What is opBNB?
opBNB is a Layer 2 scaling solution on the BNB Chain blockchain that leverages the underlying technology of the *OP Stack to improve node performance and become a network compatible with the Ethereum Virtual Machine (EVM).
The goal of opBNB is to enhance scalability, increase transaction speed, and reduce transaction fees on the BNB Chain, thereby attracting more users to the Binance ecosystem.
*OP Stack is a set of tools developed by Optimism that developers can use to improve the security and speed of transactions on their network.
Why did opBNB choose OP Stack?
According to the information provided by the team, using OP Stack as the main framework of the platform will bring the following advantages to opBNB:
Allow custom execution clients: This enables opBNB to execute smart contracts using different clients. This promotes decentralization and network performance.
Data Availability (DA): DA is the reserved data that nodes need to download when there is a transaction conflict. Typically, DA is located at the top of the execution layer, where dApps and DeFi applications are located, resulting in poor security.
However, OP Stack allows opBNB to separate DA from the execution layer, enabling nodes to customize the data they need without having to select all of it. In addition, opBNB can use BNB Greenfield as a DA layer to reduce gas fees, benefiting users and the ecosystem.
*The execution client is the component of the blockchain responsible for executing smart contracts and processing transactions.
opBNB's Products
opBNB has two main products, including:
opBNB Bridge: is a bridge in the opBNB ecosystem that allows users to transfer assets between the BNB Chain test network and opBNB. However, in addition to the opBNB Bridge, there is another bridge in the ecosystem, Polyhedra Network's zkBridge (supports BNB Chain test network and Combo Network).
opBNBScan: is a browser that allows users to view on-chain data on the opBNB network, including block numbers, transaction history, transaction hashes, etc. As of writing, the number of daily transactions fluctuates, at around 150,000 transactions, involving 450,000 different wallet addresses.
The structure of opBNB
The structure of opBNB consists of three main parts: Sequencer, Prover, and Verifier. The common goal of these components is to reduce the transaction load on the first-layer BNB chain, thereby limiting network congestion. The following are the main components:
Sequencer: Responsible for calculating and transforming the status of transactions. The sequencer then sends the information of the above transactions to the Rollup contract. The Rollup contract is the part that processes and confirms transactions on the second layer, and then transmits the transaction information to the BNB chain.
Prover: It is the part that generates proof of validity of transaction state transition. The main goal of the prover is to ensure the accuracy and reliability of the transaction and the absence of third-party intervention.
Verifier/Challenge: is the part that checks the evidence provided by the prover and ensures again that the transactions on opBNB are valid and there is no fraud.
Regarding the operational model, users first make transactions on opBNB, and then the transactions are verified and additional proofs are generated by the Prover (node). Once the verification and proof are generated, the Sequencer will receive the summary and send the transaction back to the BNB chain.
If the Sequencer finds errors in the process of summarizing transactions, they will send these transactions to the Verifier for reconfirmation. Finally, the Verifier will submit a proof of misconduct or non-infringement to the BNB chain.
Highlights of opBNB
opBNB is a Layer 2 using OP Stack technology, so the network inherits the following outstanding features:
High interoperability: Using the OP Stack means that opBNB has the ability to interoperate with other integrated Layer 2 OP Stacks (such as Arbitrum).
Fast transaction speed: According to the project team, opBNB is designed to be able to increase the network’s transaction speed to 4,500 TPS (Arbitrum is 4,000 TPS). However, this is just the team’s statement and may not be accurate.
Compatible with EVM: opBNB is compatible with Layer 2 EVM, thus allowing developers to easily build dApps on the opBNB ecosystem.
Low transaction fees: Most Layer 2 transactions cost about $0.2-0.3 because it is built on Ethereum, which has a higher transaction fee (about $10/transaction). opBNB is developed on BNB Chain, which has a lower transaction fee (about $1/transaction). Therefore, opBNB provides users with low transaction fees, averaging $0.005/transaction.
Expanding the Binance Ecosystem: opBNB is a product of Binance, so the network is highly interoperable with BNB Greenfield, BNB Chain, BNB Beacon Chain, and zkBNB.
What is the opBNB token?
Currently, the project team has not announced the opBNB token, but the network will use BNB tokens as transaction fees.
Roadmap and Updates
Here are some highlights from the opBNB timeline:
June 19, 2023: opBNB testnet launches.
July 13, 2023: Organize a hackathon aimed at developing the ecosystem.
April 8, 2023: Launch of incentive program for dApps on opBNB.
In addition, according to information provided by the team, opBNB will perform account abstraction for the ecosystem.
Project team, investors and partners
project team
opBNB is a product of Binance, so the project team is a member of Binance.
investor
Currently, there is no specific information about the investors of opBNB. Will update when the latest information is available.
Partner
Currently, opBNB has more than 50 strategic partners, including the latest list of partners: Hooked Protocol, Polyhedra Network, BlockVision, etc.
