0. Preface

In the turbulent world of blockchain, there was a chain that, in the simplest way, embraced the most complex trends of the times. It may not have been the most advanced, nor the most elegant, and was even once regarded as a "nest for speculators." Yet, it single-handedly supported the prosperity of an era.

This chain is called BNB Chain.

Now, as the focus shifts to Layer 2 solutions, Solana, Sui, and other public chains, BSC quietly restarts its strategy, and Binance reorients its direction, heavily investing in ecosystem reconstruction. Is this a desperate gamble or a rebirth of an old tree with new buds?

In this drama of "Empire Strikes Back," what we see is not just the renewal of a chain, but a multifaceted clash of faith, strategy, and destiny.

I. Empire Building: From Binance Chain to Rising from the Grassroots

---"The great river flows east, washing away all."---

1. Binance Chain

In April 2019, Binance launched Binance Chain, but it was a "non-smart chain"—its goal was to support the Binance DEX, focusing on transfer speed and stability, without support for smart contracts, let alone ecosystem construction. At that time, it was merely a "complementary chain" within the Binance ecosystem, and no one considered it a real competitor to Ethereum.

2. BSC (Binance Smart Chain)

However, in September 2020, everything changed. BSC (Binance Smart Chain) emerged out of nowhere.

This is an EVM-compatible chain, with low gas fees, fast block generation, and low deployment thresholds. But what truly brought it onto the historical stage were two weapons: Binance's resource integration capabilities and the narrative红利 of the times.

BSC has certain innovations in its consensus algorithm. Its PoSA (Proof of Stake Authority) consensus algorithm combines the functions of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms, built on a network of 21 validator nodes, with second-level block generation times that can establish a high-speed infrastructure for DeFi protocols. To date, the BNB Smart Chain has 50 validators.

3. BNB Chain

In February 2022, BNB Chain was officially launched, merging the BNB Beacon Chain (formerly Binance Chain) and the BNB Smart Chain (formerly Binance Smart Chain). The BNB Beacon Chain focuses on governance (staking and voting), while the BNB Smart Chain continues to serve as the infrastructure, supporting the construction of a vast DApp ecosystem.

4. opBNB

OpBNB is a Layer 2 scaling solution aimed at enhancing the performance of the BNB Smart Chain using the Optimism OP Stack. This solution offers high throughput, low transaction fees, and extremely efficient transaction processing, suitable for large-scale Web3 applications.

Its scalability surpasses the limitations of Layer 1, with a transaction processing capacity (TPS) exceeding 4,000 transactions per second.

OpBNB's average gas fees are as low as $0.001, providing high throughput and cost-effective transactions, thereby significantly improving user experience.

5. BNB Greenfield

BNB Greenfield is a decentralized storage and blockchain storage solution, aiming to leverage the power of decentralized technology in the realms of data ownership and data economics. Its main features include: native cross-chain programmability, EVM-compatible storage, high-speed decentralized storage, and seamless migration from Web 2.0.

6. BNB

BNB (Binance Coin) stands for "Build and Build." In addition to fueling transactions on the BNB Chain (similar to gas on Ethereum), BNB also serves as a governance token. Holding BNB grants the right to voice opinions and is a prerequisite for participating in the decentralized on-chain governance of the BNB Chain.

7. MVB (Most Valuable Builder) Program

In February 2021, Binance announced the launch of the Most Valuable Builder (MVB) program under a $100 million DeFi seed fund to bridge the DeFi and CeFi sectors. The main purpose of this program is to help high-quality startup projects on the Binance Smart Chain achieve more innovative changes, gain industry experience and funding support, and accelerate the coordinated development of the community and projects.

That year marked the beginning of DeFi. SushiSwap, Yearn, and Curve were blazing trails on Ethereum. Meanwhile, Ethereum itself, plagued by high fees and severe congestion, became a "developer's purgatory." Against this backdrop, BSC emerged as the first destination for developers "fleeing Ethereum."

What followed was a dual-engine drive of "chain games + Memes": CryptoBlades, PancakeSwap, Safemoon, BabyDoge, and others flourished, with TVL skyrocketing and daily active users surging.

At the same time, numerous competitors such as OKT Chain, HECO Chain, TRON Chain, and Polygon entered the fray. However, except for Polygon (which successfully transformed later), most of them faded away. BSC, with its "cheap, efficient, and traffic-driving" strategies, ultimately survived into the next era.

II. The Throne Tilted: From Peak Traffic to Marginal Silence

1. The Peak Canvas: Glorious Presentation

In May 2021, BSC's DeFi total value locked (TVL) once exceeded $20 billion, second only to Ethereum among all public chains.

Daily active addresses exceeded 2 million, and PancakeSwap's 24-hour transaction volume consistently ranked first in the entire network for several months.

Memes like Safemoon and BabyDoge fueled community frenzy on the chain, attracting a large number of retail investors to "mine" and "farm."

2. Sudden Traffic Shift: The Siphoning Effects of Solana and L2

Solana's "Retail Magnet":

Since Q4 2024, Solana's daily active addresses have been on the rise, reaching a 7-day average of approximately 1.7 million on May 7, 2025, matching BSC's activity level for the first time.

Pump.fun's low-threshold meme issuance model on the chain attracted creators from Telegram and TikTok, driving the activity of millions of long-tail wallets.

L2's Diverse Bloom:

Over 60 Ethereum Layer 2 solutions, including Arbitrum, Optimism, Base, Mantle, and Scroll, are developing in parallel. On one hand, they are reconstructing the EVM security narrative; on the other, they are fragmenting developers, TVL, and users.

The industry began to worry about "liquidity fragmentation." Multiple researchers in Cointelegraph columns pointed out that although the surge in L2 numbers is a sign of ecological prosperity, it also directly reduces the stickiness to a single Layer 1.

3. BSC's Marginal Silence: Innovation and Regulation

TVL and Returns:

As of June 6, 2025, BSC's TVL is approximately $5.9 billion, only one-third of its peak value.

In the past year, the BNB Chain's TVL shrank by 11% within 30 days, and DApp weekly transaction volume decreased by 25%.

Innovation and Business Card:

When Solana repackaged the "retail wealth story" with high performance and memes, and Ethereum L2 attracted developers with security and modularity, BSC seemed to lack its own iconic phenomenon.

Regulation and Brand Pressure:

Binance CEX faced a series of heavy regulatory blows globally. With CZ handing over the baton to Richard Teng, the BSC ecosystem was under public pressure, with developers and funds gradually moving to compliance-friendly or new narrative chains.

"Prosperous but not conservative, declining but not perishing, this is the norm of an empire."

From its peak in 2021 as the second-largest TVL chain globally during the DeFi boom, BSC's trajectory was contrasted sharply with the "retail magnet" effect of Solana and the diverse bloom of Ethereum L2s between 2024 and 2025. These factors led to a decline in TVL, reduced daily active users, a vacuum in brand narrative, and regulatory overhang. The rise and fall, and the potential for resurgence, set the stage for the "rekindling" that follows.

III. The Dynasty Strikes Back: Can BSC Become the Focus of the New Order Again?

---"When fortune departs, even heroes are not free; when fortune arrives, the whole world is in league."---

1. Regaining Confidence: CZ's Return and Construction!

On September 28, 2024, CZ was released, and the "big brother" returned. After his release, Zhao Changpeng posted his first tweet in four months, simply greeting the crypto community with a "gm."

Subsequently, the active interactions between CZ and the "number one sister" on X ignited community enthusiasm. For example, CZ retweeted a community user's Mubarak meme post, while the "number one sister" actively engaged with the community, acting as Binance's top customer service representative and responding to user inquiries. This directly led to a surge in Meme coin trading volumes, with Mubarak's daily trading volume reaching nearly $100 million.

2. Meme Rekindling: The Wealth Effects of TST and MUBARAK

$TST

The story began in February 2025 when BNB Chain released a FourMeme demo video and created the TSTtoken.Subsequentclarificationsandconstructionsbythe"bigbrother"ledtocommunityjokesthatitwaslike"beingabitshyabouttouchingsomethingforthefirsttimeinacommercialsetting."The"bigbrother"acknowledgedthathewasstilllearning,butafteraseriesoftwistsandturns,TST was directly listed on spot exchanges, creating a wealth effect on the BNB Chain!

$MUBARAK

On March 12, the Abu Dhabi investment company MGX invested $2 billion to acquire a minority stake in Binance.

On March 13, CZ himself retweeted the media news about Binance accepting MGX's investment.

At 2:38 PM (UTC+8) on March 13, Binance's Chinese post was published, accompanied by an image of a "head covered with a cloth."

At 5:20 PM (UTC+8) on March 13, CZ simply posted the word "MUBARAK" (Arabic for "blessing") and referenced Binance's Chinese tweet, thus拉开the curtain on $MUBARAK!

3. Cooperative Expansion: USD1 Stablecoin Ignites New Narrative

The strategic importance of stablecoins has increased:

In the post-FTX era, on-chain liquidity is increasingly concentrated in stablecoins. The U.S. Senate passed the GENIUS Act with a vote of 66-32, marking a milestone in the imminent implementation of the U.S. stablecoin regulatory framework.

USD1, endorsed by the Trump family:

USD1 is a dollar-pegged stablecoin launched by @worldlibertyfi (WLFI) in March 2025, initially minted on Ethereum (ETH) and Binance Smart Chain (BSC), and listed on Binance spot on May 23, 2025.

The introduction of USD1 not only supplements BSC's U.S. dollar-denominated asset landscape but also provides a new value anchor for DeFi, GameFi, and the Meme track.

The "$B" ignition effect:

Initially, the narrative of BwasastheBNBChainmascot.InMay,theBUILDonprojectofficiallyannouncedtheadditionofUSD1 as a core trading pair. This move directly linked $B to the WLFI project, transforming it into a core token tied to USD1 and beginning to absorb USD1's liquidity.

Two days after BUILDon added the USD1 trading pair, it announced a USD1 trading competition in collaboration with the Fourmeme platform. In the following days, Baccountedforover50USD1 trading volume, becoming the de facto main liquidity pool for USD1.

Subsequently, with BUILDon's listing on Binance Alpha and WLFI's announcement of purchasing $B, a series of positive developments directly propelled its market value upward, with a peak fully diluted valuation (FDV) of $460 million, further igniting emotions on BSC.

4. Binance Alpha Sector: The "IPO Flywheel" Under Liquidity Dilemma

Background Challenges:

Between 2024 and 2025, many projects that landed on Binance spot often experienced a "high open, low close" trend, becoming the endpoint for institutional and early-round liquidity exits. Retail investor confidence was shaken, platform secondary market trading volumes plummeted, and community users were constantly spreading fear, uncertainty, and doubt (FUD).

Alpha Sector Takes the Stage:

On December 17, 2024, Binance Wallet launched Binance Alpha, aimed at discovering emerging crypto projects and providing users with an entry point to discover and shape the future of the crypto ecosystem through early-stage projects. The launch of Binance Alpha, focusing on projects with lower market caps and earlier stages, not only removed the stricter listing barriers of Binance spot but also offered more options for risk-tolerant community users and project teams eager to list on Binance.

AlphaPoints Mechanism:

On April 25, 2025, Binance launched the AlphaPoints scoring system. Initially, users who traded tokens on the Alpha sector were airdropped tokens. The introduction of AlphaPoints sparked a frenzy of daily score brushing, as users had to reach certain score thresholds to qualify for airdrops of newly listed Alpha projects or participate in Binance Wallet's initial coin offerings (ICOs).

The launch of AlphaPoints further fortified the moat around Binance and the BNB Chain, with multiple effects:

First, it expanded new user acquisition channels:

Given the visible early-stage benefits, community users, ranging from 18-year-old college students to 90-year-old grandmothers, mobilized their extended families to brush Alpha scores together. It became a new source of income during the liquidity downturn, with community users asking each other daily: "Have you done your Alpha today?" This highlights the effectiveness of Alpha in attracting new users.

Second, it increased trading volumes:

The demand for score brushing directly drove up the number of DEX transactions and on-chain gas consumption, especially on the BNB Chain, as brushing Alpha scores on BSC offers double the transaction volume.

Third, it suppressed competing platforms:

By locking in community user traffic with AlphaPoints, it weakened the siphoning effect of pump.fun and other competing trading platforms on retail investors.

复制

分享

"number one sister" on X ignited community enthusiasm. For example, CZ retweeted a community user's Mubarak meme post, while the "number one sister" actively engaged with the community, acting as Binance's top customer service representative and responding to user inquiries. This directly led to a surge in Meme coin trading volumes, with Mubarak's daily trading volume reaching nearly $100 million.

2. Meme Rekindling: The Wealth Effects of TST and MUBARAK

$TST

The story began in February 2025 when BNB Chain released a FourMeme demo video and created the TSTtoken.Subsequentclarificationsandconstructionsbythe"bigbrother"ledtocommunityjokesthatitwaslike"beingabitshyabouttouchingsomethingforthefirsttimeinacommercialsetting."The"bigbrother"acknowledgedthathewasstilllearning,butafteraseriesoftwistsandturns,TST was directly listed on spot exchanges, creating a wealth effect on the BNB Chain!

$MUBARAK

On March 12, the Abu Dhabi investment company MGX invested $2 billion to acquire a minority stake in Binance.

On March 13, CZ himself retweeted the media news about Binance accepting MGX's investment.

At 2:38 PM (UTC+8) on March 13, Binance's Chinese post was published, accompanied by an image of a "head covered with a cloth."

At 5:20 PM (UTC+8) on March 13, CZ simply posted the word "MUBARAK" (Arabic for "blessing") and referenced Binance's Chinese tweet, thus拉开the curtain on $MUBARAK!

3. Cooperative Expansion: USD1 Stablecoin Ignites New Narrative

The strategic importance of stablecoins has increased:

In the post-FTX era, on-chain liquidity is increasingly concentrated in stablecoins. The U.S. Senate passed the GENIUS Act with a vote of 66-32, marking a milestone in the imminent implementation of the U.S. stablecoin regulatory framework.

USD1, endorsed by the Trump family:

USD1 is a dollar-pegged stablecoin launched by @worldlibertyfi (WLFI) in March 2025, initially minted on Ethereum (ETH) and Binance Smart Chain (BSC), and listed on Binance spot on May 23, 2025.

The introduction of USD1 not only supplements BSC's U.S. dollar-denominated asset landscape but also provides a new value anchor for DeFi, GameFi, and the Meme track.

The "$B" ignition effect:

Initially, the narrative of BwasastheBNBChainmascot.InMay,theBUILDonprojectofficiallyannouncedtheadditionofUSD1 as a core trading pair. This move directly linked $B to the WLFI project, transforming it into a core token tied to USD1 and beginning to absorb USD1's liquidity.

Two days after BUILDon added the USD1 trading pair, it announced a USD1 trading competition in collaboration with the Fourmeme platform. In the following days, Baccountedforover50USD1 trading volume, becoming the de facto main liquidity pool for USD1.

Subsequently, with BUILDon's listing on Binance Alpha and WLFI's announcement of purchasing $B, a series of positive developments directly propelled its market value upward, with a peak fully diluted valuation (FDV) of $460 million, further igniting emotions on BSC.

4. Binance Alpha Sector: The "IPO Flywheel" Under Liquidity Dilemma

Background Challenges:

Between 2024 and 2025, many projects that landed on Binance spot often experienced a "high open, low close" trend, becoming the endpoint for institutional and early-round liquidity exits. Retail investor confidence was shaken, platform secondary market trading volumes plummeted, and community users were constantly spreading fear, uncertainty, and doubt (FUD).

Alpha Sector Takes the Stage:

On December 17, 2024, Binance Wallet launched Binance Alpha, aimed at discovering emerging crypto projects and providing users with an entry point to discover and shape the future of the crypto ecosystem through early-stage projects. The launch of Binance Alpha, focusing on projects with lower market caps and earlier stages, not only removed the stricter listing barriers of Binance spot but also offered more options for risk-tolerant community users and project teams eager to list on Binance.

AlphaPoints Mechanism:

On April 25, 2025, Binance launched the AlphaPoints scoring system. Initially, users who traded tokens on the Alpha sector were airdropped tokens. The introduction of AlphaPoints sparked a frenzy of daily score brushing, as users had to reach certain score thresholds to qualify for airdrops of newly listed Alpha projects or participate in Binance Wallet's initial coin offerings (ICOs).

The launch of AlphaPoints further fortified the moat around Binance and the BNB Chain, with multiple effects:

First, it expanded new user acquisition channels:

Given the visible early-stage benefits, community users, ranging from 18-year-old college students to 90-year-old grandmothers, mobilized their extended families to brush Alpha scores together. It became a new source of income during the liquidity downturn, with community users asking each other daily: "Have you done your Alpha today?" This highlights the effectiveness of Alpha in attracting new users.

Second, it increased trading volumes:

The demand for score brushing directly drove up the number of DEX transactions and on-chain gas consumption, especially on the BNB Chain, as brushing Alpha scores on BSC offers double the transaction volume.

Third, it suppressed competing platforms:

By locking in community user traffic with AlphaPoints, it weakened the siphoning effect of pump.fun and other competing trading platforms on retail investors

0. Preface

In the turbulent world of blockchain, there was a chain that, in the simplest way, embraced the most complex trends of the times. It may not have been the most advanced, nor the most elegant, and was even once regarded as a "nest for speculators." Yet, it single-handedly supported the prosperity of an era.

This chain is called BNB Chain.

Now, as the focus shifts to Layer 2 solutions, Solana, Sui, and other public chains, BSC quietly restarts its strategy, and Binance reorients its direction, heavily investing in ecosystem reconstruction. Is this a desperate gamble or a rebirth of an old tree with new buds?

In this drama of "Empire Strikes Back," what we see is not just the renewal of a chain, but a multifaceted clash of faith, strategy, and destiny.

I. Empire Building: From Binance Chain to Rising from the Grassroots

---"The great river flows east, washing away all."---

1. Binance Chain

In April 2019, Binance launched Binance Chain, but it was a "non-smart chain"—its goal was to support the Binance DEX, focusing on transfer speed and stability, without support for smart contracts, let alone ecosystem construction. At that time, it was merely a "complementary chain" within the Binance ecosystem, and no one considered it a real competitor to Ethereum.

2. BSC (Binance Smart Chain)

However, in September 2020, everything changed. BSC (Binance Smart Chain) emerged out of nowhere.

This is an EVM-compatible chain, with low gas fees, fast block generation, and low deployment thresholds. But what truly brought it onto the historical stage were two weapons: Binance's resource integration capabilities and the narrative红利 of the times.

BSC has certain innovations in its consensus algorithm. Its PoSA (Proof of Stake Authority) consensus algorithm combines the functions of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms, built on a network of 21 validator nodes, with second-level block generation times that can establish a high-speed infrastructure for DeFi protocols. To date, the BNB Smart Chain has 50 validators.

3. BNB Chain

In February 2022, BNB Chain was officially launched, merging the BNB Beacon Chain (formerly Binance Chain) and the BNB Smart Chain (formerly Binance Smart Chain). The BNB Beacon Chain focuses on governance (staking and voting), while the BNB Smart Chain continues to serve as the infrastructure, supporting the construction of a vast DApp ecosystem.

4. opBNB

OpBNB is a Layer 2 scaling solution aimed at enhancing the performance of the BNB Smart Chain using the Optimism OP Stack. This solution offers high throughput, low transaction fees, and extremely efficient transaction processing, suitable for large-scale Web3 applications.

Its scalability surpasses the limitations of Layer 1, with a transaction processing capacity (TPS) exceeding 4,000 transactions per second.

OpBNB's average gas fees are as low as $0.001, providing high throughput and cost-effective transactions, thereby significantly improving user experience.

5. BNB Greenfield

BNB Greenfield is a decentralized storage and blockchain storage solution, aiming to leverage the power of decentralized technology in the realms of data ownership and data economics. Its main features include: native cross-chain programmability, EVM-compatible storage, high-speed decentralized storage, and seamless migration from Web 2.0.

6. BNB

BNB (Binance Coin) stands for "Build and Build." In addition to fueling transactions on the BNB Chain (similar to gas on Ethereum), BNB also serves as a governance token. Holding BNB grants the right to voice opinions and is a prerequisite for participating in the decentralized on-chain governance of the BNB Chain.

7. MVB (Most Valuable Builder) Program

In February 2021, Binance announced the launch of the Most Valuable Builder (MVB) program under a $100 million DeFi seed fund to bridge the DeFi and CeFi sectors. The main purpose of this program is to help high-quality startup projects on the Binance Smart Chain achieve more innovative changes, gain industry experience and funding support, and accelerate the coordinated development of the community and projects.

That year marked the beginning of DeFi. SushiSwap, Yearn, and Curve were blazing trails on Ethereum. Meanwhile, Ethereum itself, plagued by high fees and severe congestion, became a "developer's purgatory." Against this backdrop, BSC emerged as the first destination for developers "fleeing Ethereum."

What followed was a dual-engine drive of "chain games + Memes": CryptoBlades, PancakeSwap, Safemoon, BabyDoge, and others flourished, with TVL skyrocketing and daily active users surging.

At the same time, numerous competitors such as OKT Chain, HECO Chain, TRON Chain, and Polygon entered the fray. However, except for Polygon (which successfully transformed later), most of them faded away. BSC, with its "cheap, efficient, and traffic-driving" strategies, ultimately survived into the next era.

II. The Throne Tilted: From Peak Traffic to Marginal Silence

1. The Peak Canvas: Glorious Presentation

In May 2021, BSC's DeFi total value locked (TVL) once exceeded $20 billion, second only to Ethereum among all public chains.

Daily active addresses exceeded 2 million, and PancakeSwap's 24-hour transaction volume consistently ranked first in the entire network for several months.

Memes like Safemoon and BabyDoge fueled community frenzy on the chain, attracting a large number of retail investors to "mine" and "farm."

2. Sudden Traffic Shift: The Siphoning Effects of Solana and L2

Solana's "Retail Magnet":

Since Q4 2024, Solana's daily active addresses have been on the rise, reaching a 7-day average of approximately 1.7 million on May 7, 2025, matching BSC's activity level for the first time.

Pump.fun's low-threshold meme issuance model on the chain attracted creators from Telegram and TikTok, driving the activity of millions of long-tail wallets.

L2's Diverse Bloom:

Over 60 Ethereum Layer 2 solutions, including Arbitrum, Optimism, Base, Mantle, and Scroll, are developing in parallel. On one hand, they are reconstructing the EVM security narrative; on the other, they are fragmenting developers, TVL, and users.

The industry began to worry about "liquidity fragmentation." Multiple researchers in Cointelegraph columns pointed out that although the surge in L2 numbers is a sign of ecological prosperity, it also directly reduces the stickiness to a single Layer 1.

3. BSC's Marginal Silence: Innovation and Regulation

TVL and Returns:

As of June 6, 2025, BSC's TVL is approximately $5.9 billion, only one-third of its peak value.

In the past year, the BNB Chain's TVL shrank by 11% within 30 days, and DApp weekly transaction volume decreased by 25%.

Innovation and Business Card:

When Solana repackaged the "retail wealth story" with high performance and memes, and Ethereum L2 attracted developers with security and modularity, BSC seemed to lack its own iconic phenomenon.

Regulation and Brand Pressure:

Binance CEX faced a series of heavy regulatory blows globally. With CZ handing over the baton to Richard Teng, the BSC ecosystem was under public pressure, with developers and funds gradually moving to compliance-friendly or new narrative chains.

"Prosperous but not conservative, declining but not perishing, this is the norm of an empire."

From its peak in 2021 as the second-largest TVL chain globally during the DeFi boom, BSC's trajectory was contrasted sharply with the "retail magnet" effect of Solana and the diverse bloom of Ethereum L2s between 2024 and 2025. These factors led to a decline in TVL, reduced daily active users, a vacuum in brand narrative, and regulatory overhang. The rise and fall, and the potential for resurgence, set the stage for the "rekindling" that follows.

III. The Dynasty Strikes Back: Can BSC Become the Focus of the New Order Again?

---"When fortune departs, even heroes are not free; when fortune arrives, the whole world is in league."---

1. Regaining Confidence: CZ's Return and Construction!

On September 28, 2024, CZ was released, and the "big brother" returned. After his release, Zhao Changpeng posted his first tweet in four months, simply greeting the crypto community with a "gm."

Subsequently, the active interactions between CZ and the "number one sister" on X ignited community enthusiasm. For example, CZ retweeted a community user's Mubarak meme post, while the "number one sister" actively engaged with the community, acting as Binance's top customer service representative and responding to user inquiries. This directly led to a surge in Meme coin trading volumes, with Mubarak's daily trading volume reaching nearly $100 million.

2. Meme Rekindling: The Wealth Effects of TST and MUBARAK

$TST

The story began in February 2025 when BNB Chain released a FourMeme demo video and created the TSTtoken.Subsequentclarificationsandconstructionsbythe"bigbrother"ledtocommunityjokesthatitwaslike"beingabitshyabouttouchingsomethingforthefirsttimeinacommercialsetting."The"bigbrother"acknowledgedthathewasstilllearning,butafteraseriesoftwistsandturns,TST was directly listed on spot exchanges, creating a wealth effect on the BNB Chain!

$MUBARAK

On March 12, the Abu Dhabi investment company MGX invested $2 billion to acquire a minority stake in Binance.

On March 13, CZ himself retweeted the media news about Binance accepting MGX's investment.

At 2:38 PM (UTC+8) on March 13, Binance's Chinese post was published, accompanied by an image of a "head covered with a cloth."

At 5:20 PM (UTC+8) on March 13, CZ simply posted the word "MUBARAK" (Arabic for "blessing") and referenced Binance's Chinese tweet, thus拉开the curtain on $MUBARAK!

3. Cooperative Expansion: USD1 Stablecoin Ignites New Narrative

The strategic importance of stablecoins has increased:

In the post-FTX era, on-chain liquidity is increasingly concentrated in stablecoins. The U.S. Senate passed the GENIUS Act with a vote of 66-32, marking a milestone in the imminent implementation of the U.S. stablecoin regulatory framework.

USD1, endorsed by the Trump family:

USD1 is a dollar-pegged stablecoin launched by @worldlibertyfi (WLFI) in March 2025, initially minted on Ethereum (ETH) and Binance Smart Chain (BSC), and listed on Binance spot on May 23, 2025.

The introduction of USD1 not only supplements BSC's U.S. dollar-denominated asset landscape but also provides a new value anchor for DeFi, GameFi, and the Meme track.

The "$B" ignition effect:

Initially, the narrative of BwasastheBNBChainmascot.InMay,theBUILDonprojectofficiallyannouncedtheadditionofUSD1 as a core trading pair. This move directly linked $B to the WLFI project, transforming it into a core token tied to USD1 and beginning to absorb USD1's liquidity.

Two days after BUILDon added the USD1 trading pair, it announced a USD1 trading competition in collaboration with the Fourmeme platform. In the following days, Baccountedforover50USD1 trading volume, becoming the de facto main liquidity pool for USD1.

Subsequently, with BUILDon's listing on Binance Alpha and WLFI's announcement of purchasing $B, a series of positive developments directly propelled its market value upward, with a peak fully diluted valuation (FDV) of $460 million, further igniting emotions on BSC.

4. Binance Alpha Sector: The "IPO Flywheel" Under Liquidity Dilemma

Background Challenges:

Between 2024 and 2025, many projects that landed on Binance spot often experienced a "high open, low close" trend, becoming the endpoint for institutional and early-round liquidity exits. Retail investor confidence was shaken, platform secondary market trading volumes plummeted, and community users were constantly spreading fear, uncertainty, and doubt (FUD).

Alpha Sector Takes the Stage:

On December 17, 2024, Binance Wallet launched Binance Alpha, aimed at discovering emerging crypto projects and providing users with an entry point to discover and shape the future of the crypto ecosystem through early-stage projects. The launch of Binance Alpha, focusing on projects with lower market caps and earlier stages, not only removed the stricter listing barriers of Binance spot but also offered more options for risk-tolerant community users and project teams eager to list on Binance.

AlphaPoints Mechanism:

On April 25, 2025, Binance launched the AlphaPoints scoring system. Initially, users who traded tokens on the Alpha sector were airdropped tokens. The introduction of AlphaPoints sparked a frenzy of daily score brushing, as users had to reach certain score thresholds to qualify for airdrops of newly listed Alpha projects or participate in Binance Wallet's initial coin offerings (ICOs).

The launch of AlphaPoints further fortified the moat around Binance and the BNB Chain, with multiple effects:

First, it expanded new user acquisition channels:

Given the visible early-stage benefits, community users, ranging from 18-year-old college students to 90-year-old grandmothers, mobilized their extended families to brush Alpha scores together. It became a new source of income during the liquidity downturn, with community users asking each other daily: "Have you done your Alpha today?" This highlights the effectiveness of Alpha in attracting new users.

Second, it increased trading volumes:

The demand for score brushing directly drove up the number of DEX transactions and on-chain gas consumption, especially on the BNB Chain, as brushing Alpha scores on BSC offers double the transaction volume.

Third, it suppressed competing platforms:

By locking in community user traffic with AlphaPoints, it weakened the siphoning effect of pump.fun and other competing trading platforms on retail investors.

复制

分享

"number one sister" on X ignited community enthusiasm. For example, CZ retweeted a community user's Mubarak meme post, while the "number one sister" actively engaged with the community, acting as Binance's top customer service representative and responding to user inquiries. This directly led to a surge in Meme coin trading volumes, with Mubarak's daily trading volume reaching nearly $100 million.

2. Meme Rekindling: The Wealth Effects of TST and MUBARAK

$TST

The story began in February 2025 when BNB Chain released a FourMeme demo video and created the TSTtoken.Subsequentclarificationsandconstructionsbythe"bigbrother"ledtocommunityjokesthatitwaslike"beingabitshyabouttouchingsomethingforthefirsttimeinacommercialsetting."The"bigbrother"acknowledgedthathewasstilllearning,butafteraseriesoftwistsandturns,TST was directly listed on spot exchanges, creating a wealth effect on the BNB Chain!

$MUBARAK

On March 12, the Abu Dhabi investment company MGX invested $2 billion to acquire a minority stake in Binance.

On March 13, CZ himself retweeted the media news about Binance accepting MGX's investment.

At 2:38 PM (UTC+8) on March 13, Binance's Chinese post was published, accompanied by an image of a "head covered with a cloth."

At 5:20 PM (UTC+8) on March 13, CZ simply posted the word "MUBARAK" (Arabic for "blessing") and referenced Binance's Chinese tweet, thus拉开the curtain on $MUBARAK!

3. Cooperative Expansion: USD1 Stablecoin Ignites New Narrative

The strategic importance of stablecoins has increased:

In the post-FTX era, on-chain liquidity is increasingly concentrated in stablecoins. The U.S. Senate passed the GENIUS Act with a vote of 66-32, marking a milestone in the imminent implementation of the U.S. stablecoin regulatory framework.

USD1, endorsed by the Trump family:

USD1 is a dollar-pegged stablecoin launched by @worldlibertyfi (WLFI) in March 2025, initially minted on Ethereum (ETH) and Binance Smart Chain (BSC), and listed on Binance spot on May 23, 2025.

The introduction of USD1 not only supplements BSC's U.S. dollar-denominated asset landscape but also provides a new value anchor for DeFi, GameFi, and the Meme track.

The "$B" ignition effect:

Initially, the narrative of BwasastheBNBChainmascot.InMay,theBUILDonprojectofficiallyannouncedtheadditionofUSD1 as a core trading pair. This move directly linked $B to the WLFI project, transforming it into a core token tied to USD1 and beginning to absorb USD1's liquidity.

Two days after BUILDon added the USD1 trading pair, it announced a USD1 trading competition in collaboration with the Fourmeme platform. In the following days, Baccountedforover50USD1 trading volume, becoming the de facto main liquidity pool for USD1.

Subsequently, with BUILDon's listing on Binance Alpha and WLFI's announcement of purchasing $B, a series of positive developments directly propelled its market value upward, with a peak fully diluted valuation (FDV) of $460 million, further igniting emotions on BSC.

4. Binance Alpha Sector: The "IPO Flywheel" Under Liquidity Dilemma

Background Challenges:

Between 2024 and 2025, many projects that landed on Binance spot often experienced a "high open, low close" trend, becoming the endpoint for institutional and early-round liquidity exits. Retail investor confidence was shaken, platform secondary market trading volumes plummeted, and community users were constantly spreading fear, uncertainty, and doubt (FUD).

Alpha Sector Takes the Stage:

On December 17, 2024, Binance Wallet launched Binance Alpha, aimed at discovering emerging crypto projects and providing users with an entry point to discover and shape the future of the crypto ecosystem through early-stage projects. The launch of Binance Alpha, focusing on projects with lower market caps and earlier stages, not only removed the stricter listing barriers of Binance spot but also offered more options for risk-tolerant community users and project teams eager to list on Binance.

AlphaPoints Mechanism:

On April 25, 2025, Binance launched the AlphaPoints scoring system. Initially, users who traded tokens on the Alpha sector were airdropped tokens. The introduction of AlphaPoints sparked a frenzy of daily score brushing, as users had to reach certain score thresholds to qualify for airdrops of newly listed Alpha projects or participate in Binance Wallet's initial coin offerings (ICOs).

The launch of AlphaPoints further fortified the moat around Binance and the BNB Chain, with multiple effects:

First, it expanded new user acquisition channels:

Given the visible early-stage benefits, community users, ranging from 18-year-old college students to 90-year-old grandmothers, mobilized their extended families to brush Alpha scores together. It became a new source of income during the liquidity downturn, with community users asking each other daily: "Have you done your Alpha today?" This highlights the effectiveness of Alpha in attracting new users.

Second, it increased trading volumes:

The demand for score brushing directly drove up the number of DEX transactions and on-chain gas consumption, especially on the BNB Chain, as brushing Alpha scores on BSC offers double the transaction volume.

Third, it suppressed competing platforms:

By locking in community user traffic with AlphaPoints, it weakened the siphoning effect of pump.fun and other competing trading platforms on retail investors