BNB Chain Unveils opBNB Mainnet, Paving the Way for Enhanced Layer 2 Solutions

BNB Chain has announced its commencement of the opBNB mainnet deployment on August 16, 2023. This marks a pivotal step in the preparation for the official launch of the community, anticipated to take place by the end of August or early September 2023. The opBNB mainnet, an extension of BNB Chain’s Layer 2 scalability solution, is set to introduce a range of benefits for infrastructure providers and pave the way for a more inclusive and efficient financial ecosystem.

opBNB, a Layer 2 scaling solution compatible with the Ethereum Virtual Machine (EVM), is built on the OP Stack platform developed by Optimism. Leveraging the power of Optimistic Rollups, this solution aims to bring a multitude of advantages to global decentralized finance users, including:

  1. Low gas fees and transaction costs.
  2. Fast and stable network speeds.
  3. Robust security measures.
  4. Unlimited scalability.

Having released the opBNB testnet on June 19, 2023, Binance, the parent company of BNB Chain, has high expectations for its capabilities, projecting support for over 4,000 transactions per second.

According to BNB Chain, as of the announcement date, the opBNB testnet has achieved impressive milestones, including:

  • A total of 435,972 wallets connected to the network.
  • Over 7 million on-chain transactions.
  • Deployment of more than 40 dApps on opBNB, processing over 86,000 blocks per day.
  • Average daily transaction volume ranging from 100,000 to 150,000 transactions.
  • Adjustable transaction fees starting from as low as 0.2 gwei, equivalent to $0.005.

With more than 6,000 daily active users, these accomplishments mark a relentless drive towards innovation within the BNB Chain ecosystem.

BNB Smart Chain, an integral part of the BNB Chain ecosystem, is accompanied by:

  • BNB Beacon Chain (staking and governance layer of the ecosystem).
  • BNB Greenfield (decentralized data storage system).
  • zkBNB (a Layer 2 network based on Zk-Rollups) – currently in testnet, following its launch in September 2022.

Upon the mainnet launch, opBNB aims to fulfill the following objectives:

  • Strengthen fraud-proof mechanisms – introducing evidence submitted by Verifiers to Layer-1 when detecting suspicious transactions to combat fraud, commonly used in the Optimistic Rollup model.
  • Implement account abstraction.
  • Ensure availability and seamless data interaction within the BNB Greenfield ecosystem.

By focusing on these goals, opBNB seeks to create a highly adaptable, decentralized blockchain network with exceptional operational performance. This advancement is poised to foster innovation and multi-platform digital integration, significantly elevating BNB Chain’s position within the decentralized financial landscape.

While the BNB Chain ecosystem remains smaller compared to Ethereum, with the Total Value Locked (TVL) in Ethereum-based applications exceeding $23 billion, the TVL of projects built on BNB Chain approaches $3 billion, according to DefiLlama data. As opBNB enters the mainnet phase, it will undoubtedly contribute to further growth and recognition for BNB Chain as it continues to shape the future of decentralized finance.

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