According to each Chain’s explorer, BNB Chain’s Layer 2, opBNB, has undergone on-chain growth to become the second most popular L2 in terms of DAU in less than two months of the mainnet going live.

Furthermore, Binance, the world’s largest cryptocurrency exchange by trading volume, said today that it will accept opBNB deposits and withdrawals. Let’s discover more about this important improvement.

How Binance is Supporting opBNB deposits and withdrawal?

The increase in DAU (Daily Active Users) to 92,761 represented a 69% gain in market share growth in the first month of opBNB mainnet. At this moment, TPS (transactions per second) increased to 9.14 and there are 143,502 total deployed contracts. According to opBNBScan, the metrics demonstrate opBNB’s quick development. Here are some of them:

The BNB Chain Core Development Team said, “opBNB is having a profound impact on the industry, especially for high-frequency transaction dApps across SocialFi, GameFi and DeFi. In addition, with Binance announcing its support for the opBNB network withdrawals and deposits, BNB Chain users will now experience increased efficiency and accessibility. The integration will improve liquidity for opBNB, reduce withdrawal time from seven days to seconds, and give users the ability to easily access and manage their opBNB assets on Binance.”

Key Achievements and On-Chain Growth

There are other important milestones:

  • Total Transactions: Since the mainnet became live, over 13.6 million transactions have been completed.
  • Total Value Bridged (TVB): The launch of the official mainnet spurred a 23% increase in opBNB’s TVL, with net inflows hitting $4.7 million by the end of Q3-2023.
  • Total deployed contracts: To date, opBNB has deployed 143,502 contracts.
  • Average Gas Price: opBNB is a cost-effective alternative for high-frequency transactions and very frequent trading applications. With an average gas price of just 0.008 Gwei and gas prices that are close to gasless. In comparison to other blockchains, where NFT minting might cost more than $10. Also, the gas fee for minting an NFT on opBNB is as cheap as $0.004.
  • Transactions Per Second (TPS): The TPS is now on par with leading Layer 2 solutions, averaging 5 TPS. This places it among the top five performing blockchains.

dApps for High-Frequency Transactions

High-frequency transaction dApps, particularly those in gaming, SocialFi, and DeFi. It is built on the BNB Smart Chain (BSC) and provides low gas expenses, high speeds, and scalability. To encourage growth within its diverse ecosystem, opBNB continues to support the BBW hackathon wishlist. Several projects have benefited from opBNB’s low gas fees and rapid speeds, including Hooked, which saw their gas fees lowered to $0.003, and ChainGPT, which saw their gas fees reduced to $0.006.

Also, opBNB has a robust infrastructure support:

  • GraphQL/Indexing: TheGraph’s deployment is currently available on NodeReal.
  • Oracle/VRF: Binance Oracle is now available to DeFi projects that use Chainlink or Pyth. Binance Oracle supports opBNB VRF for SocialFi and GameFi. Developers can get product support and demos from Binance Oracle.
  • Bridge (Withdrawal/Deposit): Binance supports opBNB by having Tokens available for deposits and withdrawals, such as Integrated Charge (BNB/USDT/FDUSD) and Integrated Bridge (BNB/USDT/FDUSD). Rhinoceros and Polyhedra.Fi also supports instant withdrawals, which will be included in the official bridge.
  • Multi-sig: The BNB Safe Multi-sig solution is easily accessible.
  • Wallet: Metamask, Trustwallet, and WalletConnect are wallets that provide access to opBNB.
  • Account Abstraction (AA): opBNB integrates CyberConnect, Particle Network, and Biconomy.
  • DAO Tooling: XDao and Snapshot.
  • NFT Marketplace: Element’s NFT Marketplace is now available on opBNB.

Data Analytics: DefiLlama, CoinGecko, DappBay support opBNB.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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