BNB Chain gets a layer 2 scaling solution powered by Optimism

Key Points

BNB Chain keeps growing with innovations, and now it’s welcoming a layer 2 testnet powered by Optimism
The new L2 scaling solution will be called opBNB

BNB Chain has lived on to welcome innovations and increase its footprints in the crypto space. It’s now welcoming opBNB, an optimism-powered layer 2 scaling solution.

BnB Chain welcomes an Optimism powered layer 2 scaling solution

opBNB is set to help tackle the existing and growing scaling challenge facing BNB Chain as newer and more projects get built on the network. BNB Chain revealed this scaling solution on June 19, launching it as a testnet.

opBNB is based on the Optimism OP Stack, designed to add security and scalability to the Binance blockchain network. It is an Ethereum Virtual Machine (EVM) compatible layer 2 chain that works with Ethereum-based smart contracts, networks, and ERC-20 token standards.

Ethereum, in particular, has been plagued by congestion and high transactional fees due to the overloading of projects built on it. As such, they send in too many requests simultaneously, making the reciprocation much slower. This issue plagues most networks that allow applications to be built on. Since BNB Chain is one such network, it now seeks to treat the problem before it inevitably becomes a hindrance later.

BNB Chain claims around 2000 transactions per second with transaction costs of around $0.10. opBNB will increase support of up to 4000 transactions per second and an average cost of around $0.005.

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

Additionally, opBNB will allow for optimizing data accessibility, caching layer and adjusting the submission process algorithm to allow for simultaneous operation. In turn, it will allow the gas limit to 100 million per block from the 30 million that Optimism allows.

BNB Chain continued to note that the RPC (remote procedure call) service layer offered by opBNB simplifies the integration process by offering a user-friendly interface. As such, it allows developers to “focus on building applications without worrying about the complexities of Layer 2 scaling.”

The RPC service layer simplifies the integration process by offering a user-friendly interface, enabling seamless communication between applications and the opBNB network.

Developers can focus on building applications without worrying about the complexities of Layer 2 scaling.
— BNB Chain (@BNBCHAIN) June 19, 2023

Keep watching Fintech Express for updates on this and other fintech-related developments.