opBNB:A Groundbreaking Solution Enhancing Scalability and Affordability of BSC with Optimism OP Stack

After Polygon announced its foray into Layer 2, another heavyweight contender aiming to challenge Ethereum's Layer 1 dominance has emerged - BNBCHAIN. But why does BNBCHAIN, a blockchain network renowned for its high performance, venture into the realm of Layer 2 scalability?

What is the purpose behind Binance's swift involvement in the Layer 2 battleground? There are some professional insights we have gathered regarding the current status of BNB Chain and the performance of the OP stack.

The blockchain space has always faced challenges with scalability which hinder widespread adoption. Binance Smart Chain (BSC) answers this challenge with opBNB, a Layer 2 network that enhances scalability while ensuring affordability and safety. As an Ethereum Virtual Machine (EVM) compatible solution, opBNB builds on the Optimism OP Stack.

Compared to choosing to be involved in Ethereum's L2 solutions like Polygon, it is more reasonable for BNBChain to develop its L2 based on its own mainnet. This is because BNBChain itself is known for its high performance and low fees and has not fully exploited its potential as an L1 solution.

With the ingenuity of Optimistic Rollups, opBNB lightens the computational load on the main chain by executing transactions off-chain and merely publishing the transaction data to the chain. This approach, which bundles multiple transactions before submission to the main chain, significantly boosts scalability.

A marriage of BSC's robust capabilities and opBNB’s dedicated new features enables opBNB to lift the gas limit to a remarkable 100 M. These features include making data access easier, enhancing the cache system, and fine-tuning the submission process algorithm to permit parallel operations or batching. Thanks to these features, opBNB can process more than 4000 transactions per second and maintain an average transaction cost below $0.005.

opBNB's significance lies in its ability to offload computational and state storage to off-chain, relieving network congestion and reducing transaction costs. It uses a fraud proof scheme to ensure transaction validity, where anyone can challenge the result of a rollup transaction by computing a fraud proof. If successful, the transaction re-executes, maintaining network integrity.

Also,opBNB offers developers a potent platform compatible with EVM, enabling the creation of an open ecosystem. The increased throughput and significantly reduced transaction costs provide a superior user experience for their clients. Furthermore, projects previously struggling with high transaction volumes on BSC can flourish with opBNB's increased scalability.

Choosing Optimism as the L2 solution is driven by considerations of Ethereum Virtual Machine (EVM) compatibility, ecosystem integration, and facilitating seamless migration across ecosystems. This means that excellent Ethereum L2 developers can easily connect with BNBChain. By accurately replicating Ethereum's EVM, BNBChain achieves ecosystem integration with Ethereum. This frictionless developer migration strategy has become a key factor in the rapid growth of BNBChain's ecosystem.

The strategic intention behind this move is to meet BNBChain's competitive aspirations with Ethereum on the same level and to provide a seamless migration channel for other L2 developers. BNBChain already has a large ecosystem with substantial user activity and the extended gameplay of Launchpad, making it a thriving ecosystem that cannot be easily replaced by other L2 solutions.

Furthermore, as Binance's centralized exchange (CEX) faces scrutiny from regulatory agencies, Binance's determination to strengthen its DEX cannot be delayed any further. This infrastructure development, relying on the liquidity-siphoning effect of Binance, will undoubtedly attract a significant number of projects. However, it may exacerbate the scarcity of native projects and lead to an excess of copycat projects within the ecosystem. Nevertheless, it might spark a competition on par with Ethereum, positioning BNBChain's mainnet narrative on the path to success.