BNB Chain Dominates On-Chain Tokenized Equities Markets as Ethereum Revenue Plummets

Binance Research has published its report on the first half of 2026, examining the performance of various on-chain markets. The report finds that Ethereum usage rose by approximately 50% in 2026, but chain revenue is projected to fall by 53% for the full year. This raises questions about whether scaling Layer 1 and reducing fees are sufficient to drive sustained revenue growth.

The report highlights BNB Chain as the leading tokenized equities chain in H1 2026. On-chain tokenized equities on BNB Chain grew from $34 million at the start of the year to $652 million in July, surpassing Ethereum and capturing close to a third of the on-chain total.

Tokenized RWA value also grew significantly, increasing by more than 50% from approximately $22 billion in January to $34 billion by mid-July. The report projects that the tokenized RWA market could reach $661 billion in the base case and $1.6 trillion in the bull case.