The trading volume on BNB Chain has reached unprecedented levels, positioning itself clearly above Solana. This acceleration is closely linked to the airdrop campaigns promoted by Binance, which are fueling a significant increase in activity on its affiliated blockchain.
BNB Chain dominates DeFi trading volumes in May
Since the beginning of May, BNB Chain has established itself as the leading network for trading volume on decentralized exchanges (DeFi). In the last 24 hours, the volume has approached 10 billion dollars, far surpassing Solana, which recorded about 2.5 billion dollars. This strong difference highlights the growing success of BNB Chain in the DeFi market, particularly at a time when competition among blockchains is very high.
The increase in lending activity on BNB Chain
Alongside the growth in trading volumes, there has also been a significant increase in lending activity on BNB Chain. On May 22, traders rushed to borrow BNB tokens, pushing interest rates to unusual values. On the well-known lending protocol Aave, rates rose from 2% to almost 6%, while on another service, Venus, the rate exceeded 10%, starting from 1.5%. This increase clearly shows how the demand for BNB for bull and bear purposes has risen significantly in just a few days.
Binance airdrop campaigns as a growth engine
The origin of the increase in activity on BNB Chain is attributable to two promotional campaigns by Binance that offer the possibility to earn tokens through airdrops. These programs attract users by allowing them to receive tokens without having to interact directly with new emerging projects on the blockchain.
Launchpool: the success of the model launched in 2020
The Launchpool of Binance, active since 2020, allows users to lock BNB tokens or stablecoins to obtain a share of airdrop. To date, this model has launched 108 projects, involving more than 6 million unique participants and raising nearly 200 million dollars in total. Currently, over 2.5 billion dollars in BNB tokens are locked on this platform. This data confirms how users are attracted to passive earning mechanisms through the locking of their digital assets.
The Spark airdrop and the surge in lending
A recent example that stimulated the lending of BNB was the anticipated Spark airdrop, distributed through the Binance Launchpad service. Users borrowed BNB specifically to lock them in advance on the platform, taking advantage of the June 10 deadline to qualify for the airdrop. This mechanism further increased the demand for tokens and activities on the blockchain, further strengthening the dominance of BNB Chain in the DeFi sector.
Binance Alpha rewards user activity with airdrop
The year 2024 saw the introduction of Binance Alpha, a campaign that encourages the use of the Binance wallet. Users accumulate “Alpha scores” based on the number of transactions and the traded volume. Thanks to this system, the wallet has reached the first place for market trading volume, with over 6.5 billion dollars and almost 200,000 active users registered so far.
Wash trading and Binance interventions
However, part of this volume could derive from wash trading practices, that is, repeated buying and selling operations of the same asset to simulate high activity. To counter this, Binance has eliminated scores obtained through transactions with unsupported or manipulated tokens. Despite this, some wash trading techniques persist. A known case involves a trader who generated more than 16,000 dollars in volume with less than 2 dollars in fees, conducting many operations with tokens like BNB and other low-cost ones.
The real benefits from Binance Alpha airdrops
In the month of May, Binance distributed as many as eight airdrops to users of Binance Alpha, with an average value exceeding 1,000 dollars per participant, calculated on the closing price of the first day. This data highlights the potential real gain for those who actively participate on the platform, despite the issues that have emerged in managing the volume.
The impact of airdrops on the BNB Chain ecosystem
The continuous growth of activity on BNB Chain is the direct result of the airdrop strategies launched by Binance. These campaigns stimulate the use of the blockchain, attract new users, and increase the value at stake within the platform. However, the presence of manipulations such as wash trading suggests that the regulation and monitoring of these practices remain crucial to ensure fairness and transparency.
As a result, the success of BNB Chain and airdrop programs requires reflection on the future developments of the sector. New, more refined campaigns and stricter control systems might emerge, aimed at truly rewarding the genuine activity of users. For those who invest or use the blockchain, the invitation is to closely follow these dynamics to understand the opportunities and risks associated with the expansion of BNB Chain in the global DeFi landscape.
