opBNB has been released! What does this BSC L2 developed based on OP Stack mean to BNB Chain and OP respectively? What are its advantages and disadvantages compared to OP? Where will the BNB Chain system go in the L2 era?

opBNB has provided relatively complete documentation. From the parameter point of view, opBNB is equivalent to a fully enhanced version of Optimism, with faster speed and larger transaction capacity. This is mostly due to the fact that opBNB is the L2 of BSC. BSC has a larger capacity and faster speed than ETH, so it is not difficult to understand that the BSC version of OP also has these advantages over the ETH version of OP.

https://twitter.com/BNBCHAIN/status/1670783527485419521?s=20

opBNB claims that by introducing optimizations on OP Stack, it can achieve a capacity of 4000+ TPS and a block time of 1 second, and the transaction fee for transfer transactions is less than $0.005. Compared with the current ETH L2, it is found to be about 1/10 of the level. As mentioned above, these differentiated advantages mostly come from the differentiated advantages of BSC over ETH. To put it bluntly, no matter how ETH L2 develops, BSC Fork can create a differentiated advantage.

Coinbase, OKX and Bybit all claim to be L2 of ETH, but it is unlikely that they can make much difference in experience. After all, they all accept ETH, and independent project parties have the first-mover advantage. If Coinbase still has the big pie of compliant capital entry, it is difficult for the other two companies to avoid fierce homogeneous competition.

With advantages come disadvantages. Although BSC is faster and cheaper than ETH, BSC, which uses DPOS and is strongly supported by CEX, naturally has a certain gap in decentralization compared to ETH.

However, at the L2 level, the gap between opBNB and BSC is smaller than the gap between OP and ETH. After all, it seems that the BSC team will not add any more risks to the sequencer than BSC, and OP's fraud proof did not handle this problem well, which does not seem to be a big problem for opBNB (laughs.

On the other hand, the assets on opBNB are naturally mainly bridged from BSC, and the assets on BSC are mostly bridged assets rather than native assets, relying on the security of CEX. However, BSC is already contacting USDT/USDC to issue native assets.

If this problem can be solved, then the disadvantage in terms of asset security will not be that big. After all, the mainstream assets are BTC/ETH/USDT/USDC, and BTCB, a Bitcoin asset bridged by Binance, may have advantages in security and trust compared to wBTC, which is also bridged by the centralized institution Bitgo.

https://twitter.com/NintendoDoomed/status/1662024552338317312?s=20

The construction of the opBNB ecosystem is a big challenge. Although BSC is the most active non-ETH L1 at present, the gap with the ETH ecosystem is widening rather than narrowing. The improvement in user experience brought by opBNB will help the BNB Chain ecosystem to undertake projects such as Perp DEX that are more sensitive to indicators such as speed and cost.

opBNB should have been developing some projects in its initial stage. For example, there is a project that has deployed zkBridge on it (this name is too magical). It is estimated that its future development will mostly depend on the support of Binance.

https://twitter.com/wublockchain12/status/1670986787026796544?s=20

In addition, according to the overall plan of BNB Chain, “the whole chain is a chess game”, GreenField should be more likely to take over the task of the data availability layer of opBNB in ​​the future. BNB Chain seems to be building an “internal circulation” system (a familiar taste)

What does opBNB mean to $OP? After all, opBNB is supported by OP Stack. Let’s translate the official OP Stack documentation into human language: OP Stack is open source software that supports Optimism. OP developed this set of tools to facilitate everyone to fork OP. To put it bluntly, the current situation is not much different from when Sushi forked Uniswap. So

Of course, since there are many chains using Op Stack, the compatibility and communication convenience between these chains must be better, and OP has also painted a big picture of SuperChain. However, considering that $ATOM does not seem to have fully captured the development dividends of the Cosmos ecosystem, the same is true for $OP, especially in a bear market where there is no rabbit to see and no eagle to release. However, it is quite good for OP developers to start a second business in the future. After all, this will make OP's application range wider, and it is indeed convenient for them to start a business again, issue coins, or lead other projects.

Summarize:

opBNB is a faster, cheaper, and larger-capacity version of BSC. Most of its advantages come from the differentiated advantages inherited from BSC over ETH. Asset security and ecology are still the main challenges facing opBNB. The former is already being solved, while the latter is more challenging. In the L2 era, the "differentiated advantage" will continue to be maintained due to the differentiated advantages of BSC over ETH.

For $OP, there is no benefit at present, but there will be a big pie of SuperChain in the future.