Layer 2 Network opBNB is Now Live on BNB Chain, Will BNB Coin Surge?
opBNB is a high-performance layer-2 solution built on the OP Stack for the BNB ecosystem.
opBNB the most anticipated mainnet launch after Coinbase's BASE is now live on the BNB chain after months of testing. This integration of a new added layer will enhance the applications and Dapps integrated on Binance Chain (BNB Smart Chain) and will add more stability and functionality to the current system.
According to BNB Chain, the launch of the opBNB Mainnet after lengthy testing is a huge success for BNB Chain.
opBNB has achieved tremendous accomplishments since the Testnet's creation in June 2023, including completing 35 million on-chain transactions, connecting with 435,972 unique wallet addresses, deploying 150+ dApps, and sustaining quick block times of about one second.
opBNB Mainnet Goes Live
opBNB seeks to democratise blockchain access while enabling cost-effective and safe transactions, with petrol costs as low as 0.2 gwei and a strong security architecture. Users can also upgrade fundamental smart contracts, assuring adaptability to future demands.
Over 150 projects have already committed to integrating or developing on opBNB, with some protocols now operational. It's worth noting that BNB Smart Chain stated in August that the opBNB mainnet would be open to infrastructure providers.
“This momentous event brings us closer to our mission of bringing the next one billion users to Web3,” - BNB Chain said in a recent statement.
One of the main challenges was to make the model more robust and scalable and at the same time gas efficient and cost effective. In the documentation, Binance developers stated that:
"One of our main objectives is to expand the adoption and utility of opBNB as a high performance and low cost Layer 2 chain on the BNB Smart Chain. To achieve this goal, we have to ensure that our underlying technology is robust, scalable and user-friendly.
That is why we are committed to developing and improving the core infrastructure and tools that support opBNB and its community of users, hosts and developers. Below are the ecosystem we are building for the opBNB."
All this fuss around layer 2 solutions created hype, however, investors were eyeing BNB coin to react over the new launch but it didn't go that way.
What is opBNB?
opBNB is a high-performance layer-2 solution built on the OP Stack for the BNB ecosystem. Because of its 100M block size, opBNB's petrol fees stay consistent and low, giving it an excellent alternative for widespread adoption across many digital settings. opBNB provides to a varied range of needs while ensuring maximum performance, from gaming and decentralised exchanges to daily use and digital treasures.
BNB Coin Price Analysis
As per CoinStats, Binance Coin (BNB) is currently valued at $211.6, experiencing a slight decline of -0.28% in the past 24 hours.
The current market capitalization for BNB stands at a robust $33 billion. With a circulating supply of 153,856,150 BNB coins, the maximum supply volume mirrors this figure. Over the last day, BNB has demonstrated significant activity, with a 24-hour trading volume totalling $604 million.
Source: CoinStats
On the daily timeframe, the BNB coin is making a sideways movement as the price action made many lower lows and lower highs. The token traded almost between the $249 and $229 price boundaries till 17th August. the recent crypto market downturn which led major cryptos like Bitcoin and Ethereum to tumble by almost more than 11% also took BNB in the volatility whirlwind.
From there, the price propagated sideways and recently fell to the $203 level. However, analysts predict that BNB will soon make a bounce back. Additionally, the RSI is at 40 and recovering from the past downfall as bulls are entering the market.
Source: TradingView
Conclusion
In conclusion, the latest launch of the opBNB layer 2 network on Binance chain has not made any positive effect on the BNB coin price. However, the network has seen a considerable surge in trading volume as more developers and Web3 enthusiasts are thrilled to utilise the new layer 2 solution.
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