BNB Chain Dominates DEX Trading Volume in Q2 2025 with 18 Billion Surge

BNB Chain has emerged as the dominant player in decentralized exchange (DEX) trading volume for the second quarter of 2025, surpassing both Ethereum and Solana. From late April to mid-June 2025, BNB Chain experienced a significant surge in DEX trading volume, reaching a peak of over $18 billion. This growth was primarily driven by increased activity on PancakeSwap, the leading DEX on the BNB Chain network. Solana also saw steady volume growth, while Ethereum maintained stable but lower figures.

This surge in decentralized activity has led to a record high in the DEX-to-CEX spot volume ratio, reaching 27.92% in June 2025, a sharp increase from 0.36% in June 2020. Analysts attribute this rise to early token listings, wider token availability, and a growing preference for decentralized platforms among users.

In parallel, Nano Labs, a Nasdaq-listed chip firm, has initiated a long-term strategy to acquire a significant stake in BNB. The company has already purchased 74,315 BNB tokens through over-the-counter (OTC) transactions, with an average purchase price of $672.45 per token, totaling $50 million. This acquisition is part of a broader plan to accumulate up to $1 billion worth of BNB through private placements and convertible notes. Nano Labs aims to hold between 5% and 10% of BNB’s total circulating supply, viewing BNB as a core treasury asset alongside Bitcoin. The company's strategy involves using OTC channels to minimize market impact and ensure a stable long-term position within the Binance ecosystem.

Nano Labs' acquisition of BNB tokens underscores the growing institutional interest in the cryptocurrency market. By targeting a significant stake in BNB, Nano Labs is positioning itself as a key player in the Binance ecosystem, potentially influencing the future development and adoption of the BNB Chain. This move also highlights the increasing recognition of cryptocurrencies as valuable assets for long-term investment and strategic positioning.