Market share rises by 69% for opBNB, Binance announces support

opBNB went live on mainnet recently and has already seen a massive rise in its market share. The jump is 69% jump for the Layer 2 solution of the BNB Chain. It is now the second most popular layer 2 solution in terms of DAU, 92,761. Additionally, Binance has announced that it will support deposits and withdrawals for opBNB.

opBNB’s growth is further driven by an increase in Transactions Per Second, TPS. The number is 9.14. BNB Chain has said that the rise clearly reflects the rapid development happening in the ecosystem on top of L2 playing a key role in executing high-frequency transactions.

A range of sectors have benefited from this – DeFi, SocialFi, and GameFi. opBNB has achieved a total of 143,502 milestones for the total number of contracts deployed on the network. The number is true as of the time when BNB Chain published this announcement. The Core Development Team of BNB Chain has shared its thoughts on this, stating that L2 is profoundly impacting industries when it comes to handling high-frequency transactions.

The Team has added that the integration with Binance will help them increase liquidity and reduce the time taken to withdraw funds from seven days to seconds. Moreover, Binance opening up its doors to opBNB will help give users the power to conveniently access and manage their respective assets in the ecosystem.

Another significant achievement of opBNB is the number of Total Transactions executed since L2 went live on mainnet. The estimate comes to 13.6 million.

That development is interesting because the gas fees came close to being gasless, making opBNB cost-effective for everyone. The average gas price was 0.008 Gwei. Gas fees to mint a non-fungible token on native L2 is somewhere around $0.004. Other blockchains take the same cost up to $10, even higher in some cases.

Moving forward, opBNB has committed to improve in the future. The announcement states that L2 is already improving daily based on the usage, experience, and projects being deployed. For instance, NodeReal matches TheGraph in terms of deployment. Similarly, Binance Oracle is now more easily accessible by DeFi projects leveraging Pyth or Chainlink’s capabilities.

Other services or products that are now available are Multi-Sig, Account Abstraction, Wallets, NFT Marketplace, DAO Tooling, Data Analytics, and Bridge.

BNB – the native token of Binance – has taken a cue from this and has increased by 1.18% in the last 24 hours at the time of articulating this piece. The token was last seen exchanging hands at $249.15, an approximate rise of 8.90% in the last 7 days one week.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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