Binance-founded BNB Chain has unveiled a new layer-2 chain called opBNB, designed to tackle its “scalability challenge.”
On June 19, BNB Chain launched opBNB as a testnet, leveraging the Optimism OP Stack to enhance the security and scalability of the Binance blockchain network. This layer–2 solution is compatible with the Ethereum Virtual Machine (EVM), enabling it to work with Ethereum–based smart contracts, networks, and ERC–20 tokens.
Blockchain networks often face congestion and high fees during periods of high demand. Currently, BNB Chain processes around 2,000 transactions per second with transaction costs of about $0.10. The new opBNB aims to surpass this by supporting over 4,000 transactions per second at an average cost of less than $0.005.
OpBNB enhances data accessibility, optimizes the caching layer, and adjusts the submission process algorithm to enable simultaneous operations. This allows the gas limit to be increased to 100 million per block, up from the 30 million allowed by Optimism.
Binance describes opBNB as its “solution to the scalability challenge limiting the widespread adoption of blockchain technology.” Optimism uses Optimistic Rollups to scale transactions, assuming transaction data processed off the root chain is valid unless proven otherwise.
Additionally, the RPC (remote procedure call) service layer simplifies the integration process by offering a user-friendly interface. This enables developers to focus on building applications without worrying about the complexities of Layer 2 scaling.
However, some experts are skeptical. Adam Cochran, a partner at Cinneamhain Ventures, criticized BNB Chain for its past scaling issues due to centralizing an Ethereum fork and increasing the gas limit to unsafe levels. He questioned the need for an Optimism fork, suggesting alternative solutions such as joining Optimism as a “superchain,” becoming a layer–2 on Ethereum, or even a layer–3 on Optimism or Arbitrum.
Summary Review: BNB Chain’s launch of the opBNB testnet represents a significant step towards addressing the scalability issues that have hindered broader blockchain adoption. By leveraging the Optimism OP Stack, opBNB aims to enhance transaction speed and reduce costs, offering a more efficient solution for developers and users. Despite some skepticism from industry experts about the choice of technology and approach, Binance remains committed to improving its network’s performance and scalability. The success of opBNB could pave the way for more robust and scalable blockchain solutions in the future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
