The BNB Chain is currently experiencing significant momentum. Record highs in active users and rising trading volumes mark a new chapter for Binance’s ecosystem. A closer look at the development of the BNB token, its tokenomics, and the regulatory framework.
In September, the network reached a new all-time high: according to TokenTerminal, the number of monthly active addresses rose to 56.4 million, an increase of 9.5 percent compared to the previous record in September 2024. Driving factors included new token launches such as STBL, as well as the token of the decentralized exchange Aster, which attracted strong inflows through a large-scale airdrop campaign. Since mid-September, trading volume on Aster has exceeded 4 billion US dollars. At the same time, speculation is circulating about the return of co-founder Changpeng Zhao, who recently removed the addition “ex-Binance” from his social media bio.
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BNB: utility and gas token
The BNB token was launched in 2017 and initially served primarily as a utility token for trading fee discounts on the Binance exchange. Today, it also functions as the gas token of the BNB Chain and is thus a central component of the entire ecosystem. For years, Binance has used part of its profits for buybacks that permanently remove tokens from circulation. This model is complemented by an auto-burn mechanism that is price- and block-dependent. Since its launch in 2017, the total supply has dropped from the original 200 million to around 139 million BNB today. A long-term target of 100 million has been set. In the third quarter of 2025 alone, buybacks worth about 1.2 billion US dollars were carried out. For market dynamics, this results in a steady reduction of supply, which correlates with activity on both the exchange and the blockchain.
Ecosystem comparison
The BNB Chain is one of the most active smart contract platforms alongside Ethereum and Solana. In September 2025, the network averaged around 17 million transactions per day and about 2.5 million active addresses. Daily fee revenues recently stood at over 1 million US dollars. In direct comparison, the BNB Chain positions itself between Ethereum and Solana: significantly cheaper and faster than Ethereum, but not as highly scalable as Solana. Transaction costs averaged around 0.04 US dollars in September, while Solana stood at about 0.0036 US dollars according to TokenTerminal. One striking feature is the infrastructure: with only 55 active validators, the network is highly concentrated, resulting in strong performance but limited decentralization.
Regulatory framework
In recent years, Binance has faced numerous legal proceedings. Following a settlement with the US Department of Justice in 2023 and a four-month prison sentence for founder Changpeng Zhao, the lawsuit with the US Securities and Exchange Commission (SEC) was also settled in May 2025. This eliminated the biggest legal uncertainty in the most important capital market. For operations, Binance has created a clear structure: in the US, the subsidiary Binance.US operates, while in Europe, the company is working on licensing under the MiCA regulation. Regional restrictions still exist: in the Philippines, access to the Binance website has been blocked, and further proceedings are ongoing in Nigeria. However, these cases have so far had no material impact on the company’s core global markets.
BNB between record usage and supply reduction
The recent records in active users and trading volumes show that despite competition from Ethereum and Solana, the BNB Chain remains one of the leading platforms. The BNB token bridges exchange and blockchain and is continuously reduced in supply through a clearly defined burn model. At the same time, the ecosystem remains strongly shaped by Binance’s market position and operates with a concentrated validator base. The BNB Chain thus provides a current example of how closely network activity, tokenomics, and regulatory frameworks are intertwined in the crypto economy.
