Popular blockchain firm, BNB has deployed its new layer 2 network, identified as opBNB on testnet. In a Monday blog post, the Binance blockchain ecosystem confirmed the development. It described opBNB as an Ethereum Virtual Machine (EVM), based on OP Stack of Optimism, employing its rollups to enhance transaction speed and drastically reduce fees.
Before making a move to launch this layer 2 solution, the BNB ecosystem runs on a layer 1 network. This network, according to findings, processes just two thousand transactions per second. More so, its average transaction cost is $0.109. But, with the upcoming opBNB, the network will now be able to process at least 4,000 transactions with an average transaction cost of $0.005.
It is pertinent to note that BNB Smart Chain and BNB Beacon Chain are a fraction of the BNB Chain ecosystem. As revealed, the Beacon Chain runs as the staking and governance layer of the ecosystem. In addition, BNB Greenfield, a decentralized data storage system, and zkBNB, a Layer 2 network based on zero knowledge or zk roll-up technique also make up the BNB Chain ecosystem. Recall that it launched the zkBNB solution last year and has since been on testnet. However, the opBNB mainnet is expected to materialize in the third quarter of 2023.
opBNB to help the ecosystem scale better – BNB exec
Meanwhile, a senior executive at the BNB Chain, Bauer justified the launch of another Layer 2 network by the ecosystem. According to the exec, zkBNB is not EVM-compatible, hence the launch of opBNB to assist the ecosystem scale further. It is worth establishing that EVM is the ability of a blockchain network to support and interact with applications created for blockchains that are compatible with the Ethereum computing environment.
Bauer further that EVM compatibility is important as it helps facilitates the simple porting of subsisting Ethereum-based applications to other compatible platforms by developers. Also, the BNB exec added that the EVM compatibility enhances interoperability and wider outreach of decentralized applications.
Read More: