- OpBNB is an Ethereum Virtual Machine (EVM)-compatible Layer 2 (L2) chain scalability solution launched by BNB Chain, and aims to enhance accessibility and inclusivity in blockchain technology by addressing issues of congestion and high transaction costs.
- OP Stack is a modular framework that allows for the integration of proprietary elements from different blockchain platforms to create customized solutions for the Ethereum ecosystem.
- The opBNB network, powered by the bedrock version of Optimism’s opStack, is specifically designed as a Layer 2 scaling solution for the BNB Smart Chain.
- opBNB offers exceptional features such as high capacity, low transaction costs, fast block time, and EVM compatibility.
Launched in July 2023 by BNB Chain, the opBNB testnet serves as an Ethereum Virtual Machine (EVM)-compatible Layer 2 (L2) chain scalability solution, aiming to make blockchain technology more accessible and inclusive.
The launch of opBNB is a significant achievement for BNB Chain, as it provides a scaling solution to the issues of congestion and high transaction costs. OpBNB utilizes the Optimism OP Stack to achieve improved scalability, including optimistic rollups, to process transactions off-chain – bundling them together to submit to the main chain.
The technology improves scalability and reduces the computational load on the main chain, making it easier to access data, improving the cache system, and enabling simultaneous operations.
To gain a better understanding of what opBNB is, it is first necessary to lay down some fundamentals, as we will go through in this article.
What are Optimistic Rollups?
To put it simply, an optimistic rollup is a type of scaling solution designed to increase the capacity of the Ethereum blockchain. It achieves this by reducing the computational burden on the main Ethereum network, allowing for faster and more efficient transaction processing.
Optimistic rollups, like other L2s, enable certain transactions to be processed off-chain. This means that instead of every transaction being directly recorded on the Ethereum blockchain, they are handled through a separate layer. This approach significantly improves the speed and efficiency of processing transactions.
One key difference between optimistic rollups and other scaling solutions, such as sidechains, is that optimistic rollups rely on the main Ethereum network for security. Transaction results are periodically shared with the mainnet or stored on plasma chains. These plasma chains act as an additional layer of security by utilizing fraud proofs to validate Ethereum transactions. This allows for efficient verification while keeping the transaction data stored in a separate location.
In essence, optimistic rollups offer a way to increase the scalability of Ethereum by offloading some transaction processing to secondary layers, while still maintaining a strong connection to the main network for security and validation purposes. This approach improves the overall speed and efficiency of the Ethereum ecosystem, making it more practical for a wide range of applications and attracting more users to participate in decentralized finance and other Ethereum-based projects.
What is Optimism?
As an L2 scaling solution that relies on Optimistic rollup technology, Optimism aims to enhance the overall performance of the blockchain by offloading a portion of the transactional burden.
Positioned above the Layer 1 (L1) Ethereum mainnet, Optimism transactions can take place within the Optimism network, while the transaction data is subsequently posted to the mainnet for validation. As of the current data provided by Defi Llama, Optimism is one of the largest L2 solutions for Ethereum, with a total value locked (TVL) of $797.64 million.
What is the OP Stack?
The OP Stack represents the software suite that drives the functionality of Optimism. Currently, it powers Optimism Mainnet, and in the future, it will serve as the foundation for the Optimism Superchain and its governance.
With the introduction of the Superchain concept, it has become increasingly crucial for Optimism to support the secure establishment of new chains that can seamlessly operate within the proposed Superchain ecosystem. Therefore, the primary focus of the OP Stack is to facilitate the creation of shared, high-quality, and fully open-source systems for building new L2 blockchains. By collaborating on common standards, the Optimism Collective avoids the redundant development of similar software in isolated environments.
It’s important to note that while the OP Stack presently simplifies the process of creating L2 blockchains, its definition is not limited to that alone. The OP Stack encompasses all the software components that empower Optimism. As Optimism evolves, so does the OP Stack.
Conceptually, the OP Stack comprises software elements that either define specific layers within the Optimism ecosystem or fulfill roles as modules within existing layers. While the current focus of the OP Stack is on infrastructure for running L2 blockchains, its scope theoretically extends to upper layers of the underlying blockchain, encompassing tools like block explorers, message passing mechanisms, governance systems, and more.
What is Optimism Bedrock?
Bedrock, the inaugural official release of OP Stack, represents a breakthrough in blockchain technology. OP Stack is a collection of open-source modular components meticulously designed to work harmoniously and empower blockchains like OP Mainnet.
Building upon the foundation laid by its predecessor, Bedrock introduces several remarkable enhancements aimed at enhancing the overall performance and efficiency of the protocol. One notable improvement is the reduction of transaction fees through optimized batch compression techniques and leveraging Ethereum as a data availability layer. By employing these strategies, Bedrock achieves more cost-effective transactions, making blockchain operations more accessible and affordable for users.
Moreover, Bedrock addresses the issue of delays in incorporating L1 transactions into rollups by implementing a more graceful handling of L1 reorganizations. This improvement ensures a smoother and faster integration of L1 transactions, enhancing the overall efficiency of the system.
One of the key strengths of Bedrock lies in its ability to enable modular proof systems through code reuse. By embracing this approach, Bedrock promotes greater code efficiency and reusability, enabling developers to build upon existing solutions and foster a collaborative ecosystem.
Bedrock’s design principles prioritize modularity, code re-use, and Ethereum equivalence to create a flexible and compatible platform. With its modular approach, Bedrock facilitates the integration of new functionalities and adapts to future developments in the Ethereum ecosystem.
Now that you have obtained a clear understanding of how the OP Stack works and what Optimism Bedrock is, its finally time to dive into opBNB.
What is opBNB?
The opBNB network serves as the Layer 2 scaling solution specifically designed for the BNB Smart Chain, powered by the bedrock version of Optimism’s opStack.
Its primary function is to alleviate transaction processing and resource usage from the BNB Smart Chain while still maintaining data posting to the underlying mainnet. Users can engage with the opBNB network by depositing funds from the Binance Smart Chain (BSC) and utilizing applications and contracts available on opBNB.
The sequencing process involves aggregating transactions, computing state transitions, and submitting them to the rollup contract on BSC. Provers generate cryptographic proofs to validate these state transitions, while Verifiers verify the correctness of the opBNB state through examining the proofs. At its core, opBNB enables users to deposit and withdraw funds, interact with smart contracts, and access network data with exceptional throughput and minimal fees. By harnessing the power of L2 scaling, opBNB overcomes the limitations of the BNB Smart Chain and enhances the overall user experience.
In addition to the unique features of bedrock, opBNB stands out as the top-notch solution for optimizing the BSC experience. It offers impressive capabilities, surpassing other L2 solutions on Ethereum in various aspects.
Key Features of opBNB
OpBNB has an impressive capacity, supporting over 100 million gas per second, as opposed to 30 million gas per second on both Optimism and Ethereum. This high capacity enables faster transaction processing and scalability, ensuring smooth and efficient operations on the network.
Low Transaction Costs
When it comes to transaction costs, opBNB excels by offering incredibly low gas fees. On average, the transfer fees can be as low as $0.005, allowing users to enjoy cost-effective transactions and save on expenses. Developers can also enjoy the benefits of opBNB’s reduced transaction costs, allowing those building on opBNB to create and run applications that involve high-frequency micro-transactions, attracting more users and boosting the adoption and success rates of their projects. Additionally, lower transaction costs make opBNB an attractive platform for developers looking to optimize their resources and create financially sustainable applications.
High Transaction Speeds
Another notable aspect of opBNB is its fast block time, which is set at just 1 second, as opposed to 2 seconds on Optimism and 12 seconds on Ethereum. This swift block time ensures quick confirmations and reduces waiting times, enhancing the overall speed and responsiveness of the network.
OpBNB’s compatibility with the Ethereum Virtual Machine (EVM) provides a familiar and accessible platform for developers already accustomed to Ethereum’s tooling and decentralized applications (DApps). This compatibility simplifies the migration or extension of existing Ethereum applications to the BNB Smart Chain, expanding the reach and resources available to developers. By leveraging the best of both the Ethereum and BNB Smart Chain ecosystems, developers can unlock new opportunities and access a wider audience.
The introduction of opBNB has ushered in a new era of opportunities for projects and developers on BSC. By providing a robust and EVM-compatible platform, opBNB empowers developers to seamlessly migrate or expand their existing Ethereum applications to BSC, unlocking a broader range of resources and audience engagement.
Additionally, opBNB revolutionizes user experiences by offering superior scalability and reduced transaction costs. This makes it particularly attractive for applications that experience high volumes of daily active users and frequent microtransactions. Beyond being a standalone Layer 2 solution, opBNB seamlessly integrates into the thriving BSC ecosystem, enabling developers to tap into a wealth of collaborative opportunities and synergies.
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