Binance, is set to launch opBNB, a Layer 2 scaling solution aimed at substantially enhancing the processing capacity of its Layer 1 smart contract platform, BNB Chain.
Binance already revealed that it intends to implement opBNB on its mainnet in August, which is set to elapse in under two weeks. Binance initially introduced opBNB when it launched its testnet on June 19.
OpBNB is built on Optimism’s OP Stack, a technological infrastructure designed for launching customized Layer 2 solutions.
According to Binance, 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.”
opBNB is said to be able to handle over 4,000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. As such, projects which have previously struggled with the burden of high transaction volumes on BSC can thrive with opBNB’s increased scalability.
Moreover, Binance is making it easier for smart contract developers to port their works across different platforms, namely from Ethereum, with OpBNB to be ‘an EVM-compatible platform that allows for the creation of open ecosystem.’
“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. – Binance
The world’s leading exchange already initiated a promotional initiative named ‘Odyssey’ in August 2023, offering opBNB Genesis NFTs to early participants. These participants also have the opportunity to compete for a portion of the $50,000 prize pool.
To be eligible for the NFT, users are required to fulfill a sequence of tasks. These tasks encompass activities such as transferring assets between the opBNB and BNB Chain testnets and generating their own NFT through opBNBScan.
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