BNB Chain News: $1 Billion BNB Burned as Meme Coins Explode

TL;DR:

• Crypto market rally: Bitcoin hits ATH, altcoins outperform, BNB Chain mcap is up.

• BNB Chain leads L1 trading volume; TVL up; meme coins dominate top performers.

• Ecosystem growth: 100+ tokenized RWAs coming to BNB Chain, BNB Treasury IPO plan, ERA airdrop.

The market is hot this week, seeing an almost across-the-board recovery among most sectors.

Bitcoin (BTC) tagged a new all-time high, and altcoins are beginning to show signs of outperformance as Bitcoin’s dominance slips.

With that in mind, here’s how the BNB Chain sector shaped up this week👇

BNB Chain Market Recap

Following its recent recovery, the BNB Chain sector put on a further show of strength this week, boosting its market capitalization (mcap) by 9% to reach $193 billion.

Source: Top BNB Chain Tokens

The majority of popular BEP-20 assets are in the green this week, with some of the best performers gaining upwards of 50%.

BNB (BNB) is now closing in on $700 after gaining 5% week-on-week while the sector is just inches away from its highest-ever mcap.

Some of this week’s best performers include:

• Hyperlane (HYPER): +244.2% (dual listings on Upbit and Bithumb)

• CROSS (CROSS): +156.2%

• Osaka Protocol (OSAK): +93.2%

• 1inch Network (1INCH): +70.1%

• MemeCore (M): +69.3% (continued momentum from multi-exchange listing)

Meme coins currently dominate the top list. On the flip side, the list of worst performers is comprised of low float/high FDV projects and meme coins, including:

• Banana For Scale (BANANAS31): -59.9%

• Lagrange (LA): -44.8%

• Cheelee (CHEEL): -18.4% (large supply unlock)

• Subsquid (SQD): -16.1%

• Humanity Protocol (H): -8.3%

BNB Chain continues to lead the L1 space in terms of on-chain trading activity, regularly clocking in more than $10 billion in DEX trading volume—more than all other L1s combined.

Meanwhile, the chain is neck-and-neck with Tron when it comes to stablecoin transfer value, with both vying for second place behind Ethereum.

Source: DefiLlama

The platform saw a respectable 7.6% increase in total value locked (TVL) this week, largely driven by the growth of Lista DAO, which is now closing in on Venus as the platform's largest lending market.

BNB Chain News Roundup

The BNB Chain ecosystem continued showing signs of fundamental growth this week, with several major announcements and updates helping to fuel the sector’s recent success.

Some of this week’s most significant updates include:

Ondo Finance Brings 100+ Tokenized RWAs: BNB Chain has integrated Ondo Finance, giving users on-chain access to more than 100 tokenized U.S. stocks, ETFs, and funds, greatly widening the ecosystem’s regulated real-world asset menu.

Story Continues

U.S.-Listed BNB Treasury Firm Planned: YZi Labs and 10X Capital unveiled a “BNB Treasury Company” that will buy and hold BNB and seek a U.S. IPO, offering institutions equity-style exposure to BNB Chain growth.

Caldera (ERA) Airdrop & Listing: Binance named Caldera (ERA) the 27th HODLer Airdrop project; the modular roll-up issues on BNB Chain and Ethereum and is set to start trading on July 17, with 20 million ERA going to BNB stakers.

32nd BNB Auto-Burn Removes $1 Billion: BNB Chain executed its 32nd quarterly auto-burn on July 10, permanently eliminating 1,595,599 BNB (≈ $1.02 billion) and moving the circulating supply closer to the 100 million-BNB target.

>> See you next week for another dose of BNB Chain news, updates, and analyses.