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New opBNB Layer-2 Chain: Unlocking Scalability on BNB Chain

• BNB Chain released its Ethereum Virtual Machine (EVM) compatible layer 2 chain opBNB.
• The launch of opBNB looks to enhance BSC’s scalability while preserving affordability and security.
• The launch caused BNB’s popularity to rise, as sentiment around BNB also improved.

BNB Chain Launches opBNB

BNB Chain [BNB] has released its EVM compatible layer 2 chain opBNB on June 19, 2023. This move is aimed at enhancing the scalability of the Binance Smart Chain (BSC) while preserving affordability and security.

Advantages of opBNB

The launch of opBNB brings with it several advantages and benefits, most notably scalability. It is capable of supporting over 4000 transfer transactions per second due to optimization of data accessibility, caching layers, and the adjustment in the submission process algorithm which allows simultaneous operations. Additionally, this new Layer-2 solution offers enhanced security by providing transparency and verifiability for transactions on opBNB which encourages a healthier application environment.

Impact on BNB’s Popularity

As per Artemis‘ data, Binance’s daily active addresses had plateaued over the past few weeks along with a decline in its daily transactions since mid-May 2023. However, following the launch of opBNB, there has been an increase in popularity for BNB as it was trending at #1 on CoinMarketCap at the time of writing. In addition, Santiment reported an improvement in sentiment around BNB reflected in its weighted sentiment score as well.

Conclusion

The release of opBNB offers a scaling solution that can help address scalability limitations faced by Layer 1 networks while ensuring security and affordability for users on the platform. Furthermore, this has had a positive impact on BNB’s overall popularity as well as sentiment towards it among users and investors alike.

References

https://t.co/irYn1OPtfQ