BNB Chain, the Layer 1 network created by Binance in 2017, has unveiled a testnet of a Layer 2 solution that it calls the “answer to the scalability challenge” that has thus far limited mass adoption of blockchain technology.
opBNB leverages the power of the BNB Smart Chain infrastructure, providing developers with a robust toolset to achieve high throughput, low fees, and seamless scalability.
This Layer 2 solution unlocks limitless possibilities for decentralized applications.
— BNB Chain (@BNBCHAIN) June 19, 2023
The opBNB solution is an Ethereum Virtual Machine (EVM) compatible chain that utilizes Optimism’s OP Stack. The technology is built on Optimistic Rollups, which reduces the computational load on blockchains by batching transactions together off-chain before submitting them to the main network.
Earlier this year, Coinbase also unveiled its own Layer 2 solution ‘Base’ that is built on Optimism’s open source developer toolkit.
“One key aspect that makes opBNB technically different is the optimisation of data accessibility, the caching layer and adjusting the submission process algorithm to allow simultaneous operations. All this enables opBNB to reach a gas limit up to 100M,” BNB Chain developers explained in a tweet on Monday.
The developers also expect that these new features will let opBNB deliver transaction speeds of 4000 transactions per second (TPS) and an average transaction cost that is lower than $0.005.
This boost to scalability will be particularly attractive for applications with a large number of daily active users that will be less concerned with network congestion issues.
BNB Chain is the third largest network after Ethereum and Tron, with over $3.3 billion in Total Value Locked and over a million daily active users.
