BNB Chain Dominates Tokenized Equity Markets in Q3

The surge in activity represents an eleven-fold increase compared to the second quarter, largely driven by the launch of bStocks in June. Trading reached a high point on July 26, with single-day volumes hitting $1.2 billion. The tokenized Invesco QQQ ETF product, QQQB, accounted for roughly 80% of the volume generated by bStocks, cementing its role as a primary driver of network usage. By the end of September, BNB Chain’s total tokenized public equity supply reached $1.13 billion, representing 39% of the cross-chain market tracked by Blockworks.

Financial performance metrics showed resilience despite a 14% decline in average daily active addresses, which fell to 2.1 million. Network revenue climbed 54% to $54.2 million, fueled by transaction fees and maximal extractable value. Simultaneously, the network infrastructure underwent significant changes with the August 25 Pasteur hard fork, which introduced the BidBlock V2 system to optimize block-building. While lending deposits grew by 42% to $3.57 billion, tokenized equities remained a niche segment within this pool, accounting for less than 2% of the total value.