BNB Chain, the layer-1 blockchain founded by Binance, has introduced a new layer-2 chain called opBNB in an effort to tackle scalability issues. The recently unveiled opBNB, currently in its testnet phase, is built on the Optimism OP Stack, which promises enhanced security and scalability for the Binance blockchain network.
Functioning as an Ethereum Virtual Machine (EVM) compatible layer-2 chain, opBNB enables seamless integration with Ethereum-based smart contracts, networks, and ERC-20 token standards.
Many blockchains face challenges like network congestion and high transaction fees during periods of increased demand. BNB Chain presently boasts approximately 2,000 transactions per second with transaction costs of around $0.10.
According to the official announcement, opBNB is capable of supporting over 4,000 transfer transactions per second, with an average transaction cost lower than $0.005. Moreover, opBNB provides the ability to optimize data accessibility, the caching layer, and the submission process algorithm, enabling simultaneous operations.
Notably, it raises the gas limit to 100 million per block, significantly surpassing the 30 million allowed by Optimism. In a statement, Binance referred to opBNB as the “solution to the scalability challenge that has hindered the widespread adoption of blockchain technology.”
Optimism utilizes Optimistic Rollups to scale transactions, assuming the validity of transaction data processed off the root chain until proven otherwise. Additionally, opBNB simplifies the integration process through its RPC (remote procedure call) service layer, which offers a user-friendly interface. Developers can now focus on building applications without the complexities typically associated with Layer 2 scaling.
However, some individuals, including Adam Cochran, a partner at Cinneamhain Ventures, expressed skepticism regarding this development. Cochran pointed out that BNB Chain faced scaling issues due to centralizing an Ethereum fork and raising the gas limit to an unsafe level. He further argued that launching an Optimism fork seemed illogical, given the alternative options such as joining Optimism as a “superchain,” becoming a layer-2 directly on Ethereum, or even a layer-3 on Optimism or Arbitrum.
Despite the skepticism, BNB Chain currently holds the third position in terms of DeFi total value locked (TVL), trailing only Ethereum and Tron, according to DefiLlama. With a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately one million active daily users, BNB Chain continues to make significant strides in the blockchain industry.
