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BNB Chain & the Web3 Blueprint

2024.2.21  •  8 min read
Blog post image.

In the tapestry of technological evolution, the transition to Web3 promises a paradigm shift in how we interact with and transact in the digital world. 

However, for this revolution to cascade into the daily lives of billions, a crucial factor needs to be established first – a robust and dynamic infrastructure. This infrastructure must seamlessly blend performance, cost-effectiveness, and scalability, forming the bedrock upon which mass adoption can thrive. And this is precisely where BNB Chain is positioning itself; at the forefront of this technological renaissance, shaping the digital future. 

BNB Chain: An Ecosystem of Blockchains

BNB Chain, one of the most popular blockchain ecosystems in the world, is dedicated to delivering the core infrastructure necessary for future public adoption. It is a community-led and open-source ecosystem built on a permissionless and decentralized environment. BNB Chain is composed of three blockchains - BNB Smart Chain (BSC), opBNB and BNB Greenfield.

Powering and coordinating the ecosystem is the BNB token. Along with fueling transactions on BNB Chain, the BNB token also acts as a governance token. 

Within this ecosystem, the ownership, usage, and monetization of data are possible for all users and participants in the BNB Chain ecosystem.

An Ambitious Vision

Since its establishment in 2020, the mission of BNB Chain has been to provide the foundational infrastructure needed to usher in the next billion Web3 users. 

BNB Chain’s commitment to the Web3 community is unwavering, as is its commitment to the principles of:

  • Openness
  • Multichain capability
  • Creator and innovator empowerment
  • Permissionless
  • Perpetual decentralization

Milestones

In 2023, BNB Chain underwent rigorous stress testing amid an inscription surge and the emerging bull market cycle. Both BSC and opBNB proved their scalability during this period.

In 2023 BSC was one of the most actively used L1 blockchains with ~1M DAU. opBNB established itself as the most active L2 in late 2023 and so far in 2024 has remained the most used L2 blockchain by DAU.

The "One BNB" Paradigm: A Unified Approach

In 2023, BNB Chain expanded into a multi-chain framework with its opBNB Layer-2 solution and Greenfield storage chain. This 'One BNB' paradigm addresses both computational and storage requirements for typical Web3 Dapps.

The One BNB strategy integrates BSC, opBNB, and Greenfield into a cohesive ecosystem, ensuring seamless interaction between decentralized computing and storage. 

We are already observing numerous compelling projects tapping into multiple components of our ecosystem simultaneously via the multi-chain paradigm. These include:

  • High-volume projects: Hooked is using opBNB to execute gas-sensitive transactions while safeguarding assets on the high-liquidity BSC.
  • Full potential of Greenfield: 4EVERLAND is delving into the full capabilities of Greenfield by constructing fully-on-chain applications.
  • AI integrations: BNB Chain is witnessing the integration of groundbreaking AI protocols, exemplified by projects like QnA3.

BNB Smart Chain (BSC): Lowering Barriers to Web3

Ranked as the third-largest Layer-1 protocol by market capitalization, BSC exhibited impressive advancements in Q4 2023 across diverse metrics, underscoring the vibrancy and productivity of its ecosystem:

  • Gas fees burned in BNB, a critical metric reflecting network activity, witnessed a 21% increase between Q3 and Q4 2023.
  • Throughout 2023, BSC demonstrated its capacity to handle heightened activity, with daily transactions on the network experiencing a substantial 35% year-over-year increase.
  • The DeFi ecosystem achieved a Total Value Locked (TVL) of $4.6 billion by the end of 2023, representing a significant 33% quarter-over-quarter increase in DeFi TVL.

In 2023, BSC successfully raised its gas limit to an impressive 140M, surpassing Ethereum's capacity by 4.6 times. While maintaining this elevated limit, the emphasis for 2024 will shift towards state and storage optimization as well as the implementation of Parallel EVM, allowing the simultaneous execution of multiple instructions.

opBNB: Powering Scalability & Low Costs

The opBNB mainnet, launched in September 2023, stands as the Layer 2 scaling solution dedicated to enhancing the capabilities of the BNB Smart Chain. 

At its core, opBNB allows users to deposit and withdraw funds, use smart contracts, and view network data with high throughput and low fees. It improves experiences for users in areas such as high frequency DeFi and fully on-chain games. 

opBNB is set to prioritize several key areas for ongoing optimization, aiming for enhanced performance and flexibility. The primary focus is on achieving a target of 10,000 TPS by doubling the gas limit to an impressive 200 million per second, solidifying opBNB’s position as the highest-capacity L2 solution.

Moreover, opBNB is committed to contributing to the development of a data availability layer on Greenfield that aims to reduce transaction costs by 5 to 10 times compared to current levels.

opBNB Connect

Recognizing the diverse needs of large-scale Dapps with potentially extensive user bases, opBNB understands the preference of certain projects, like games, DeSoc, and DePIN, to build their own Layer 2 solutions. In response, opBNB aims to support this initiative, fostering the creation of unique ecosystems for developers and projects within these domains.

BNB Chain has therefore introduced opBNB Connect, a secure and scalable solution featuring decentralized and shared sequencers, customized gas tokens for different Layer 2s, and permissionless bridges offering seamless connection. This interconnected approach extends beyond bridge assets, facilitating the direct composition of different protocols across multiple Layer 2s.

BNB Greenfield: Mass Adoption and AI

Launched in October 2023, the Greenfield mainnet plays a pivotal role within BNB Chain's multi-chain paradigm. 

BNB Greenfield is a pragmatic solution that seamlessly blends decentralized storage with blockchain technology. Greenfield is designed to streamline data management and intertwine data ownership with the DeFi landscape. Its fundamental goal is to simplify the storage and management of data.

Greenfield has become a testing ground for decentralized AI infrastructure and AI-powered applications, providing support for the integration of artificial intelligence within the platform's ecosystem. 

The Greenfield core team’s focus revolves around a comprehensive set of goals aimed at elevating performance, enhancing developer experience, and optimizing data access services. The key areas of focus for 2024 include:

  • Increasing performance
  • Improved developer experience
  • Efficient data retrieval
  • Off-chain generic computing
  • Multi-chain platform

Aligning with our One BNB Multi-Chain aspiration, our 2024 Outlook provides more information on key focus areas across BSC, opBNB and BNB Greenfield for 2024. 

“One BNB” For Mass Adoption

The following are examples of use cases facilitated by the implementation of the One BNB multi-chain strategy.

  1. High-Frequency DeFi – Characterized by the need for executing a large volume of transactions at unprecedented speeds, High-Frequency DeFi (HFD) finds its ideal playground in opBNB, which has set its sights on an impressive 10,000 TPS. Looking ahead, opBNB is poised to empower sectors that include perpetuals, prediction markets, (streaming) payments utilizing robust stablecoins like FDUSD and innovations in social trading and trading bots.
  2. Pioneering Fully On-Chain Gaming – Within the BNB Chain ecosystem, opBNB and Greenfield seamlessly empower fully on-chain games by offering a comprehensive solution for game logic, data, and assets storage and processing. BNB Smart Chain and opBNB are purposefully crafted to cater to the intricacies of gaming logic and economics, ensuring a tailored environment for immersive gaming experiences.
  3. AI X Web3 – A natural synergy between AI and Web3 has emerged, leading the BNB Chain community to swiftly construct a comprehensive AI infrastructure. This visionary initiative encompasses every facet of AI integration—from robust AI modeling to efficient AI data storage, inclusive of labeling processes. 
  4. Decentralized physical infrastructure networks (DePIN) – DePIN’s innovative approach transforms traditional physical networks, encompassing telecommunications networks, CPU/GPU networks, and data networks like maps co-creation, datasets labeling, energy-saving networks, and privacy-focused data networks. The robust multi-chain paradigm of BNB Chain serves as a solid foundation for solutions like:
  • Financial Settlement on L1 or L2
  • Complex business logic on dedicated L2 networks
  • Decentralized storage for data management
  1. The Decentralized Social Revolution - Decentralized Social (DeSoc) brings forth a realm where users can authentically own their data, control access, and actively engage in decentralized communities. This is embodied by the original spirit of Greenfield—which is designed to empower the new data economy. A comprehensive DeSoc ecosystem extends to encompass innovative and decentralized social media Dapps, creating a one-stop holistic experience.

Empowering Meaningful Ecosystems

Beyond serving as a community-led infrastructure and technical foundation, BNB Chain is unwavering in its commitment to empowering projects and developers, providing robust support to help them transform their visions into reality. 

AvengerDAO: Fortifying Users Against Threats

In addition to its technological infrastructure, BNB Chain also spearheads initiatives dedicated to bolstering the security of its ecosystem and extending safeguards beyond its borders. AvengerDAO is committed to shielding users from financial losses and malicious contracts within the blockchain ecosystem. 

In a strategic alliance with leading global security providers and blockchain applications, AvengerDAO, actively protects users from harmful contracts in the blockchain space. 

In 2023, BSC witnessed a remarkable 85% decrease in total losses from hacking or scams compared to 2022. 

DappBay: BNB Chain’s Dapp Library

DappBay is a portal that allows users to safely explore Dapps on BNB Chain. There, users can discover Dapp rankings, analytics, campaigns, airdrops, and more. For builders, Dappbay serves as a valuable platform where projects can get in front of a larger audience.

To ensure users can explore in safety, DappBay features Red Alarm which is a tool that updates the community every Friday with projects it has identified as being untrustworthy, ensuring that users can respond quickly to potential risks.

DappBay also features a Risk Scanner. Powered by AvengerDAO, this is a real-time contract risk scanner that lets users scan and verify the safety of any BNB Smart Chain (BSC) smart contract.

Builder Support

Hackathons 

BNB Chain hackathons are the epicenter of Web3 ingenuity, blending cutting-edge blockchain technology with novel creative concepts. Their main goal is to foster the growth of native projects within the vibrant BNB Chain ecosystem. 

Launching the new year with enthusiasm, we're thrilled to introduce the first hackathon –  "Building Smart and Fully-On-Chain Applications.” This initiative opens doors to the realm of decentralized applications, serving as a prime opportunity for exploration and innovation.

Monetary Incentives & Support

BNB Chain understands that launching a project is hard work and that one of the initial factors that can make this process challenging is funding. This is why we offer various types of monetary incentives and support, each focusing on a specific facet of your development process. 

  1. MVB program
  2. TVL Incentive Program
  3. Daily Active Users (DAU) Incentive Program

Ecosystem Support

  1. Kickstart program

Other Support & Resources

  • Co-marketing opportunities to increase your project’s exposure
  • 24/6 Support on Discord 
  • Specialist support such as custom integration support from our solutions architects and developer mentorship catered to the specific needs of your project.

2024 and Beyond

As 2024 unfolds, BNB Chain’s commitment to mass adoption remains unchanged. We remain steadfast in our focus on enhancing the Web3 economy with super-fast, cost-effective, scalable, and secure multi-chain strategies.

Embrace the future with BNB Chain – a nexus where high performance, low cost, and scalability come together to shape the experiences of the next billion Web3 users. 

Developers: Join us on this transformative journey, and contribute to the evolution of Web3.

Web3 enthusiasts: Dive into a new world of Web3 opportunities with DappBay.

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