- Binance Smart Chain is set to unleash opBNB, a high-performance layer-2 solution within the BNB ecosystem.
- opBNB will be a great solution for widespread adoption across multiple digital environments, addressing network needs while delivering optimal performance.
- The feature will deliver lower fees, higher throughput, and the promise of scalability.
Binance ecosystem is set to unleash the full potential of the BNB Smart Chain with the release of an optimized Layer-2 solution. The feature is set to address the network's adoption needs while delivering optimal performance. The news comes on the same day that the largest exchange by trading volume cancels its UK registration as regulatory constraints burgeon.
Also Read: Binance cancels UK registration amidst mounting regulatory hurdles
Binance Smart Chain, unleashing the full potential
Binance Smart Chain (BNB Chain) is on a mission to actualize the network's full potential with the release of an optimized Layer-2 (L2) solution. The feature is poised to deliver lower fees and higher throughput to unlock the full potential of the BNB Chain.
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
The website described the proposed solution, christened opBNB, and built using the OP Stack as a high-performance L2 solution within the BNB ecosystem. The feature has a block size of 100 megabytes, which keeps its gas fees stable, affordable, and secure. Notably, security comes as it adopts a fraud-proving scheme to ensure the validity of transactions. These make opBNB a great solution for widespread adoption across multiple digital environments.
An excerpt from the announcement reads:
From gaming and decentralized exchanges to daily use and digital collectibles, opBNB caters to diverse needs while delivering optimal performance.
100M is a big leap from Optimism's 30M, with the new features making it possible for OpBNB to handle more than 4000 transactions per second while maintaining the average cost of a transaction below 0.005 USD.
The speed provision is a value addition for gaming applications, where high responsiveness is desirable.
The feature is part of the BNB network's commitment to delivering easy and efficient experiences for users, developers, and projects in the BSC ecosystem. It also bolsters the network's ongoing mission to bring the power of blockchain to the industry while embracing and steering innovation.
Binance Smart Chain's opBNB
Binance Smart Chain's opBNB aims to solve the network's scalability challenge, which continues to constrain the mass adoption of blockchain technology. The L2 chain is compatible with the Ethereum Virtual Machine (EVM). Specifically, the Optimistic Rollups features are among possible solutions to reduce computational load on the main chain. To do this, it executes transactions off-chain while updating transaction data on-chain as calldata. The technique is a swift solution for scalability owing to its unique ability to bundle several transactions together before submitting them to the main chain.
Binance Smart Chain's opBNB expected benefits for developers and projects on the crypto playing field
Binance Smart Chain's (BNB) opBNB bears a wide range of benefits for crypto projects and developers in the industry. These include:
- Enhance scalability as opBNB can support more than 4000 transfer transactions per second.
- EVM compatibility means the platform will be accessible to developers familiar with Ethereum's tooling and dApps.
- Security and trust court provide an added layer of trust and confidence for developers and users alike.
- Future-proof development bodes well with the fact that the blockchain space is rapidly evolving. Staying adaptable is crucial for sustained growth.
- Rich ecosystem integration allows developers and projects to interact with various other projects and tokens.
Among the tokens that crypto projects and developers can integrate with courtesy of the opBNB feature include Binance Coin (BNB), Tether (USDT), and several other future ERC20 tokens supported on opBNB.
For the next few weeks, the BNB network will collect feedback from testnet validators and dApps builders as they try the product.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.