Can BSC, which evolves through "learning by doing," reach the other shore this time?
Written by: BUBBLE
With the support of the third wave of Meme frenzy, BSC has transformed from CZ retweeting to support "Happy Trading" for novice traders into a combination attack of "multiple components" upgrading together, connecting the liquidity of exchanges as an "outer armor," and familiarizing itself with market sentiment to adjust market emotions at will like "veterans." What exactly has BSC done? Why is it said to be the most likely to replicate Solana?
Testing Starts with "Test Tokens"
The growth of BSC's Meme skills can be divided into three parts. On February 5, the BNB chain team released a promotional video for Four.meme that included test tokens. Similar test tokens being hyped by the market is not uncommon, including previous pumpfun or various Dex demonstration videos. Interestingly, CZ, who has never played with Memes, had a different attitude towards this. The next day, CZ retweeted the video and explained the situation, summarizing his solution in one sentence: "Happy Trading."
The gears of fate began to turn at this moment. The market's reaction to the industry's top influencer's first Meme shout-out was to push the market cap of that token to $50 million on the same day, and three days later, when it was listed on Binance, it directly pushed $Tst to an ATH of $600 million. This wave of wealth effect increased BSC's Dex trading volume by more than three times, but the wave did not last long.
However, during this stage, CZ's Meme skills were still immature. He underestimated the appeal of his statements and tried to downplay the situation with "Happy Trading," failing to control the spread of market FOMO. After $TST was listed on Binance, liquidity did not continue to grow but was instead seen as a brief attention economy carnival. From the fact that only 10 tokens were successfully launched from the Four.meme platform that week, it can be seen that CZ's initial "test" did not bring long-term ecological vitality to BSC. This indicates that he was still exploring the community-driven nature of Meme coins and the market rhythm.
But what truly sparked imagination was Binance's change in attitude towards Memes. Compared to the previous cautious approach to BSC Memes to avoid suspicion, this time "Binance can even list test tokens on the exchange, what about other Memecoins?" planted a seed in the community's mind: how high could the liquidity brought by the first Cex be for Memes? This was directly answered a few days later.
Dogs are a Required Course
On the morning of February 13, CZ tweeted expressing curiosity about the operational mechanism of MEME coins, asking if simply sharing pet names and photos would lead to the creation of related tokens, and questioning how to distinguish the "official" version. After understanding the relevant mechanism, CZ stated, "The way things work is interesting. As with any major decision, I need to think for about a day. Is it respecting his privacy, or should I make the dog's information public for everyone? Well, I might interact with a few MEME coins on BNB Chain."
When someone suggested using random dog photos, CZ responded, "No, that would be deceptive. If we're going to do it, we need to do it right. It's just sharing a dog photo and name."
Subsequently, the entire network began guessing the name of CZ's pet dog and started to ambush related MEME coins in an attempt to "reserve a spot" early, with a few tokens' market caps being pushed up by thousands or even hundreds of millions of dollars. That evening, CZ teased that he would release a photo of the dog in three hours (around 8 PM Dubai time), tantalizing the MEME players.
After several hours of waiting, CZ finally revealed the photo of his pet dog Broccoli and their story in the early hours of February 14, stating, "I just posted a photo and name of my dog. I won't personally issue a Meme coin. It depends on whether the community does it. The BNB Foundation may provide rewards for top MEMEs on BNB Chain, offering LP support or other rewards. Details are still under discussion. More content will be released soon."
Following this, a frenzy erupted on BNB Chain. Thousands of MEME coins named after Broccoli appeared instantly, leading to a section called "CZ's Dog" even showing up in the Binance Web3 wallet. Investors were dazzled, and a chain-on PVP battle themed around Broccoli ensued, along with a RugPull performance contest. BNB Chain faced a massive pressure test, but the results were not optimistic; BNB Chain could not withstand this wave of pressure testing, resulting in a congested network, lagging front-end, and numerous traps, with Meme players from smooth Solana complaining about the poor experience.
As AC commented, since CZ did not disclose the CA "contract address," the intention was to let the community grow its own Meme, but it directly led to significant losses for retail investors on BSC. The highest market cap among the many Broccoli coins was only over $100 million. Despite high market participation, the funds were very dispersed, failing to form a leading project with a high degree of consensus. This allowed liquidity to shift into the pockets of developers and insider players, with a lot of mixed retail and insider trading, making investors victims of liquidity exit. According to on-chain data analyst Yu Jin's monitoring, one Broccoli creator on BNBChain made a profit of $6.72 million from just 1 BNB, creating a 9517-fold return in 24 minutes.
In this round, "intern" CZ's progress in controlling BSC Memes was limited. He began to understand the cultural attributes of Memes, mobilizing community emotions through teasers and storytelling tweets, showing higher participation than during the $Tst period. However, he still had not mastered how to guide market consensus, with multiple tokens of the same name being listed on Binance Alpha, leading to severe token homogenization and diversion. The infrastructure led to BSC's network congestion due to high concurrent transactions and severe MEV conditions, and the poor experience failed to create a smooth Meme ecosystem like Solana.
CZ later reflected that this was an unexpected "stress test," admitting that BSC still had shortcomings in scalability and community guidance. This experience made him realize that Memes not only need heat but also require infrastructure support and clear guidance. This social experiment indeed brought some on-chain educational reflections to BSC, and they should deeply realize that to promote on-chain culture, infrastructure, cultural education, community guidance, and even the impact of leaders' "freedom of speech" are all crucial.
Culture, Characters, and Infrastructure: The Meme Trio Together
In the following month, due to the market's sluggishness and continued pessimism, BSC had time to improve some of the issues encountered during the last "stress test." Just before and after "Mubarak," everything was ready.
They completed the distribution of $4.4 million in liquidity support for top Memes from the previous incentive program and announced the launch of the second round of liquidity support three days later on March 10. Prior to this, CZ personally tried on-chain products, and it was only after using their own Dex that he realized the issues. In March, they launched the Pascal hard fork test, introducing gas abstraction, smart contract wallets, bundled transactions, etc., and repeatedly stated their determination to thoroughly improve malicious MEV.
After all this preparation, a new round of "stress testing" arrived. With CZ's retweet captioned "Mubarak," the third wave following the "test concept" and "broccoli concept" officially began, bringing the richest "Middle Eastern concept" to the forefront globally. Regarding the "Mubarak" incident, Rhythm also did related content reporting, so I won't repeat it here.
Extended Reading: "Mubarak Weekend Soars 1300 Times, CZ Adds a Few A8 Players to BSC | 100x Review"
This time, the market held a generally positive attitude towards this round of "CZ" operating Meme Szn, with more focus on the grasp of rhythm, which was vastly different from previous attempts. First, the news of MGX investing in Binance captured everyone's attention. Coupled with Binance's Chinese Twitter account, CZ "created" the leading "Middle Eastern" concept of Mubarak, interacting with the simple and easy-to-understand IP image "Palu." CZ then quickly interacted with one of the Mubarak community members on Twitter, avoiding the chaotic situation seen during the Broccoli period. At crucial moments, he cleverly used positive news to elevate Mubarak to a new height. This triggered a broader Meme Season, and after Mubarak was listed on Binance contracts, it brought Binance Alpha 2.0 and promoted the "BNB Goodwill Alliance" to resist MEV.
More unofficially supported spontaneous infrastructure began to emerge, such as when Four.meme was paralyzed, He Yi's "DDDD" hotspot took over, and new token launch models like FairMint appeared, with more and more infrastructure emerging during this cycle.
The effects brought by this Meme Szn, from a data perspective, also greatly benefited Binance. The most notable was the Dex trading volume, which during this cycle reached twice that of Solana at one point.
The token turnover rate has repeatedly surged, but the amount of funds has not significantly flowed in from external chains, indicating that liquidity is formed by real buy and sell orders within the market, and it still maintains a certain upward trend.
GDP represents the ratio of application earnings in the ecosystem, and while GDP and ecological trading volume remain basically stable, the TVL in the ecosystem has already doubled, indicating that the liquidity within the market is still unsaturated relative to the number of participants.
Community influencer and researcher Timo "@timotimo007" believes that Binance this time directly used a "demand-side" cannon from the liquidity side, using changes on the liquidity side to influence asset issuance. In simple terms, the massive liquidity in Binance's main site will affect how subsequent assets are issued, but it was unexpected that Binance did not consider it from the supply side; instead, they directly made a big move on the liquidity side, which will in turn affect the supply side.
The BNB Card incident has sparked KOL events that make one reflect on the development of memes in BSC. The market seems to be filled with "post-traumatic stress" regarding such "conspiracy group" behaviors. Using the concept of Meme Master Neso, most of the meme coins in BSC currently belong to Forced memes, which are those memes that are artificially promoted or forcibly made popular, rather than spreading naturally through people's affection and sharing. Such Memes lack external extensibility and cannot form a freely developing community scale on-chain, which will be key to whether BSC can successfully replicate Solana.
Whether the current wave of enthusiasm for BSC can continue still needs to be observed in response to the market. If attention and liquidity can continue to generate inertia. According to the 2025 BNB Chain plan outlined by "Chief Intern" CZ, AI is likely to occupy a larger share of resources, and the previously trending DeSci may also have a significant chance of returning to BSC. Regarding BSC, Rhythm BlockBeats will continue to follow its next moves.
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