BNB Chain has unveiled its L2 scaling solution opBNB on testnet to further enhance the capabilities of BNB Smart Chain (BSC), the blockchain network operated by Binance of which BNB Chain is part of.
According to a blog post by the BNB Chain on Monday, June 19, opBNB is now live on testnet and is BSC’s answer to the scalability aspect of Blockchain Trilemma, a term coined by Ethereum co-founder Vitalik Buterin referring to three characteristics of blockchain technology; security, scalability, and decentralization.
As blockchain technology continues to evolve, scalability remains a critical challenge.
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
— BNB Chain (@BNBCHAIN) June 19, 2023
OpBNB Leverages Optimism’s OP Stack
Optimistic Ethereum, simply known as Optimism, is an L2 scaling solution with the main purpose of executing off-chain transactions and compressing them into rollups, or batches before submitting them to the L1 blockchain. The OP Stack can be thought of as a software development kit (SDK) to build L2 chains that leverage the Optimism infrastructure.
Per the details given by the developer, opBNB is an Ethereum Virtual Machine (EVM) compatible blockchain built using the Optimistic OP Stack to harness the power of optimistic rollups. opBNB will move the computation and state storage off the main BSC network, thus increasing speed, “alleviating congestion and driving down transaction costs” on the network.
The blog post reads:
“opBNB is BSC’s answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, the opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.”
According to the developer, opBNB can “handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD.” Moreover, the L2 network also features a fraud-proving scheme where anyone can “challenge the results of a rollup transaction by computing a fraud proof, and if successful, the transaction(s) will be re-executed, maintaining the network’s integrity.”
Furthermore, its EVM compatibility makes it an accessible platform for Ethereum developers. Another significant feature that the developer talks about is opBNB’s gas limit, which is up to a whopping 100M. It is much higher even from the 30M of the Optimism network itself. This makes the network an ideal platform for decentralized exchanges (DEXes) and gaming.
The network is now live on the testnet and the developer has called blockchain developers to build on the platform. A number of projects have already announced their plans to build on and use the opBNB network.
We're excited to announce Particle Network's Integration with #opBNB! Leveraging our Auth & WaaS, we're enhancing the opBNB chain's capabilities. As their development tooling partner of choice, we're all set to bring more top-tier projects to opBNB. Here's to a scalable,… https://t.co/MQSKgsP3fp
— Particle Network (@ParticleNtwrk) June 19, 2023