BNB Q4 Review: DeFi TVL Declines, RWAs Reach $2 Billion

BNB ended Q4 2025 with a circulating market cap of $118.9 billion, down 15.3% from the previous quarter. The price of the token went down to $863 due to the volatile nature of October, according to the report from Messari.

Source: Messari

On October 11, a large liquidation occurred in the crypto market, and BNB was not spared. BNB reached a record high of $1,370 on October 13 and gradually declined but remained the third-largest cryptocurrency, behind only Bitcoin and Ethereum, and above XRP.

The deflationary efforts continued to reduce the supply. Following the 33rd BNB Burn on October 27, 1.4 million BNB were removed from circulation, at an average price of $1,208 per token, amounting to $1.7 billion. 

The current circulating supply is 137.7 million, with an annual deflation rate of 4.3%, an increase of 23.9% from Q3.

Also Read: BNB Chain Strengthens Agent Economy With 3 Core Identity Features via ERC-8004

BNB Chain Onchain Activity Jumps Despite Price Drops

Despite a decline in prices, BNB Chain had robust on-chain metrics. The average daily transactions increased by 30.4% QoQ to 17.3 million, and the daily active addresses increased by 13.3% to 2.6 million.

Source: Messari

A sharp increase in the first week of October drove much of the growth, but the metrics remained above Q3 levels even after the market stabilized.

Fee revenue also increased. Total fees were $100.1 million, a 127.3% increase from Q3’s $44 million. This is because most of the increase occurred around the October liquidation event, where increased trading, liquidations, and arbitrage opportunities drove the demand for block space.

Source: Messari

Basic fees remained constant, though. Staking fees decreased slightly, with total staked BNB decreasing 3.2% from the previous quarter to 25.3 million BNB, valued at $21.8 billion. The network retained all 45 validators.

Source: Messari

RWA on BNB Chain Surges 228% to $2 Billion

The DeFi space on BNB Chain was under pressure, with the total value locked (TVL) down 15.2% from the previous quarter to $6.6 billion.

Source: Messari

PancakeSwap remained the dominant platform with a TVL of $2.2 billion, followed by Lista DAO and Venus Finance, which declined to $1.5 billion and $1.4 billion, respectively. The largest decline was seen in Aster, which fell 51.6% to $598.2 million.

Source: Messari

On the institutional side, the real-world assets (RWA) on BNB Chain increased by 228% quarter-over-quarter to $2 billion. USYC accounted for $1.4 billion, and BUIDL accounted for $502.9 million. Smaller tokenized assets such as Matrixdock Gold and VanEck Treasury, combined, were less than 3% of the total RWA value.

Source: Messari

The daily DEX volume increased by 12.5% to $2.7 billion, making BNB Chain the second-largest blockchain. PancakeSwap remained the largest DEX with $1.5 billion in daily volume, while the percentage of Uniswap’s volume increased to 20.1%.

Source: Messari

Also Read: BNB Chain Strengthens Agent Economy With 3 Core Identity Features via ERC-8004