Binance’s blockchain, BNB Chain, has unveiled a new layer-2 chain that seeks to address its “scalability challenge.” The new layer-2 scaling solution, based on the Optimism OP Stack, is anticipated to foster additional scalability and security in the Binance blockchain network. Below are more insights on BNB Chain’s opBNB Testnet.
Innovations in Blockchain: BNB Chain’s opBNB Testnet
BNB Chain’s opBNB Testnet was unveiled on June 19. The system is a layer-2 chain compatible with the Ethereum Virtual Machine (EVM) and compatible with networks, smart contracts, and ERC-20 token standards.
Generally, one of the common problems associated with blockchains is network congestion and excessive fees during periods of heightened network demand. With transaction costs of about $0.10, BNB Chain currently claims to be able to process 2,000 transactions per second.Â
According to recent announcements, opBNB can process over 4,000 transfer transactions per second (TPS) at an average cost of less than $0.005. It also pointed out that opBNB allows the optimization of data accessibility, the caching layer, and the submission process algorithm to enable simultaneous operations. As a result, it can now raise the gas limitations from Optimism’s 30 million to 100 million per block.
FAQs
Is Optimism a Layer 2 blockchain?
The leading blockchain network in the Optimism ecosystem is the OP Mainnet, formerly known as Optimism. It was developed by OP Labs and is powered by the OP Stack software.Â
Is the BNB chain a Layer 2?
No, the BNB Smart Chain is a layer one chain. It’s the base architecture hosting the decentralized network—the layer one chain functions as the ultimate settlement layer, where transactions are finalized through consensus mechanisms.
Is Optimism on Binance?
Yes, Optimism is among the several cryptocurrencies you can buy on Binance.
What chain is Optimism on?
OP Mainnet, formerly called Optimism, is a layer 2 (L2) rollup that aids with Ethereum scaling. Layer 2s are a type of blockchain that is closely linked to its counterpart, layer 1 (L1).
What does Layer 2 blockchain mean?
A secondary blockchain network, or Layer 2 solution, reduces the burden on the parent chain by handling part of its capabilities.
Are there two types of BNB?
Binance has two blockchains, Binance Chain and Binance Smart Chain/BSC.
What’s the difference between BNB and BNB smart chain?
BNB Smart Chain supports Ethereum Virtual Machine (EVM-compatible) smart contracts and protocols, which enables cross-chain transfers and other communications.
Takeaways
The introduction of BNB Chain’s opBNB Testnet aims to boost the network’s scalability and reduce transaction costs significantly. Leveraging the Optimism OP Stack, opBNB is projected to handle over 4,000 transactions per second at an average cost of less than $0.005. This will offer a cost-effective and more efficient solution for Ethereum-compatible smart contracts and tokens.
