BNB Chain Revenue Climbs 54% to $54.2 Million in the Third Quarter

BNB Chain generated $54.2 million in network revenue during the third quarter, a 54% increase from the prior quarter, even as daily active addresses declined to 2.10 million.

Transaction fees brought in $49.1 million, while maximal extractable value (MEV) payments contributed $5.1 million. BNB Smart Chain processed 1.51 billion transactions, up 7.5% from the second quarter, and average fees climbed to $0.032. The network averaged 2.10 million daily active addresses, down 14% from the second quarter.

BNB Chain recorded $25.6 billion in tokenized-stock trades, roughly 11 times the $2.4 billion total in the second quarter. Decentralized exchanges handled $24.4 billion, and Ondo Global Markets accounted for another $1.2 billion. Tokenized-stock supply reached $1.13 billion by Sept. 30, up from $560 million at the end of Q2. That was 39% of the $2.89 billion tracked across blockchains. The network had about 1.8 million tokenized-equity holders, and bStocks accounted for $810 million of supply.

The bStocks product launched June 11, making the third quarter its first full quarter. Tokenized-asset decentralized exchange volume peaked at $1.2 billion in one day on July 26. A tokenized version of the Invesco QQQ ETF, QQQB, made up about 80% of bStocks decentralized exchange volume. From mid-August, weekly trading was mostly between $600 million and $1.1 billion, with one September week reaching $2.1 billion.

Across tracked blockchains, tokenized-asset decentralized exchange volume totaled $45.8 billion, and BNB Chain accounted for more than half. Tokenized equities made up less than 2% of lending deposits. Lending activity expanded: deposits reached $3.57 billion, up 42%, and borrowing reached $940 million, up 33%. Other real-world asset supply increased 24% to $4.96 billion, including $3.77 billion in tokenized Treasuries.

Stablecoin supply on BNB Chain fell 4.6% to $13.22 billion, largely as USD1 balances declined. The Pasteur hard fork went live Aug. 25 and changed how blocks are built.

After the quarter, the network completed its 37th quarterly burn on Oct. 19, removing about 1.646 million BNB (BNB) tokens valued at roughly $1.2 billion at the time. BNB Chain said in an Oct. 21 update that about 131.51 million BNB remained in supply. The network aims to reduce total supply to 100 million BNB over time.