BNB Chain, the layer-1 blockchain founded by Binance, has unveiled opBNB, a new layer-2 chain designed to address its scalability concerns. Built on the Optimism OP Stack, opBNB aims to enhance security and scalability within the Binance blockchain network, while remaining compatible with Ethereum-based smart contracts and token standards.
opBNB’s Scalability Solution
opBNB, launched as a testnet on June 19, offers an Ethereum Virtual Machine (EVM) compatible layer-2 chain. This integration allows for seamless interaction with Ethereum networks, smart contracts, and ERC-20 tokens. To combat network congestion and high fees during increased demand, opBNB aims to support over 4,000 transfer transactions per second, with an average transaction cost below $0.005.
Optimism’s Role and Simplified Integration
Utilizing the Optimism framework, opBNB employs optimistic rollups to scale transactions by assuming their validity off the root chain until proven otherwise. Additionally, opBNB provides a user-friendly RPC service layer, simplifying the integration process and enabling developers to focus on application development without the complexities of Layer 2 scaling.
Mixed Reception and Skepticism
Some industry experts, such as Cinneamhain Ventures partner Adam Cochran, expressed skepticism about BNB Chain’s approach, citing concerns over scalability issues caused by centralizing an Ethereum fork. Cochran proposed alternative options, including joining Optimism as a “superchain” or becoming a Layer-2 directly on Ethereum.
BNB Chain’s Standing and TVL
According to DeFiLlama, BNB Chain currently ranks as the third-largest blockchain in terms of DeFi total value locked (TVL), following Ethereum and Tron. With a TVL of $3.38 billion, a 24-hour trading volume of $264 million, and approximately one million active daily users, BNB Chain continues to make its mark in the decentralized finance space.
BNB Chain’s introduction of opBNB as a layer-2 solution marks a significant step toward addressing scalability challenges. By leveraging the Optimism OP Stack and offering compatibility with Ethereum-based functionalities, opBNB aims to enhance transaction speeds and reduce costs, paving the way for broader blockchain adoption and a seamless user experience.