Connect with us
Active Currencies 14794
Market Cap $2,498,996,492,979.40
Bitcoin Share 51.53%
24h Market Cap Change $1.68

BNB Chain reveals opBNB’s roadmap: Here’s what it entails

2min Read

Details from the disclosure showed that opBNB may produce 10,000 TPS by Q2/Q3 2024.

BNB Chain reveals opBNB’s roadmap: Here’s what it entails

Share this article

  • With the new roadmap, transaction costs could be reduced to $0.001.
  • Developers would have access to multiple nodes while opBNB becomes “high performance.”

On the 29th of November, smart contract blockchain ecosystem BNB Chain released the roadmap for its Layer-two (L2) scaling solution. opBNB.

BNB Chain introduced opBNB in June. Notably, the project uses optimistic rollups to reduce cost and deliver high throughput as part of its mission to drive blockchain innovation.

But at that time, it was unclear what the L2 would bring to the table. However, the roadmap disclosure seems to have cleared the air on that. 

The cost reduction starts now

According to the BNB Chain team, opBNB would help reduce fees on the chain from $0.005 to $0.001. It also mentioned that this is poised to start in Q4 2023.

AMBCrypto checked for the average transaction fee on the BNB Chain L1 and discovered that it was $0.115. As a result, the BNB Chain’s network fees, registered on the 29th of November, stood at 1586.94 Binance Coin [BNB], according to BscScan.

Transaction fees on the BNB Chain

Source: BscScan

Should the opBNB fees eventually reduce, a lot of BNB Chain users might migrate to the L2. By Q3 2024, the web3 project mentioned that its aim is to ensure full implementation of the opBNB as a high-performance chain.

Greenfield and EIP-4844 to the rescue

To achieve this, the project said that it was targeting 10,000 Transactions Per Second (TPS) for opBNB users. The blockchain further noted that it was going to combine the abilities of the EIP-4844 and the BNB Greenfield. 

BNB Greenfield is a blockchain infrastructure on the BNB Chain. Its aim is to help with decentralized data storage and security for the BNB Chain. EIP-4844, on the other hand, benefits rollups like opBNB.

The Ethereum [ETH]-based standard does this by reducing cost using “blob-carrying transactions.”

AMBCrypto also got an exclusive press statement from the development team. According to the team, the community would have no problem adapting to the opBNB innovation. The team agreed that:

“The opBNB community is the driving force behind its success. We recognize the immense potential of our community members to contribute not only to the development of dApps on opBNB but also to core chain technology innovations.”

In addition, the team mentioned that the opBNB would also benefit developers. With respect to this, it disclosed that the L2 would bring about the introduction of multiple node types.


Realistic or not, here’s OP’s market cap in BNB’s terms


Nodes work together to ensure the smooth running of a blockchain. The network stakeholders do this by confirming the legitimacy of transactions before adding them to the protocol software of a decentralized network. 

With respect to this, BNB Chain noted that opBNB would offer an Archive node, Fast node, and Full node. For now, participants can only wait and see whether BNB Chain will follow the timeline.

Share

Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.