BNB Chain, a layer-1 blockchain founded by Binance, has introduced a new layer-2 chain called opBNB to address scalability challenges. opBNB, launched as a testnet, is based on the Optimism OP Stack and aims to enhance security and scalability on the Binance blockchain network.
As an Ethereum Virtual Machine (EVM) compatible layer-2 chain, opBNB is compatible with Ethereum-based smart contracts, networks, and ERC-20 token standards. It aims to tackle network congestion and high fees often experienced by blockchains during periods of increased demand.
According to BNB Chain, opBNB is capable of supporting over 4,000 transfer transactions per second at an average cost lower than $0.005. It also enables optimization of data accessibility, caching layers, and submission process algorithms, allowing for simultaneous operations and increasing the gas limit to 100 million per block.
Binance sees opBNB as the solution to the scalability challenge that has hindered the widespread adoption of blockchain technology. The Optimism framework, which utilizes Optimistic Rollups to scale transactions, assumes transaction data off the root chain is valid until proven otherwise.
The RPC service layer simplifies integration for developers by offering a user-friendly interface, allowing them to focus on building applications without the complexities of Layer 2 scaling.
However, some individuals, such as Adam Cochran, a partner at Cinneamhain Ventures, expressed skepticism about the development. Cochran criticized BNB Chain for centralizing an Ethereum fork and increasing the gas limit to an unsafe level. He suggested alternative options, such as joining Optimism as a “superchain,” becoming a layer-2 directly on Ethereum, or operating as a layer-3 on Optimism or Arbitrum.
Despite concerns, BNB Chain is currently the third-largest blockchain in terms of DeFi total value locked (TVL), following Ethereum and Tron, with a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately one million active daily users, according to DefiLlama.