Original | Odaily Planet Daily (@OdailyChina)
It's quiet, not just in the market from mainstream coins to Meme coins, but the progress of industry innovation is also stagnating, with the market's attention almost entirely on the actions and words of influencers and whales.
On the evening of March 16, CZ bought 1 BNB worth of TST and Mubarak tokens under the pretext of "doing some testing over the weekend" link, and subsequently, the price of the BNBChain Meme coin Mubarak surged, with its market cap rising from about $30 million to over $120 million. This means that even if you got in after CZ, you would have nearly quadrupled your investment.
From the perspective of retail investors, according to DeFiLlama, driven by Meme coins like Mubarak, the trading volume of BNB Chain DEX reached $1.64 billion in the last 24 hours, surpassing Solana to take the top spot; meanwhile, BNB Chain's main DEX, PancakeSwap, also became the DEX with the highest trading volume in the last 24 hours. (CZ later retweeted this post.)
Old fans of BNB Chain know that this is not CZ's first time vigorously "Building." Over the past month, CZ has gradually "let loose" on social media and has become the new king of Meme calls:
- On February 6, he publicly responded to the Meme coin TST, bringing significant attention to the BNB chain;
- On February 13, CZ used the name of his pet dog as "bait" to attract on-chain liquidity to BNBChain;
- On February 18, the BNB Chain officially launched a liquidity support campaign for Meme coins worth $4.4 million to attract, maintain, and expand traffic;
- On March 3, CZ retweeted a celebrity coin issued on the BNB chain by football star Ronaldinho, but unfortunately, the effect was not ideal;
- On March 15, CZ posted on Binance Square with Meme images related to Mubarak, triggering the first FOMO for the Meme coin Mubarak;
- On the evening of March 16, CZ posted that he wanted to change his Twitter avatar, sparking community speculation about the new avatar…
For more on how CZ is driving a partial bull market for BNB Chain Meme coins, I recommend reading “The 'Middle East' Meme wind has blown to BSC, CZ's concept coin Mubarak skyrockets to over $140 million.”
Is CZ-style "Build" a strong medicine?
However, opinions in the community regarding CZ's series of "open schemes" to boost the BNB Chain ecosystem are not unanimous. Supporters believe that CZ is shedding burdens and using Memes to attract more talented developers to BNB Chain, as long as users can make money; opponents argue that BNB Chain is retracing Solana's old path, which will inevitably lead to chaos.
Data Perspective: Indeed brings short-term activity
First, looking at objective data, the TVL of BNB Chain has not increased or decreased due to Meme coins but has remained relatively stable, fluctuating between $4.7 billion and $5.5 billion. According to DeFiLlama data, since CZ's response to TST on February 6, the TVL of BSC peaked at $5.665 billion on February 23, then began to decline slightly, reaching a low of $4.744 billion on March 12 before starting to rise again. (This is normal, as TVL is more accumulated by DeFi, while Memes contribute to transaction numbers.)
Although the attention generated by CZ's pet dog gradually faded by the end of February, leading to a cooling of the Meme market on BNB Chain, there is no direct evidence to suggest a causal relationship with the decline in BNB Chain's TVL. Meanwhile, the official $4.4 million liquidity incentive program for Meme coins has yet to show a significant positive impact on TVL.
From the perspective of on-chain activity and DEX trading volume, the effects of CZ-style "Build" are limited. Artemis data shows that only on February 13, during the CZ pet dog incident, and around February 19, did the number of active addresses on BSC experience a sudden increase, but after the hype, it quickly returned to the average. Even though the number of active addresses on the Solana chain has gradually decreased, it still remains more than three times that of BNB Chain.
Similarly, the DEX trading volume on BSC also showed "peak growth," with a short-term increase in trading volume on February 9 and February 13 before returning to the average.
Today, DeFiLlama data shows that the trading volume of BNB Chain DEX reached $1.64 billion in the last 24 hours, surpassing Solana to take the top spot, and BNB Chain's main DEX, PancakeSwap, also became the DEX with the highest trading volume in the last 24 hours.
Additionally, the data from the Meme issuance platform Four.meme on BNB Chain is also worth noting. According to Dune data, the Four.meme platform currently has total revenue exceeding 3,978 BNB (approximately $2.52 million), with daily unique users, daily token launches, and daily trading volume all starting to grow after February 6, but peaked on February 13 (the day of guessing CZ's pet dog's name) before beginning to decline, only to start growing again with the emergence of CZ's Middle Eastern concept coins like Mubarak.
In summary, CZ-style "Build" will temporarily boost the popularity of BNB Chain and attract liquidity from retail or small players, but once the attention fades (likely within one to two days), various indicators of BNB Chain will return to the average, and it is still unable to retain players in the long term.
Community Voices: Viewing CZ with a Development Perspective
Some community players believe that CZ-style "Build" not only fails to retain users in the long run but also consumes his own credibility. Once his credibility is diluted, he will face large-scale user loss, similar to the fate of Solana's celebrity coins.
However, other community players support CZ's approach, believing that CZ's leadership can continuously attract developers, project parties, and users to migrate to BNB Chain. Chinese KOL Crypto Weituo analyzed that in the short term, as long as BNB is stabilized, CZ can continuously produce new meme coins that align with pricing and dissemination rules, thereby reviving BNB Chain through asset operation logic. When the price of a Meme coin reaches a certain height and cannot attract new funds, new Meme coins are issued to encourage reinvestment, establishing a new wealth effect, which will eventually lead to more developers launching projects and building pools on BNB Chain, truly increasing TVL. At that point, it won't be necessary for CZ to lead the Meme coins; instead, it will be handed over to more quality "conspiracy groups," and CZ won't end up with a tarnished reputation.
At the same time, the current Meme coins on BNB Chain have a natural advantage over those on other chains like Solana, as they are more likely to be listed on Binance. After all, Binance remains the liquidity hub for cryptocurrencies and is also the goal for Meme coins. TST is often cited as a typical case.
Calling out is neither shameful nor new; does BNB Chain need it?
In reality, as a "spokesperson" for a public chain, actively calling out for various sectors within the ecosystem is normal. During the peak of Ethereum's Meme craze, Vitalik passively endorsed Meme coins within the ecosystem, and even the Meme coins received by selling addresses could trigger FOMO; during Solana's Meme boom, Toly retweeted multiple projects, leading to much less effective results today; Base founder Jesse also personally called out last year, hoping to use Memes to attract more TVL for Base, even going so far as to shave his head to create a buzz (related reading: “After the Meme Summit, the Base Meme coin ecosystem officially enters the second half”). Compared to them, CZ's late arrival is still relatively restrained.
"Late" also poses a problem—veteran players have already become desensitized to numerous Meme narratives and gameplay, having experienced the pains of celebrity coins. Without the "timing," the effectiveness of CZ's "Build" is greatly diminished.
What about the "geography"? Does BNB Chain really need CZ-style "Build" now?
Indeed, the short-term on-chain activity brought by CZ has forced the BNB Chain ecosystem to make rapid improvements in supporting tools, enhancing user experience in high-frequency trading. However, based on CZ's previous call-out effects, CZ and the BNB Chain official do not seem to be closely coordinated; CZ appears to trigger trading hype and discussions on social media without warning, while BNB Chain seems to be following up with support. And the attention cycle for Memes is extremely short, leaving no room for delays.
Finally, let's talk about "human factors"—in 2024, BNB Chain released its Web3 blueprint, stating its mission and vision is to attract the next billion users into Web3, and in 2025, it proposed an AI First development theme. Considering the intentions of BNB Chain officials, the true long-term vision is more users and practical products. This does not align with CZ's recent Meme "public study sessions." CZ's calls have not directly helped AI to settle in, and the dwindling user base of Memes no longer has the ambition to attract a massive influx of outsiders.
For now, we can only believe that doing more won't be wrong. Or perhaps, CZ is quietly building BNB Chain in ways we cannot see, quietly contributing without seeking recognition.
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