casual traders to DeFi veterans, the network offers low-cost access to high-volume markets, with PancakeSwap and Aster as the main engines.
With 58 million active users, $16.8B in monthly perp volume, and record DEX throughput, BNB Chain isn’t just surviving, it’s thriving in an increasingly competitive environment.
If the current trend continues, November could mark yet another record month, solidifying BNB Chain’s place at the top of the active-user leaderboard.
Bottom Line:
BNB Chain is doing what it’s done best since day one, staying active, attracting liquidity, and proving that consistent network engagement is the real metric that matters.
While rivals like Solana and Near continue to innovate, BNB’s mix of volume, users, and momentum suggests one thing:
The Binance-born network still sets the pace for the rest of the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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