BNB Chain, the layer-1 blockchain founded by Binance, unveiled a new layer-2 chain, opBNB, on June 19 to address its scalability challenge. The recently launched opBNB testnet is based on the Optimism OP Stack, promising enhanced security and scalability for the Binance blockchain network.
opBNB, an Ethereum Virtual Machine (EVM) compatible layer-2 chain, aims to alleviate network congestion and high fees during peak demand periods. By leveraging the Optimism OP Stack, opBNB enables seamless integration with Ethereum-based smart contracts, networks, and ERC-20 token standards.
According to the announcement, opBNB can support over 4,000 transfer transactions per second while maintaining an average transaction cost of less than $0.005. BNB Chain claims approximately 2,000 transactions per second, with transaction costs averaging around $0.10.
Furthermore, opBNB optimizes data accessibility, caching layer, and submission process algorithm adjustments, facilitating simultaneous operations. This increases the gas limit per block to 100 million, surpassing Optimism’s limit of 30 million.
Binance’s Solution To Scalability Challenges
In an official statement, Binance referred to opBNB as its response to the scalability challenges hindering the widespread adoption of blockchain technology. By leveraging Optimistic Rollups, opBNB scales transactions by presuming the validity of off-chain processed transaction data until proven otherwise.
The RPC service layer simplifies the integration process, providing a user-friendly interface that allows developers to focus on building applications without the complexities associated with Layer-2 scaling.
Some individuals, including Cinneamhain Ventures partner Adam Cochran, expressed skepticism regarding BNB Chain’s approach. Cochran noted that BNB Chain faced scaling issues due to centralizing an Ethereum fork and increasing the gas limit to potentially unsafe levels. He questioned the decision to launch an Optimism fork when alternative options were available, such as joining Optimism as a “superchain” or becoming a layer-2 directly on Ethereum or Optimism/Arbitrum layer-3.
According to DefiLlama, BNB Chain ranks as the third-largest blockchain, trailing Ethereum and Tron, regarding DeFi total value locked (TVL). With a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately one million active daily users, BNB Chain solidifies its position as a significant player in the decentralized finance ecosystem.