Binance's BNB Chain has introduced a new layer-2 solution powered by Optimism, which expects to reach speeds of 4,000 transactions per second and fees as low as $0.005.
Binance-founded layer-1 blockchain BNB Chain has introduced a new layer-2 chain it hopes to address its “scalability challenge.”unveiled opBNB which launched as a testnet on June 19. The new layer-2 scaling solution is based on the Optimism OP Stack which it says will add additional security and scalability to the Binance blockchain network.
The system is an Ethereum Virtual Machine compatible layer-2 chain, which means it works with Ethereum-based smart contracts, networks, and ERC-20 token standards. Blockchains are often plagued by network congestion and high fees during times of increased network demand. BNB Chain currently claims around 2,000 transactions per second with transaction costs of around $0.10.
According to the announcement, opBNB can support over 4,000 transfer transactions per second and an average transaction cost lower than $0.005.But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 networks.
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