BNB Chain, the blockchain network created by Binance, today announced the launch of opBNB, a Layer 2 network.
Binance’s BNB Chain has made significant progress over the years. The network’s positive reviews have attracted a number of DeFi, GameFi, and SocialFi projects.
Despite being in the middle of a bear market, the network has still been able to perform quite well. At the beginning of Q2, approximately 276.2 million people interacted with BNB Chain. However, now this number has increased by about 40%, to 385.7 million. During the same period, the number of unique Ethereum addresses increased by only 7.2%. At the time of writing, it reached a value of 243.1 million, significantly lower than BNB Chain.
Although the number of users has increased, trading activity is still affected. The number of transactions crossed the 5 million threshold a few times in 2023. However, as the overall market is trending downward, this metric has recently hovered around 3 million.
As for Ethereum, the coin has settled relatively fewer transactions, however, it has not lost its position in the current turbulent environment. Its number is relatively stable at around 1 million. ETH is more attractive in the eyes of investors and traders. According to statistics from LunarCrush, Ethereum was mentioned 635,930 times in the past week on social networking platforms. On the other hand, BNB only achieved 52,780 mentions. Even on the dominance and engagement front, Ethereum is still far ahead of BNB.
Read more:
Memecoin on Layer-2 Base grows rapidly
Coinbase Base L2 Encounters First Outage Since Launch
On the price front, both assets have recently lost key support levels. As a result, both currencies have been trading in a tight range lately. Both BNB and ETH have seen movements below 1% over the past day.
The reduced number of transactions has negatively affected the BNB price. Since the beginning of the second quarter, this asset has lost 32% of its value. On the other hand, Ethereum has succeeded in limiting losses to 10.5% in the same time frame.
opBNB is a Layer 2 network in the BNB Chain ecosystem, developed using Optimism’s OP Stack.
“We are excited to announce the launch of opBNB mainnet on September 13, 2023, a major milestone for the BNB Chain ecosystem.
opBNB is BNB Smartchain’s layer 2 network and is designed to revolutionize blockchain technology by making blockchain technology accessible to everyone by significantly reducing gas fees, which is a core part of our mission. mission of the BNB Chain.”
BNB Chain developers also said in their statement that they have tested more than 35 million transactions.
“Scalability and security are top priorities for opBNB,” Arno Bauer said- Senior Architect at BNB Chain.
