BNB Smart Chain Optimism-powered layer-2 opBNB hits mainnet

Cryptocurrency

The BNB Chain blockchain ecosystem is set to tap into Optimism’s rollup technology, powering its newly launched opBNB layer-2 scaling platform.

BNB Chain announced the public mainnet launch of its Ethereum Virtual Machine (EVM)-compatible L2, which delivers lower gas fees and faster transactions to decentralized applications running within the ecosystem.

The opBNB platform reportedly handled over 35 million on-chain transactions and saw more than 150 decentralized applications (DApps) deployed on its testnet. BNB Smart Chain also claims that the platform achieved a peak of 4,000 transactions per second during a stress test of its capabilities.

Related: Can the Optimism blockchain win the battle of the rollups? 

BNB Chain senior solution architect Arno Bauer highlighted scalability and security as top priorities for the scaling solution while meeting stringent criteria:

“This included high availability, 4K transactions per second, rigorous stress testing, reduced gas costs under 0.2 gwei, fast finality under 1 second and enhanced security with multiple external audits.”

As Cointelegraph previously reported, opBNB is based on the Optimism OP Stack and is EVM-compatible, allowing it to interact with Ethereum-based smart contracts, networks and ERC-20 token standards.

This solution makes use of optimistic rollups to scale transactions by assuming that transaction data proven off-chain is valid until proven otherwise. The technology has been important in helping the Ethereum network scale, but critics highlight the week-long lockup of funds in these protocols, while validation checks are processed.

Optimism has seen significant growth in daily transaction volumes processed and an increasing number of active daily addresses, suggesting that the layer-2 solution continues to offer value to users and DApps.

A number of major decentralized finance (DeFi) protocols have also deployed on Optimism to harness its scaling capabilities. This includes the likes of Uniswap, Aave, 1inch Network, SushiSwap and Curve Finance.

Cointelegraph has reached out to BNB Chain to ascertain further details of opBNB’s development and other scaling solutions that may have been considered by the ecosystem.

Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

Articles You May Like

Fed officials signal just one rate cut before end of 2024
Home equity is near a record high. Tapping it may be tricky due to high interest rates
Biden hits Democratic fundraising record with star-studded $28mn LA event
Apple partners with OpenAI as it rolls out new artificial intelligence system
US inflation falls to 3.3% in May