The BNB chain, a layer 1 blockchain by Binance, has recently introduced a new layer-2 network called opBNB, which is based on the Optimism OP stack. The Optimism OP stack uses optimistic rollups to scale transactions, which in theory could increase transaction speeds, decongest the main network, and decrease gas fees. This new solution is still in the testing stage and the opBNB testnet was launched on June 19, 2023. The team behind the project is calling on validators and dApps builders to try it and provide feedback.
How will opBNB benefit the BNB Network?
Some layer 1 Networks like Bitcoin (BTC) and Ethereum (ETH) will face increased transactions as more users join their networks. The increased traffic would mean possible congestion issues and congestion will also increase gas fees. Developers usually create a layer-2 scaling solution to address these problems. Popular layer 2 solutions are the Lightning Network for BTC, while Ethereum has Polygon (MATIC) and Arbitrum (ARB)
OpBNB will be using the Optimism roll-up like Arbitrum. Optimism roll-up works by processing transactions off-chain and then verifying them on-chain. Any transaction is taken off the main network to be processed, and once done, it will be taken back into the main network to be validated.
opBNB is an Ethereum Virtual Machine (EVM)-compatible layer-2 network, which means it can run Ethereum-based smart contracts and tokens. This makes it easy for developers and users to migrate their existing dApps and assets from Ethereum to opBNB, or create new ones using familiar tools and languages. opBNB also integrates natively with BNB Chain, allowing seamless interoperability and transfer of value between the two networks.
opBNB claims to offer significant improvements in performance and cost over BNB Chain. According to the BNB chain team, opBNB can support over 4,000 transactions per second and an average transaction cost lower than $0.005. In contrast, BNB Chain currently supports around 2,000 transactions per second with transaction costs of around $0.10.
Keep on Building Despite the FUD
Binance, the world’s largest crypto exchange, has been under a lot of pressure lately. It has been the target of the Security and Exchange Commission’s (SEC) latest lawsuit. However, this did not affect Binance’s goal of improving its BNB chain. Instead of concentrating on the FUD, the BNB team decided to keep on building. This type of reaction is something the crypto community expects from a reputable company. This tells the regulators and the industry that crypto is all about innovation and that innovation never stops.
In the end, opBNB would benefit all developers and users of the network. Users will always choose the network that gives them the most benefit. This is the essence of crypto, it gives users more and better options.
Source: BNB chain
Featured Image from Pixabay
