BNB, the native token of the BNB Chain, surged above $1,280 to a new all-time high, gaining more than 5% in 24 hours, fueled by rising blockchain activity and growing institutional interest.

The rally coincides with the BNB Chain reporting a record 58 million monthly active addresses, surpassing Solana’s 38.3 million, according to TokenTerminal. Much of this growth is linked to the recently launched decentralized exchange Aster, which saw its total value locked jump over 500% to $2.4 billion, according to DeFiLlama.

Traders noted that the increase in on-chain activity appears to be driving the price momentum. During the peak of the rally, trading volumes for BNB exceeded the 24-hour average in a single session, indicating broad market strength behind the move.

The price surge also follows the announcement of a partnership between BNB Chain and Chainlink, designed to bring official U.S. economic data on-chain, enhancing transparency and data accessibility for decentralized applications.

BNB’s performance has outpaced the broader crypto market. The CoinDesk 20 (CD20) index rose just 0.3% in the same 24-hour period, underscoring BNB’s relative strength.

The rally comes amid ongoing U.S. government uncertainty, including a partial shutdown that has delayed economic data. Traders are increasingly betting that the Federal Reserve will cut rates by 25 basis points this month, adding further support to risk assets across crypto markets.