Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Zed0X on May 09, 2024, 09:18:01 AM
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
I think opBNB has been launched in October 2023, if you look at the launch period, opBNB has been operating for almost a year. Maybe you only found out about this information recently, but in reality this project has been running for almost a year, I hope that with this information we can be more active in finding out about newly created networks so that we can benefit from the new projects created.
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
I think opBNB has been launched in October 2023, if you look at the launch period, opBNB has been operating for almost a year. Maybe you only found out about this information recently, but in reality this project has been running for almost a year, I hope that with this information we can be more active in finding out about newly created networks so that we can benefit from the new projects created.
I didn't say that the project was launched recently. I said I found out recently.
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Good thing but I don't know why the BNB chain needs to launch its second layer opBNB, I mean the Binance main network BSC has really low fees and the transactions on it are fast.
Anyway, it seems to be a good thing for the network. There seems to be a lot of developments on the Binance network, as I recently heard that they will close the old BEP2 network and give a six-month deadline for all token holders on this chain to securely transfer their assets to the BSC network.
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Good thing but I don't know why the BNB chain needs to launch its second layer opBNB, I mean the Binance main network BSC has really low fees and the transactions on it are fast.
Fees on BSC is still relatively low but you'll feel it when you constantly move assets. From my experience, transferring NFTs from gaming became costly when I have to move them through the games marketplace. I had to spend at least $10 daily on transaction fees alone. With opBNB, a $1 seems a lot already.
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
Yes, it’s absolutely true that payment for transactions is almost 100 times cheaper than on the main network in terms of speed. I wouldn’t say that it has become faster, it probably would have remained the same, and before it was pretty good, I personally was quite happy with it. But now with such a price per transaction, it’s just a fairy tale)
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. I had to spend at least $10 daily on transaction fees alone. With opBNB, a $1 seems a lot already.
Nice, this is very promising, of course we are with every reduction in fees. I have not tried transferring a lot of tokens daily, so I have never suffered from high fees on the Binance main network, but sometimes when trading you will have to spend fees on each order, approval, etc., and with the frequency of these operations, you will get high fees in the end.
Another thing is that after the BNB token rose to about $600, the fees increased as a result of the rise in the price of the token, so of course it is a good thing that there is a second tier option for those who want to get lower fees.
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Fees on BSC is still relatively low but you'll feel it when you constantly move assets. From my experience, transferring NFTs from gaming became costly when I have to move them through the games marketplace. I had to spend at least $10 daily on transaction fees alone. With opBNB, a $1 seems a lot already.
opBNB is a Layer-2 solution for the BNB chain that aims to achieve 4K tps speeds. However, Layer-2 solutions on the BNB chain have not really attracted much attention from users and investors. Perhaps transaction fees on the BNB chain are already low enough to satisfy users, meaning that the impact of opBNB's reduced transaction fees is not as significant as that of Layer-2 solutions on Ethereum. I myself have never used opBNB, and I only accumulate BNB and ARB for my investment portfolio.
In addition, the opBNB ecosystem has not really developed yet as it has not received the inflow of money and attention from Dapps. I hope that during this bullrun, opBNB can become an environment for NFTs & GameFi, and then compete with Arbitrum and Optimism in the Layer-2 trend.
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This is just my knowledge, if it's right, it's good, if it's wrong, please help.
OpBNB was born from two projects namely Optimism and BNB and the OpBNB project came out at the same time as the emergence of the zKbridge and Polyhedra projects at that time OpBNB was used to test zKbridge and Polyhedra which now has a ticker ZKJ (Polyhedra Network) and zKbridge is the first platform that can be used to bridge from OpBNB to other networks or vice versa.
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
I think Binance team are doing great job, I far as I am concerned both layers will help investors and traders to maximize profit. whatever that is done on some of these blockchains to reduce gas fees, or scaling solutions, speed, plus other features, a great boost on investments and trading activities. This is a welcome development.
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I didn’t know that they have one and thank you for sharing this OP. I am in shock that they have to do it Because in the BSC Chain, I think it is quite cheap already. Are there even great projects now that builds on BNB? Because all I see now is from the BASE chain.
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I didn’t know that they have one and thank you for sharing this OP. I am in shock that they have to do it Because in the BSC Chain, I think it is quite cheap already. Are there even great projects now that builds on BNB? Because all I see now is from the BASE chain.
I believe Binance has bigger plans and a longer-term vision for BNB chain in the future to support many new trends and meet the needs of both retail users and enterprises. RWA, NFT, GameFi trends may require a larger scale, and Binance doesn't want to miss this opportunity.
Currently, we don't have much positive feedback about users experience with opBNB, perhaps because BNB chain has been fast enough to meet user trading needs during the bear market. I hope we will have more positive information about this development of BNB chain when the value of this Layer-2 is demonstrated and utilized during the bullrun.
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I believe Binance has bigger plans and a longer-term vision for BNB chain in the future to support many new trends and meet the needs of both retail users and enterprises. RWA, NFT, GameFi trends may require a larger scale, and Binance doesn't want to miss this opportunity.
This is the only thing I can think of because layer 2 solutions are usually because of high transaction fees and transaction fees are already low and the network is centralized so opBNB is something that might be in the future if they want to build games, NFT web3 or other uses of the network but it definitely won't be useful for tokens
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I didn’t know that they have one and thank you for sharing this OP. I am in shock that they have to do it Because in the BSC Chain, I think it is quite cheap already. Are there even great projects now that builds on BNB? Because all I see now is from the BASE chain.
I believe Binance has bigger plans and a longer-term vision for BNB chain in the future to support many new trends and meet the needs of both retail users and enterprises. RWA, NFT, GameFi trends may require a larger scale, and Binance doesn't want to miss this opportunity.
Currently, we don't have much positive feedback about users experience with opBNB, perhaps because BNB chain has been fast enough to meet user trading needs during the bear market. I hope we will have more positive information about this development of BNB chain when the value of this Layer-2 is demonstrated and utilized during the bullrun.
I think it is a great opportunity for us to know this early on and if there are notable projects maybe people can share their approach to it and maybe it could give an AirDrop or something. That is what I am thinking about when there is a new chain being developed.
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I didn’t know that they have one and thank you for sharing this OP. I am in shock that they have to do it Because in the BSC Chain, I think it is quite cheap already. Are there even great projects now that builds on BNB? Because all I see now is from the BASE chain.
Now BNB is collaborating with Optimism ticker OpBNB, OpBNB is cheaper than BNB for transaction fees, if I'm not mistaken BASE is a project from CoinBase which is often used for transactions and the BASE network is widely used by project developers in farcaster/warpcast.
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This looks like a ghost blochchain, until Binance starts to invest into those, the chain is ready to handle big volumes and be fast and cheap, something wich BSC has born to handle ETHEREUM high fees in the past, and many more chains had borned to avoid the huge fees, despite that Ethereum chain still the Liquidity King, and no signs to change such status. There are some projects opening doors into OPBNB but not really using it, unless there are some incentives to make this chain boom it will remain very low demand for it.
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I found out recently that BNB Chain also launched their own Layer 2 which is what they call as opBNB (https://opbnb.bnbchain.org/en). Basically, it's a scaling solution to the BNB Smart Chain and it also aims to provide users with lower transaction fees and faster confirmation. From my experience, it is indeed cheaper but confirmation is almost the same with BSC (L1). I think this is a good addition to the BNB ecosystem and will probably benefit projects with gaming niche the most.
opBNB is an important addition that makes the BNB chain more scalable and more attractive to users, especially for gaming and other high-transaction demand projects.
While confirmation times may be comparable to BSC (L1), opBNB's lower transaction fees and improved scaling capabilities provide a significant advantage to users. This opens up new possibilities for projects that require higher scaling, especially those that are cost-sensitive and need to handle high transaction volumes with low fees. Gaming, in particular, is an area that requires low fees and fast confirmations, and opBNB is designed to meet exactly those needs. It will be interesting to see how other projects and DApps adopt opBNB and how it contributes to the overall acceptance and functionality of the BNB chain.
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I think it is a great opportunity for us to know this early on and if there are notable projects maybe people can share their approach to it and maybe it could give an AirDrop or something. That is what I am thinking about when there is a new chain being developed.
Yeah, just as you said, BNB Chain fans can actively follow the development within the opBNB ecosystem to find the most potential projects and hidden gems for investment. However, we haven't heard about much excitement within this ecosystem yet. Some projects such as Particle Network, Revox, and Hooked have moved to opBNB but haven't made a significant impact on the market.
For now, investor attention is focused on Ethereum Layer-2 ecosystems as Arbitrum, Optimism, and Base. If the Layer-2 trend continues to explode in the near future, opBNB will have the opportunity to serve many more users and affirm the value of its 4K TPS speed.
- Top dApps on opBNB (https://dappbay.bnbchain.org/ranking/chain/opbnb)
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opBNB and BNB when viewed in terms of speed and low costs are almost the same and there are no differences that are far in transaction costs or costs for others. Is this a marketing trick for BNB? It seems that it is specifically for marketing because the more marketed the BNB is the wider the business expansion is, for example this opBNB which in my opinion BNB coins are in the Optimism network chain.
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This looks like a ghost blochchain, until Binance starts to invest into those, the chain is ready to handle big volumes and be fast and cheap, ~ ~ There are some projects opening doors into OPBNB but not really using it, unless there are some incentives to make this chain boom it will remain very low demand for it.
We may not be aware yet but I think BNB collaborates with new projects that wished to launch there or older one that wants to migrate. If incentives you mean like funding, I don't know. I think no project would survive long-term if they keep doing that method.
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We may not be aware yet but I think BNB collaborates with new projects that wished to launch there or older one that wants to migrate. If incentives you mean like funding, I don't know. I think no project would survive long-term if they keep doing that method.
I can confidently say that opBNB is part of Binance and Bnb chain's plans, similar to how supporting L2s like Arb, Op, and Base was part of the Ether Foundation's Dencun upgrade. Binance has also supported deposit tokens on opBNB, which means opBNB's future is secured by Binance and Bnb chain.
Currently, we haven't seen congestion issues on Bnb chain, so regular users tend to stick with Bnb chain instead of opBNB. However, this could change during an uptrend as high latency and fees might encourage users to explore opBNB. I believe Binance also has plans to promote the development of projects within opBNB to compete with Ether L2s.
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Overall, opBNB's launch could strengthen the BNB ecosystem by attracting more developers and users, particularly those focused on gaming and other high-transaction niches. Its integration into the broader BNB Chain infrastructure may also help BNB maintain its competitive edge in the evolving blockchain landscape.
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Currently, we haven't seen congestion issues on Bnb chain, so regular users tend to stick with Bnb chain instead of opBNB. However, this could change during an uptrend as high latency and fees might encourage users to explore opBNB. I believe Binance also has plans to promote the development of projects within opBNB to compete with Ether L2s.
Personally I don't see the point of launching a layer 2 for a chain that is quite cheap this early. The cost to develop a layer-2 or something similar can be used to develop a layer-1 scaling solution IMO. Not to mention the nature of BNB chain is quite different from ETH or other layer-1 which get quite expensive for smart contract calls etc. If anything, them not needing layer-2 can be marketed as a positive thing. Last time I used BNB it's still very cheap for bridging assets, making smart contract calls, etc. I dunno, maybe I've yet to experience the congestion problem that they have. CMIIW.
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-BNB has fairly fast confirmation
-BNB has fairly cheap transaction fees
-BNB has smart contracts for the token ecosystem
Now let's compare it with Layer 2 of opBNB which uses the Optimism blockchain :
-opBNB also has fairly fast confirmation
-opBNB also has fairly cheap transaction fees
-opBNB also has smart contracts for the token ecosystem
There is no significant difference between these two blockchains, but I think that opBNB is designed to expand the business expansion of BNB so that it is present on various blockchains, including opBNB on the Optimism chain.
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We may not be aware yet but I think BNB collaborates with new projects that wished to launch there or older one that wants to migrate. If incentives you mean like funding, I don't know. I think no project would survive long-term if they keep doing that method.
I can confidently say that opBNB is part of Binance and Bnb chain's plans, similar to how supporting L2s like Arb, Op, and Base was part of the Ether Foundation's Dencun upgrade. Binance has also supported deposit tokens on opBNB, which means opBNB's future is secured by Binance and Bnb chain.
Currently, we haven't seen congestion issues on Bnb chain, so regular users tend to stick with Bnb chain instead of opBNB. However, this could change during an uptrend as high latency and fees might encourage users to explore opBNB. I believe Binance also has plans to promote the development of projects within opBNB to compete with Ether L2s.
I think the same as you, and it is usually done to see the situation and market acceptance. All it is very useful or very disliked. All will certainly be analyzed again by the team and there will always be changes, and we cannot know for sure.
As long as no one feels that being chained BNB is not a problem, many will not try to make changes that feel safe and well-accepted, besides the fact that costs will increase.