Binance-founded Layer 1 blockchain BNB Chain has unveiled a new Layer 2 chain that it hopes will solve its “scalability challenge.”
On June 19, BNB Chain unveiled opBNB, which has been launched as a testnet. The new Layer 2 scalability solution is based on the OP Stack from Optimism, which he claims will add additional security and scalability to the Binance blockchain network.
The system is a layer 2 chain compatible with Ethereum Virtual Machine (EVM), which means it works with Ethereum-based smart contracts, networks and ERC-20 token standards.
Blockchains are often affected by network congestion and high fees at times of peak network demand. Currently, the BNB Chain performs about 2,000 transactions per second with transaction costs of around USD 0.10.
According to the announcement, opBNB can support more than 4,000 transfer transactions per second at an average transaction cost of less than USD 0.005.
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
As blockchain technology continues to evolve, scalability remains a critical challenge… But fear not. Meet opBNB, a game-changing Layer 2 scalability solution designed to overcome the limitations of Layer 1 (L1) networks. Let’s talk about opBNB at
Besides, opBNB also allows to optimize the accessibility to the data, the cache layer and to adjust the algorithm of the sending process to allow simultaneous operations, has pointed out. This allows you to increase the gas limit to 100 million per block from the 30 million that opBNB allows.
In a statement, Binance called opBNB its “response to the scalability challenge that has limited mass adoption of blockchain technology.”
opBNB uses Optimistic Rollups to scale transactions automatically assuming that the transaction data, which is processed off the root chain, is valid. until proven otherwise.
Besides, the RPC (remote procedure call) service layer simplifies the integration process by offering an easy-to-use interface, he said.
This allows developers to “focus on building applications without worrying about the complexities of Layer 2 scaling,” he added.
We’re already seeing the first wave of development on opBNB – who’s next? https://t.co/NnYmmMTP5Q
—BNB Chain (@BNBCHAIN) June 19, 2023
We are already seeing the first wave of opBNB development. Who will be the next?
Cinneamhain Ventures partner, Adam Cochran, was among some of the skeptics of development: commented that BNB Chain had scaling issues “because they centralized an Ethereum fork and raised the gas limit to an unsafe level.”
He added that releasing a fork of Optimism “didn’t make sense” as there were other options, like joining Optimism as a superchain, or becoming a layer 2 directly on Ethereum, or even a layer 3 on Optimism or Arbitrum.
According to define, BNB Chain is the third largest blockchain, behind Ethereum and Tron, in terms of total value of DeFi locked. It has a TVL of $3.38 billion, a 24-hour volume of $264 million, and around a million daily active users.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.