BNB Chain, the layer-1 blockchain founded by Binance, has unveiled opBNB, a new layer-2 chain aimed at addressing its scalability challenges. The launch of opBNB as a testnet on June 19 introduces a layer-2 scaling solution based on the O ptimism OP Stack. By leveraging this technology, BNB Chain aims to enhance security and scalability within its blockchain network. Compatible with the Ethereum Virtual Machine (EVM), opBNB enables support for Ethereum-based smart contracts, networks, and ERC-20 token standards. BNB Chain currently handles around 2,000 transactions per second with transaction costs of approximately $0.10.
According to Binance's announcement, opBNB boasts the capacity to support over 4,000 transfer transactions per second, with an average transaction cost of less than $0.005. The new layer-2 chain enables optimization of data accessibility, caching layers, and the submission process algorithm, facilitating concurrent operations. Furthermore, opBNB increases the gas limit from the 30 million allowed by Optimism to 100 million per block. Binance believes that opBNB addresses the scalability challenges that hinder widespread adoption of blockchain technology.
Optimism, the underlying technology powering opBNB, employs Optimistic Rollups to scale transactions by assuming the validity of processed transaction data unless proven otherwise. The RPC service layer simplifies integration for developers by providing a user-friendly interface, allowing them to focus on building applications without the complexities associated with layer-2 scaling. While some express skepticism, citing scaling issues due to centralized Ethereum forks and raised gas limits, BNB Chain remains the third-largest blockchain in terms of total value locked in DeFi, trailing only Ethereum um and Tron. It currently boasts a TVL of $3.38 billion, a 24-hour trading volume of $264 million, and approximately 1 million daily active users, according to DefiLlama.
