opBNB Chain’s Layer 2 Growth
Based on data from opBNB’s explorer, opBNB has experienced significant on-chain growth, making it the second most popular L2 in terms of DAU (Daily Active Users) within two months of its mainnet launch. In a significant move, Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will now support opBNB deposits and withdrawals. This development is a major leap for the BNB Chain ecosystem.
Support from Binance
The increase in DAU to 92,761 represents a 69% market share growth in the first month of opBNB mainnet. The TPS (transactions per second) has increased to 9.14 with a total of 143,502 deployed contracts according to opBNBScan. Furthermore, Binance’s support for opBNB network withdrawals and deposits means that users can expect improved efficiency and accessibility along with reduced withdrawal times.
Key Achievements and On-Chain Growth
Since the mainnet went live, over 13.6 million transactions have been completed on the opBNB network. Additionally, the Total Value Bridged (TVB) has seen a 23% increase with net inflows hitting $4.7 million by the end of Q3-2023. Moreover, opBNB offers low gas expenses for high-frequency transactions and very frequent trading applications.
dApps for High-Frequency Transactions
opBNB is particularly beneficial for high-frequency transaction dApps in gaming, SocialFi, and DeFi due to its low gas expenses, high speeds, and scalability. Various projects have benefited from opBNB’s low gas fees and rapid speeds including Hooked and ChainGPT.
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.
- Bridge (Withdrawal/Deposit): Binance supports opBNB by having Tokens available for deposits and withdrawals.
- 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 are available on opBNB.
- NFT Marketplace: Element’s NFT Marketplace is now available on opBNB.
Data Analytics
Data analytics platforms such as DefiLlama, CoinGecko, DappBay also support opBNB’s growing ecosystem.
Hot Take: Revolutionizing Layer 2 Solutions
The rapid growth of opBNB as the second most popular L2 within just a few months of its launch reflects its potential to revolutionize layer 2 solutions in the crypto space. With Binance’s support for deposits and withdrawals, opBNB users can expect increased efficiency and accessibility while enjoying reduced withdrawal times. This integration will significantly enhance liquidity for opBNB and provide users with seamless management of their assets on the Binance platform.
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