Binance BNB Chain, the blockchain platform that powers the world’s largest cryptocurrency exchange by trading volume, has announced the launch of a layer 2 network based on Optimism technology. The new network, dubbed OPBNB, aims to improve scalability, speed, and lower fees for BNB users and developers.
Optimism is a layer 2 solution that leverages optimistic rollups, a technique that bundles multiple transactions into a single proof that is verified by the main chain. This reduces the congestion and cost of transactions on the base layer while preserving the security and decentralization of the underlying network.
OPBNB Could Help Pave the Way for Other Projects
According to Binance BNB Chain’s blog post, OPBNB will initially support ERC-20 tokens and smart contracts compatible with Ethereum Virtual Machine (EVM), enabling seamless interoperability between Binance BNB Chain and Ethereum. Users will be able to deposit and withdraw their assets between the two networks using a bridge contract.
The OPBNB testnet is currently live and open for developers to deploy and test their applications. Binance BNB Chain launched the mainnet version of OPBNB soon, after conducting extensive testing and auditing. The mainnet launch will also introduce a native token for OPBNB, which will be used for paying transaction fees and staking to secure the network.
The launch of OPBNB is a significant milestone for Binance BNB Chain, as it demonstrates its commitment to innovation and scalability in the cryptocurrency space. Binance BNB Chain already supports over 600 projects and millions of users, and with OPBNB, it hopes to attract more developers and users who are looking for a fast, cheap, and secure way to interact with decentralized applications (DApps).
According to DefiLlama, BNB Chain ranks third among blockchains in terms of DeFi total value locked, after Ethereum and Tron. BNB Chain, which launched in September 2020 as a solution to the high fees and slow transactions on Ethereum, currently has a TVL of $3.38 billion, with a 24-hour volume of $264 million and about a million active daily users.
