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Quick Take

• The BNB Chain ecosystem has gained outsized attention in recent weeks after what started as a public dispute between the founders of Binance and FTX eventually spiraled into FTX’s collapse just a few days later
• Growing concerns about stablecoin volatility in the wake of the FTX crisis have become visible on BNB Chain, which hosts a significant amount of stablecoin liquidity and trading activity for the broader DeFi ecosystem
• In spite of a general drawdown in TVL among L1s, the BNB Chain ecosystem has remained notably resilient during this recent period of heightened market volatility

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