BNB Chain has outperformed Solana to become the second-largest blockchain by total value locked (TVL) in the decentralized finance (DeFi) sector, according to recent onchain data. This development reflects growing engagement and activity on the BNB Chain network, which operates as a blockchain platform closely connected to Binance, one of the world’s largest cryptocurrency exchanges.
BNB Chain now in second place
Data from September 14 places BNB Chain’s DeFi TVL at $5.94 billion. This figure narrowly edges out Solana, which saw $5.89 billion locked in its DeFi protocols, moving Solana to third position in the DeFi TVL rankings.
Ethereum continues to lead by a significant margin, with its DeFi TVL standing at $49.95 billion. BNB Chain’s ascension to second place was made possible by a marked increase in user participation and growth across its DeFi ecosystem.
Other top chains include Base and Tron, which currently rank fourth and fifth, with $5.63 billion and $5.47 billion in TVL respectively.
| Blockchain | DeFi TVL (USD) | Ranking |
|---|---|---|
| Ethereum | $49.95 billion | 1 |
| BNB Chain | $5.94 billion | 2 |
| Solana | $5.89 billion | 3 |
| Base | $5.63 billion | 4 |
| Tron | $5.47 billion | 5 |
Response from Binance founder
Changpeng Zhao, the founder of Binance, responded to the milestone in a social media post. He acknowledged BNB Chain’s progress in surpassing Solana and reflected on how the growth signals strong engagement but also emphasized the significant gap between BNB Chain and Ethereum’s dominant position.
Changpeng Zhao remarked on the achievement but noted the challenge ahead, calling the prospect of flipping Ethereum a “long road.” He highlighted the progress over Solana yet maintained a level of humility about BNB Chain’s current standing.
In addition, Zhao pointed out that these rankings should not be interpreted as direct competition. He encouraged developers and users to see the changes as motivation to continue building the BNB Chain ecosystem for the collective benefit of the blockchain community.
BNB Chain serves as a high-performance blockchain for smart contracts and decentralized applications, supporting a diverse suite of DeFi protocols and products. Recent growth trends have coincided with increasing activity across several major networks, but most continue to lag behind Ethereum’s entrenched market lead.
Solana, now ranking third, remains a prominent player in DeFi, known for its high throughput and efficiency. However, the close competition for TVL among the leading smart contract platforms highlights shifting user preferences and evolving sector dynamics.
Base, a relatively new entrant, and Tron, a long-standing blockchain project, round out the top five by DeFi TVL, reflecting strong engagement in their respective ecosystems.
Industry watchers note that while TVL rankings often shift based on user activity and adoption, Ethereum’s clear lead represents both a benchmark and a substantial challenge for any competing network.
Binance, as the entity behind BNB Chain, continues to promote development and innovation on the network, reinforcing its dedication to expanding the utility of its blockchain platform as the DeFi sector evolves.
Mini dictionary: Total Value Locked (TVL) refers to the aggregate value of assets deposited in decentralized finance (DeFi) protocols on a blockchain network. TVL is frequently used as a metric to track the growth, popularity, and health of a blockchain’s DeFi ecosystem.
