What is opBNB? Exploring the Blockchain Layer 2 Solution for BNB Chain

opBNB stands out as a dedicated Layer 2 platform designed specifically for BNB Chain, and it's also the latest addition to Binance's lineup of offerings. So, what are the distinctive features that set opBNB apart?

What is opBNB?

opBNB: Boosting BNB Chain with Layer 2 Scaling Solution

opBNB serves as a Layer 2 scaling solution on the BNB Chain blockchain, harnessing the cutting-edge technology of *OP Stack to enhance node performance and establish a compatibility with the EVM network.

The primary objective of opBNB is to elevate scalability, expedite transaction speeds, and reduce transaction fees for the BNB Chain. By achieving these goals, opBNB aims to attract a broader user base to the Binance ecosystem.

*OP Stack is a toolkit developed by Optimism, empowering developers to enhance security and transaction speed on their respective networks.

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Why Did opBNB Choose OP Stack?

As per the team's insights, OP Stack serves as the foundational framework for opBNB, enabling the platform to acquire the following advantages:

  1. Customizable *execution client: This feature empowers opBNB with the capability to execute smart contracts using various client options. Consequently, it fosters decentralization and enhances network efficiency.

  2. Data Availability (DA) Replacement Capability: DA refers to the reserve data that nodes need to download when transaction conflicts arise. Typically, DA resides in the execution layer, where dApp and DeFi applications are situated, leading to security vulnerabilities.

However, OP Stack enables opBNB to segregate DA from the execution layer. This permits nodes to selectively access required data without the need to fetch the entire dataset. Additionally, opBNB can utilize BNB Greenfield as a DA layer, thereby potentially reducing gas fees, which benefits both users and the ecosystem.

*Execution client is a component within the blockchain responsible for executing smart contracts and processing transactions.

opBNB Products Unveiled

The opBNB platform introduces two primary products:

  • opBNB Bridge: Serving as a vital connection within the opBNB ecosystem, opBNB Bridge enables users to seamlessly transfer assets between the BNB Chain testnet and opBNB network, and vice versa. Furthermore, apart from opBNB Bridge, there is another bridge within the ecosystem known as zkBridge, situated within the Polyhedra Network (supporting BNB Chain testnet and Combo Network).

giao diện opbnb bridge

  •  opBNBScan: Your Comprehensive On-Chain Data Browser

     

  • opBNBScan serves as an advanced browser allowing users to meticulously review on-chain data across the opBNB network. This encompasses crucial information such as block numbers, transaction history, and Txn hash. At the time of composing this article, the daily transaction count hovers around 150,000 transactions, spanning across 450,000 distinct wallet addresses.

giao diện opbnbscan

opBNB's Structure Unveiled

The opBNB platform is structured into three core components: Sequencer, Prover, and Verifier. The collective objective of these elements is to alleviate transaction load on Layer 1 - BNB Chain, thereby mitigating network congestion. Below are the key components:

  1. Sequencer: Serving as the computation and state transformation unit for transactions, Sequencer processes and subsequently transmits transaction details to the roll-up contract. The roll-up contract plays a pivotal role in processing and confirming Layer 2 transactions, then transferring transaction information to the BNB Chain.

  2. Prover (Node): This segment generates proofs verifying the valid state transition of transactions. Prover's primary goal is to ensure accuracy and reliability from transactions while preventing third-party intrusion.

  3. Verifier (Challenger): The Verifier scrutinizes proofs provided by the Prover, ensuring once again that transactions on opBNB are valid and free from manipulation.

The harmonious interplay of these components contributes to the streamlined functionality of the opBNB ecosystem, optimizing transaction efficiency while maintaining security and integrity.

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opBNB Operational Model: Seamless Transaction Process

In the opBNB operational model, users initiate transactions on the platform. Subsequently, these transactions undergo validation and evidence generation by the Prover (node). Once validated and substantiated, the Sequencer takes charge of aggregating the transactions and sends them back to the BNB Chain.

During the aggregation process, if the Sequencer detects any discrepancies, it forwards these transactions to the Verifier for a secondary confirmation. Ultimately, the Verifier transmits evidence of compliance or non-compliance to the BNB Chain. This systematic approach ensures the accuracy, transparency, and integrity of transactions within the opBNB ecosystem.

Key Highlights of opBNB: Leveraging OP Stack Technology

opBNB: Leveraging OP Stack Technology for Enhanced Features

opBNB, a Layer 2 solution utilizing the OP Stack technology, inherits several prominent attributes:

  1. High Interoperability: By utilizing OP Stack, opBNB gains the capability to seamlessly interact with other Layer 2 solutions integrated with OP Stack, enhancing overall compatibility.

  2. Swift Transaction Speeds: The project team envisions opBNB designed to achieve transaction speeds of up to 4,500 TPS (compared to Arbitrum's 4,000 TPS). However, this claim is currently anecdotal and awaits verification.

  3. EVM Compatibility: Being EVM-compatible, opBNB empowers developers to effortlessly construct decentralized applications (dApps) within the opBNB ecosystem.

  4. Low Transaction Fees: While most Layer 2 solutions on Ethereum incur transaction fees around 0.2-0.3 USD due to the high transaction fees of the Ethereum network (~10 USD/transaction), opBNB operates on the BNB Chain, which features lower transaction fees (~1 USD/transaction). As a result, opBNB ensures low transaction fees, averaging around 0.005 USD/transaction.

  5. Binance Ecosystem Expansion: opBNB is a product of Binance, granting it a high degree of compatibility with Binance's broader ecosystem, including BNB Greenfield, BNB Chain, BNB Beacon Chain, and zkBNB.

opBNB Token: Unveiling the Potential

As of now, there hasn't been an official announcement regarding the opBNB token from the project team. However, the network is set to employ the BNB token as the transaction fee.

Roadmap and Updates

Here are some noteworthy milestones in the opBNB journey:

  • June 19, 2023: opBNB testnet launch.
  • July 13, 2023: Hackathon event aimed at fostering ecosystem development.
  • April 8, 2023: Introduction of the Incentive Program designed for dApps on opBNB.

Additionally, as per information from the team, opBNB is steering towards Account Abstraction within its ecosystem.

Project Team, Investors, and Partnerships

Project Team: opBNB is a Binance product, consequently, the project team is composed of Binance company members.

Investors: Currently, specific investor details concerning opBNB remain undisclosed. FoxCryptoNews Insights will promptly update as new information surfaces.

Partnerships: At present, opBNB boasts more than 50 strategic partnerships, including recent additions like Hooked Protocol, Polyhedra Network, BlockVision, among others.

đối tác của opbnb

Similar Layer 2 Projects Here are some comparable Layer 2 projects:

  1. Optimism: Optimism is a Layer 2 scaling solution for Ethereum designed to alleviate gas fees and enhance transaction speed.

  2. Arbitrum: Arbitrum is another Layer 2 scaling solution aimed at addressing congestion issues on the Ethereum network.

Aug 10, 2023

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