Key Takeaways
- BNB Chain’s tokenized-equity trading volume climbed to $25.6 billion in Q3, up from $2.4 billion in Q2.
- Network revenue rose 54% to $54.2 million, while token holder net income reached $45.1 million.
- Tokenized equities made up 32.3% of spot DEX volume, as memecoin and project-token shares declined.
- Daily active addresses fell 14% to an average of 2.10 million, despite a rise in quarterly transactions.
BNB Chain saw a sharp rise in tokenized-equity trading during the third quarter of 2026, with volume reaching $25.6 billion compared with $2.4 billion in the previous quarter. The network also brought in more revenue, even as the number of daily active addresses fell.
According to Blockworks’ Q3 token holder report, network revenue equivalent value (REV) rose 54% quarter over quarter to $54.2 million. Token holder net income increased to $45.1 million, up from $28.8 million in Q2.
The figures point to a busier quarter for tokenized assets on BNB Chain, but activity was mixed across the network. Daily active addresses averaged 2.10 million, down from 2.43 million in the previous quarter, while total transactions edged up to 1.51 billion.
Tokenized equities also accounted for a larger share of decentralised exchange trading, as memecoin and project-token volumes lost ground.
BNB Chain Revenue Rises As Tokenized-Equity Trading Expands
BNB Chain’s latest quarterly figures show that tokenized equities became a larger part of activity on its network. The Blockworks Q3 2026 token-holder report recorded $24.4 billion in tokenized-equity trading across DEX venues, excluding pairs involving memecoins, alongside another $1.2 billion through Ondo Global Markets.
Across the networks tracked by Blockworks, tokenized-asset DEX trading reached $45.8 billion during the quarter. BNB Chain accounted for more than half of that volume, ahead of Robinhood Chain at $10.2 billion and Solana at $6.4 billion.
The increase in trading activity also contributed to higher network revenue. REV reached $54.2 million, compared with $35.2 million in Q2. The total included $49.1 million in transaction fees and $5.1 million in payments associated with maximal extractable value (MEV). Transaction activity rose at a slower pace than revenue.
BNB Chain processed 1.51 billion transactions, up 7.5% from 1.41 billion in Q2, while the average transaction fee increased 43% to $0.032. Blockworks attributed a substantial share of the increase in transaction fees to GMGN’s trading router, which paid $8.8 million in network fees during Q3, compared with $2.2 million in the previous quarter.
Token-holder net income, measured by Blockworks as delegator rewards plus the BEP-95 real-time burn, reached $45.1 million, up from $28.8 million in Q2. The network does not issue new BNB to pay validators, and its net token emissions remained negative throughout the quarter, according to the report.
The full quarterly report also details the Pasteur hard fork, which went live on BNB Smart Chain’s mainnet on August 25. Its BidBlock V2 block-building system produced approximately 98% of blocks within a week and averaged 28% more gas per block than the previous process.
Tokenized Assets Gain DEX Share As Active Addresses Decline
Tokenized-equity supply on BNB Chain has hit $1.13 billion at the end of Q3, double the $560 million recorded at the end of Q2. That represented approximately 39% of the $2.89 billion in tokenized public equities tracked across chains by Blockworks. The network also recorded around 1.8 million tokenized-equity holders.
The shift was visible across spot DEX trading. Total spot DEX volume rose 28% to $75.7 billion, while tokenized-asset pairs increased from 0.2% to 32.3% of volume. Over the same period, memecoins’ share fell from 12.6% to 5.8%, and project tokens declined from 29.1% to 14%.
Other network indicators were less positive. Daily active addresses averaged 2.10 million, down from 2.43 million in Q2, while new-address creation fell 27% to an average of 482,000 per day. Transactions nevertheless increased because each active address sent an average of 7.8 transactions daily, compared with 6.3 in Q2.
Lending activity also expanded. Deposits reached $3.57 billion, up 42%, while outstanding borrowing increased 33% to $940 million. Tokenized equities held in lending markets grew from $6 million to $62 million, although they remained below 2% of total deposits.
Meanwhile, stablecoin supply declined 4.6% to $13.22 billion, mainly due to lower USD1 balances. Non-stablecoin real-world asset supply moved in the opposite direction, rising 24% to $4.96 billion, including $3.77 billion in tokenized Treasuries.
The next quarter will show whether tokenized-equity trading remains near Q3 levels and whether activity broadens beyond the products that drove the increase. Blockworks also identified further network capacity upgrades and the end of BNB Chain’s zero-fee stablecoin transfer program, scheduled for October 31, as developments to watch.
