BNB Chain introduces Testnet for Layer 2 Network powered by Optimism
BNB Chain has introduced a new Layer 2 chain based on Optimism’s aimed at addressing its scalability challenge.
As blockchain technology continues to evolve, scalability remains a critical challenge.
— BNB Chain (@BNBCHAIN) June 19, 2023
But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.
Let's discuss opBNB below 🧵https://t.co/irYn1OPtfQ
On June 19, layer-1 blockchain BNB Chain, founded by Binance, unveiled the opBNB testnet, an L2 scaling solution based on the Optimism OP Stack. The system is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, meaning that Ethereum-based networks, smart contracts, and ERC-20 token standards can all be used with it.
Network congestion and expensive fees during periods of peak network demand are some of the common problems for blockchains, the post added. Roughly 2,000 transactions per second are claimed by BNB Chain at a cost of approximately $0.10. The announcement clearly stated that opBNB has an average transaction cost of less than $0.005 and can support over 4,000 transactions per second. To allow for simultaneous operations, opBNB also optimizes the submission process algorithms, caching layers, and data accessibility. This makes it possible to raise the gas limit per block from the 30 million that Optimism permits to 100 million.
"The answer to the scalability challenge that has limited the mass adoption of blockchain technology," according to a statement released by Binance, is opBNB. Using Optimistic Rollups, Optimism scales transactions by assuming transaction data, processed off the root chain, is valid until it is shown to be invalid. It also pointed out that by providing an intuitive interface, the RPC (remote procedure call) service layer streamlines the integration process.
This enables developers to "concentrate on developing applications without having to worry about the complexities of Layer 2 scaling," the post added.
According to DefiLlama, BNB Chain is the third-largest blockchain in terms of DeFi total value locked, behind Ethereum and Tron. It boasts a 24-hour volume of $264 million, a TVL of $3.38 billion, and about a million active daily users.
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