We're excited to introduce opBNB, an innovative scalability solution now available on the BNB Smart Chain (BSC). opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.
The opBNB Testnet will be launching on 19 June 2023! We're calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.
opBNB is BSC's answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.
Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.
The mix of BSC's strong ability and opBNB's dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism's 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD.
By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs. Transactions are executed outside of the chain but their data is posted to the Mainnet as calldata. This revolutionary approach enables a high throughput environment with lower gas fees.
Moreover, opBNB adopts a fraud-proving scheme to ensure the validity of transactions. Anyone can challenge the results of a rollup transaction by computing a fraud proof, and if successful, the transaction(s) will be re-executed, maintaining the network's integrity.
With opBNB, developers gain access to a robust and EVM-compatible platform that allows for the creation of open ecosystems. The opBNB team has made significant contributions to the Optimism Stack to support the expansion of Layer 2 solutions. Utilizing this stack simplifies the process for EVM developers to move their applications over to BSC, which could help them reach even more users.
Projects can also take advantage of the improved throughput and significantly lower transaction costs, providing a better user experience for their customers. Furthermore, projects which have previously struggled with the burden of high transaction volumes on BSC, can thrive with opBNB's increased scalability. The following are a quick summary of the benefits of opBNB:
Enhanced Scalability : As mentioned, opBNB can support more than 4000 transfer transactions per second. All of this is possible due to opbnb innovations, which is composed of the optimization of the data accessibility, caching layer and the adjustment of the submission process algorithm to allow simultaneous operations (also known as batcher). This is a remarkable boost compared to the current capacity of BSC, making it ideal for applications with large daily active users.
As a result, developers won't have to worry about their projects clogging the network, thus ensuring smooth and uninterrupted operations. Furthermore, with the average transfer transaction cost dropping to less than USD 0.005, it becomes more feasible for developers to create and run applications, especially those that require high-frequency micro-transactions. Lower transaction costs can also attract more users, potentially increasing the adoption and success rate of your applications.
EVM Compatibility: Being EVM-compatible means that opBNB presents an accessible platform for developers familiar with Ethereum's tooling and dApps. This compatibility simplifies the migration or extension of existing Ethereum applications to BSC, providing a broader reach in terms of audience and resources. Developers can leverage this benefit to exploit the best of both Ethereum and BNB Smart Chain ecosystems.
Security and Trust: Security remains a cornerstone of opBNB, thanks to the fraud-proving scheme. This ensures that all off-chain transactions are valid, providing an added layer of trust and confidence for developers and users alike. Moreover, the transparency and verifiability of transactions on opBNB encourage a healthier and safer application environment.
Future-Proof Development: The blockchain space is rapidly evolving, and staying adaptable is key for sustained growth. With opBNB's robust and flexible framework, developers can easily adapt to changes, add new features, and experiment with innovative ideas. This makes opBNB not just a solution for now, but a strategic choice for the future.
Rich Ecosystem Integration: opBNB is not just a standalone layer 2 solution; it’s part of a broader and vibrant BSC ecosystem. This integration provides developers and projects with the opportunity to interact with a rich variety of other projects and tokens, including BNB, USDT, and other future ERC20 tokens supported on opBNB.
OpBNB has the potential to foster the growth of a diverse array of applications, from gaming dApps to social networks, thanks to the efficient and cost-effective blockchain environment it provides.
The launch of opBNB marks a new chapter in our journey towards creating a scalable, accessible, and cost-effective blockchain ecosystem. This is, however, just the beginning.
We invite developers and projects to experiment with opBNB. Whether you are looking to build a high-volume decentralized application, gaming platform or a social network, opBNB offers an ideal environment for your creativity to flourish. Your contribution will not only benefit your project but also contribute to the broader BSC ecosystem and the future of blockchain technology.
Let's leverage the power of opBNB together to create a blockchain ecosystem that is efficient, scalable, and sustainable. The future is optimistic, and we're thrilled to shape it with you. Join the 19 June Testnet launch and start building on opBNB now!