BNB Chain claims the new solution will help to solve the problem, which "limited the mass adoption of blockchain technology."
A novel Layer-2 chain has been presented by BNB Chain, a Layer-1 blockchain created by crypto exchange Binance, aimed at addressing the "scalability challenge," a persistent issue with blockchain networks.
The BNB Chain's new Layer-2 scalability solution was rolled out on the Optimism OP Stack, anticipated to enrich the Binance blockchain network with enhanced security and scalability.
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It is worth noting that yesterday, BNB Chain rolled out the testnet for this Layer-2 solution, called opBNB.
According to the announcement, opBNB is designed to support more than 4,000 transactions per second, with an average cost per transaction standing at $0.005.
Notably, the system supports Ethereum Virtual Machine (EVM), allowing compatibility with Ethereum-based networks, smart contracts, and ERC-20 token standards.
It further allows for data accessibility optimization, caching layer enhancement, and submission process algorithm adjustments to enable simultaneous operations.
Binance proclaimed opBNB as its "answer to the scalability challenge that has limited the mass adoption of blockchain technology." The approach relies on Optimistic Rollups to scale transactions by automatically verifying the transaction data processed off the main chain until proven otherwise.
However, the announcement wasn't met with unanimous excitement. Cinneamhain Ventures partner Adam Cochran expressed skepticism about the development, arguing that BNB Chain's scalability issues arose from centralizing an Ethereum fork and pushing the gas limit to an unsafe level.
As of now, BNB Chain stands third in line, behind Ethereum and Tron, concerning DeFi's total value locked. It boasts a TVL of $3.38 billion, a 24-hour volume of $264 million, and approximately a million daily active users.
The unveiling of the Layer-2 testnet opBNB by Binance's BNB Chain presents a promising solution for the blockchain scalability problem. This event reflects the ongoing efforts and innovations in the sector aimed at enhancing the efficiency and functionality of blockchain technology.
