A look at the fledging opBNB ecosystem — the layer-2 network for the BNB Chain, developed using the OP stack.
What Is OpBNB?
OpBNB is a new layer-two scaling solution for BNB Chain. Its design is based on Optimism's OP Stack Bedrock codebase, with modifications to optimize it for the use cases of BNB Chain.
Like other rollups, opBNB handles transactions off-chain to reduce network congestion on the base BNB Smart Chain. This could be due to heightened network activity during peak periods, or popular decentralized applications (dApps) processing large numbers of transactions. BNB Chain estimated that this could cause gas fees to rise to over 6,800 BNB ($3M USD), and result in slower transactions, ultimately lowering the user experience.
Transaction data is posted back to the layer-one blockchain in a compressed format. This enables opBNB to achieve much higher transaction speeds of up to 4,000 TPS while having significantly lower fees under $0.001 per transaction, to make it more affordable for normal users.
Some key optimizations made by opBNB include more efficient data caching, avoiding redundant transaction execution, and asynchronous transaction batching. Together these improvements make opBNB well suited for applications like gaming that require high throughput and low latency.
As an EVM-compatible rollup closely integrated with BNB Chain, opBNB grants developers portability to build DApps using existing tooling. It also makes BNB Chain's native assets like BNB available for DeFi protocols deploying on opBNB.
How Does OpBNB Work?
OpBNB utilizes the optimistic rollup architecture, executing transactions off-chain and posting transaction data back to the BNB Smart Chain L1 as calldata. This avoids having to run all transactions directly on the base layer.
It uses a SharedPool cache to improve data retrieval times. OpBNB also optimizes block production by storing the results of the first transaction execution pass in cache, avoiding redundant re-execution.
Additionally, opBNB employs asynchronous transaction batching. This allows the batcher to submit batches without waiting for confirmation, thus removing a bottleneck. A monitoring system watches for chain reorganizations and triggers resubmission if needed.
Together these technical optimizations enable opBNB to reach up to 4,000 TPS while keeping fees low at around $0.005 per transaction. The project has also contributed upgrades back to Optimism's base OP Stack code to improve performance. However, it's unclear if opBNB will join Optimism's Superchain ecosystem.
The opBNB Ecosystem
Although the opBNB total value locked (TVL) saw an exponential increase in recent weeks to reach $16.31M, the opBNB ecosystem is still fledgling. However, there are already a number of decentralized applications building on opBNB across different verticals.
DeFi on opBNB
KiloEx
KiloEx is a decentralized exchange (DEX) for perpetual (perp) derivatives trading. Since launching in October 2023, the perp DEX saw over $1.5B in cumulative trading volume. It offers 17 trading pairs at the time of writing, including BTC/USD, ETH/USD, TIA/USD and more.
KiloEx emphasizes risk management and capital efficiency, and is audited by Secure3 and Ancilia. It received an investment from Binance Labs after becoming a finalist in the Most Valuable Builder (MVB) program.
CUBISwap
CUBISwap is a DEX branded as a “DeFi Hub.” It creates tools for users to leverage DeFi opportunities. Features of Cubiswap include:
- Token swaps
- Liquidity bridges
- Pools for yield farming
- NFT minting
- Lottery: Users can win CUBI through a lottery system.
- Initial Farm Offerings: A new token launch model pioneered by Cubiswap.
The platform’s native token is CUBI. Users can earn CUBI through yield farming or win it in the Lottery, then stake it in Bathtub to earn more tokens.
GameFi on OpBNB
Planet Hares
Planet Hares is a metaverse ecosystem with the Hareverse, a web3 game, as its main product.
Hareverse is a virtual world, featuring an independent token economy, virtual asset allocation, and diversified storyline. The platform provides players with a rich and engaging new experience through RPG gameplay, MR mixed reality and MoCap body-sensing operations. The ultimate goal is to integrate the real world with the virtual world through MR and MoCap devices.
X Winner
X Winner is a decentralized gambling platform, which aims to redefine the status quo of the gambling industry by addressing the shortcomings of traditional gambling platforms.
It promises transparent and fair gambling, thanks to the ChainLink VRF. Players have full control of their money, with funds securely tucked in their wallets until a bet is placed, facilitated seamlessly via smart contracts. X Winner shifts away from the conventional first-deposit bonuses and reimagines the reward system, motivating users to earn by engaging in games on the platform.
NFTs on OpBNB
Haven Market
HavenMarket is a decentralized marketplace for NFTs. It offers a platform for users to trade NFTs, with a focus on providing a seamless and engaging experience.
- Trading: Users can engage in active trading in Haven Market and earn rewards for their efforts.
- NFT Minting: Users can mint the Haven NFT, join the vibrant community, and unlock exclusive perks along the way.
- Social Trading: Users can obtain an NFT on the COMBO network and use it for trading on Haven Market.
- Social Tasks: Users can also obtain NFTs by completing social tasks.
RWAs on OpBNB
eTukTuk
eTukTuk is a blockchain project aiming to reduce carbon emissions by promoting environmentally friendly modes of transportation like eTukTuks. The project has an ambitious goal of leading the way towards a global shift to electric vehicle transportation.
Its primary objective is eliminating carbon emissions by advocating for a more eco-friendly eTukTuk. Compared to traditional TukTuks, the eTukTuk is supposed to be a more sustainable and eco-friendly option. It relies on electric charging stations instead of regular gasoline for transportation. The TUK token is supposed to give the users a stake in the network of electric charging stations.
AI on OpBNB
ChainGPT
ChainGPT is a versatile and AI-driven SaaS (Software as a Service) platform designed for crypto use cases. It uses a transformer-based language model at its core, which leverages deep learning to analyze large amounts of data and predict patterns and trends. ChainGPT's AI model is capable of performing a wide range of tasks, including sentiment analysis, price prediction, market trend analysis, risk assessment and more.
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