BNB Chain has introduced a new layer-2 chain to tackle its scalability issue.
The new layer-2 scaling solution, built upon the Optimism OP Stack, aims to enhance the security and scalability on Binance blockchain network

BNB Chain, a blockchain established by Binance, has introduced a new layer-2 chain to tackle its scalability issue. On June 19, BNB Chain introduced opBNB, previously launched as a testnet. Moreover, the new layer-2 scaling solution, built upon the Optimism OP Stack, aims to enhance the security and scalability of the Binance blockchain network, according to BNB Chain.

As blockchain technology continues to evolve, scalability remains a critical challenge.

But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.

Let’s discuss opBNB below https://t.co/irYn1OPtfQ

— BNB Chain (@BNBCHAIN) June 19, 2023

Enhancing Ethereum Scalability and Interoperability with opBNB on BSC

The system is an Ethereum Virtual Machine (EVM) compatible layer-2 chain. It seamlessly integrates with Ethereum-based smart contracts, networks, and ERC-20 token standards.

By incorporating opBNB’s latest dedicated functionalities, including improved data access, an enhanced cache system, and an optimized submission process algorithm, the gas limit has significantly elevated to 100 million. As a result, this surpasses Optimism’s previous threshold of 30 million.

One key aspect that makes opBNB technically different is the optimisation of data accessibility, the caching layer and adjusting the submission process algorithm to allow simultaneous operations.

All this enables opBNB to reach a gas limit up to 100M.

— BNB Chain (@BNBCHAIN) June 19, 2023

opBNB’s enhanced scalability enables it to process over 4,000 transfer transactions per second while maintaining an average transaction cost below USD 0.005. By shifting computation and state storage off-chain, opBNB effectively mitigates congestion and reduces transaction expenses. 

This creates a high-throughput environment with reduced gas fees. Additionally, opBNB integrates a fraud-proving mechanism that allows anyone to dispute the outcomes of a rollup transaction. This ensures the validity and integrity of transactions conducted on the network. With the introduction of opBNB, many benefits are now available to projects and developers on BSC. 

Notably, developers gain access to a resilient and EVM-compatible platform, simplifying the process of migrating or expanding existing Ethereum applications to BSC. This newfound interoperability paves the way for heightened resource utilization and broader audience outreach, presenting exciting possibilities for growth and development.

Furthermore, opBNB not only improves the user experience of consumers but also offers superior scalability and reduced transaction costs. As a result, it becomes particularly attractive for applications that handle large numbers of daily active users and frequent microtransactions. opBNB goes beyond being just a standalone Layer 2 solution; it becomes an essential component of the thriving BSC ecosystem.

Through this integration, users can effortlessly engage with various projects and tokens, such as BNB, USDT, and forthcoming BEP20 tokens supported on opBNB. The introduction of opBNB holds significant potential for cultivating the expansion of diverse applications, from gaming decentralized applications (dApps) to social networks, all within a streamlined and cost-efficient blockchain environment.

By leveraging the capabilities of opBNB, developers have the opportunity to not only contribute to the broader BSC ecosystem but also enhance their projects. The ultimate aim is to establish an efficient, scalable, and sustainable ecosystem, setting the stage for a thriving blockchain network.

Debate Surrounding BNB Chain’s Scalability and Opting for opBNB Fork

Adam Cochran, a partner at Cinneamhain Ventures, expressed skepticism regarding the development, stating that BNB Chain faced scalability problems due to its centralization of an Ethereum fork and raising the gas limit to an unsafe level.

Like could have just joined OP superchain, or been an L2 directly over Ethereum, or an L3 on Optimism or Arbitrum.

Would have respected that play and they could have still used BNB as the main token and got the performance gains.

This just makes no sense.

— Adam Cochran (adamscochran.eth) (@adamscochran) June 19, 2023

Furthermore, Cochran questioned the rationale behind launching an Optimism fork, as he believed alternative options were available. These alternatives included joining Optimism as a “superchain,” operating as a layer-2 solution directly on Ethereum, or functioning as a layer-3 on platforms like Optimism or Arbitrum.

As per DefiLlama’s data, BNB Chain is the third largest blockchain in decentralized finance (DeFi), following Ethereum and Tron. It currently boasts a total value locked (TVL) of $3.38 billion, with a 24-hour trading volume of $264 million. Additionally, BNB Chain attracts approximately one million, active daily users.

 

 

 

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Filed under: Bitcoin - @ June 20, 2023 9:23 am