• Binance-founded layer-1 blockchain BNB Chain announced that it has launched a new layer 2 chain called opBNB.
• This L2 chain is designed to address the scalability challenges that have been limiting the mass adoption of blockchain technology.
• opBNB is an Ethereum Virtual Machine (EVM) compatible layer-2 chain and it will support more than 4,000 transactions per second with an average transaction cost below $0.005.
Introduction
Binance-founded layer-1 blockchain BNB Chain announced on Monday that it had launched a new layer-2 chain. According to the BNB Chain team, the new L2 chain is designed to address the scalability challenges affecting the blockchain.
What is opBNB?
The L2 is called opBNB, and it is a layer-2 scaling solution powered by the Optimism OP Stack. opBNB is set to add security and scalability to the Binance blockchain network. It is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, which implies that it works with Ethereum-based smart contracts, networks and ERC-20 token standards.
Scalability Challenges
Scalability remains one of the biggest challenges facing blockchain networks as it results in network congestion and high fees during times of increased network demand. At the moment, the BNB Chain processes around 2,000 transactions per second, with an average transaction cost of $0.10.
Benefits of opBNB
According to the development team, opBNB is set to support more than 4,000 transactions per second, with an average transaction cost below $0.005. In addition to that, this new L2 chain will enable optimisation of data accessibility, caching layers and adjust submission process algorithm for simultaneous operations which would allow increase in gas limit up to 100 million per block from 30 million Optimism currently allows for .