After Polygon announced their L2 plans, another Layer 1 contender, BNBCHAIN, which aims to kill Ethereum, also announced their entry into the L2 competition with opBNB, based on the OP Stack. What is the necessity for BNBChain to layout L2? What is the intention behind BNBChain, which already focuses on performance, pursuing the ultimate performance with L2? Cryptocurrency researcher Haotian discusses this in his analysis.
BNBChain’s strategy to develop L2 is twofold. On one hand, developing L2 aligns with BNBChain’s goal to compete with Ethereum on the same level. On the other hand, it facilitates a seamless “migration” channel for developers of other L2s. This approach is consistent with BNBChain’s high-precision replication of the Ethereum EVM on its L1 mainnet. Clearly, intercepting the developer community and providing developers with zero-friction clones is the key to BNBChain’s rapid growth of its ecosystem.
From the perspective of asset transfer and other transaction dimensions, BNBChain’s performance is currently superior. Moreover, with L2s all focusing on zk rollups, BNBChain’s zk github was discontinued last year. The only reason for launching L2 now is that BNBChain wants to focus on applications such as social and gaming that demand higher throughput, faster frequency, and lower fees. Will this become a growth inflection point for BNBChain?
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Furthermore, Binance’s centralized exchange (CEX) is under attack from regulatory agencies such as the SEC, and Binance’s determination to strengthen its decentralized exchange (DEX) is urgent. The development of opBNB infrastructure, relying on Binance’s liquidity suction effect, is bound to attract a large number of projects. However, this may exacerbate the overall scarcity of native projects and the problem of excessive cloning. Nevertheless, it may spark competition on the same plane as Ethereum, and BNBChain’s mainnet narrative is almost successful.
Reference: https://twitter.com/tmel0211/status/1670807806566359044
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