BNB Chain Dominates Tokenized Equity Trading as On-Chain Markets Contract

Binance Research has published its latest report on on-chain markets for the first half of 2026, revealing key trends and figures.

The report found that tokenized RWAs (right to work assets) grew by over 50% in H1 2026, reaching a value of approximately US$34B by mid-July. BNB Chain dominated on-chain tokenized equity trading volume, capturing 83% of the market.

Ethereum usage increased by around 50% in 2026, but chain revenue is projected to fall 53% for the full year due to higher throughput and lower fees. This raises questions about whether scaling Layer 1 and reducing fees are sufficient to drive sustained revenue growth.

The report also notes that total crypto losses declined sharply in H1 2026, falling from US$2.3B to US$972M despite a rise in the number of hacks and exploits. This suggests that while attack frequency is increasing, the financial impact of incidents has become more concentrated rather than broadly distributed across the market.