Developments in the crypto sphere are certainly nonstop. Binance, the largest crypto exchange has rolled out the Testnet for its own Layer 2 network called opBNB Chain which is built on OP Stack.
This project is aimed to scale the BNB Chain further and increase throughput at a much lower cost.
The Testnet is already live and Binance has a campaign for users to test it out before it launches on Mainnet. There's a $50k prize pool and also Genesis NFTs to be won. Will share more of that below, but first, a quick look at opBNB.
What is opBNB
opBNB is a high-performance layer 2 solution within the BNB ecosystem that delivers lower fees and higher throughput to unlock the full potential of the BNB Chain. From gaming and decentralized exchanges to daily use and digital collectibles, opBNB caters to a diverse set of needs while delivering optimal performance.¹
In simple words, it's a Layer 2 chain built by Binance using Optimism's Over Powered (OP) Stack to scale or unleash a more powerful BNB Chain.
Key Highlights:
EVM Compatible
This means decentralized applications and smart contracts can be migrated or deployed to opBNB from Ethereum, BNB Smart Chain, Polygon, and other EVM-compatible chains with little to no changes in the codes.²
High Capacity and lower cost
Building on opBNB provides the scalability and low costs of a rollup, while still leveraging the security of BNB Smart Chain. DApps get the best of both Layer 1 and Layer 2.³
Modular design powered by OP Stack
opBNB is an optimistic rollup - it scales BNB Smart Chain by bundling transactions off-chain and using fraud proofs to ensure validity. This allows for much higher throughput than the underlying BNB Smart Chain.⁴
Rich and Native integration with BNB ecosystem & BNB native token-driven economy
opBNB is not just a standalone layer 2 solution; it’s part of a broader and vibrant BSC ecosystem. This integration provides developers and projects with the opportunity to interact with a rich variety of other projects and tokens, including BNB, USDT, and other future ERC20 tokens supported on opBNB.⁵
opBNB Testnet
Binance launched the testnet for developers/builders and validators on the 19th of June to get their feedback.
They also opened it up recently for public users, and the opBNB Odyssey from Testnet to Mainnet Campaign started on the 10th of August where participants can complete certain tasks to earn points and rank up in the leaderboard to compete for the prize pool.
To participate, one must first set up the opBNB network and BSC Testnet configurations in an Ethereum wallet (i.e. Metamask, TrustWallet, etc).
❗️NOTE: Use a wallet that doesn't hold any of your real crypto or funds.
✳️opBNB Testnet Configuration on Metamask
Go to "Settings" on your wallet, select "Network" and click on "Add Network" and "Add a network manually" then enter the following details on the dialog box:
Network Name: opBNB Testnet
New RPC URL: https://opbnb-testnet-rpc.bnbchain.org
ChainID: 5611
Symbol: tBNB
Explorer: http://opbnbscan.com/Click on save to add the network.
✳️BSC Testnet Configuration on Metamask
Do the same steps above then enter the following details on the network dialog box:
Network Name: BSC Testnet
New RPC URL: https://data-seed-prebsc-1-s1.bnbchain.org:8545
ChainID: 97
Symbol: tBNB
Explorer: https://testnet.bscscan.com/Save to add the network.
✳️Faucets for Gas
The tasks involve daily depositing and withdrawing of tBNB to and from the opBNB network. You can obtain tBNB on various faucets as follows:
Testnet.BNBChain - Complete the captcha then paste your wallet address on the field and click "Give me BNB" or choose from the "Peggy Tokens" dropdown on what test token or coin you want to get.
BNB Chain's Discord Server - Join Discord, go to #testnet-faucet channel and request from the bot. You will be given 1.0 tBNB for your test needs.
Correct command: /faucet 0x__________ (your wallet address). Claim once every 24 hours.
Third-party faucets: QuickNode or Chain Stack
Campaign Tasks
Step 1
Qualify for entry by going here and completing 3 simple tasks. Click on "Claim" after all 3 are accomplished.
Step 2
Earn more points by completing these tasks every day. Depositing, withdrawing, and transferring tBNB and BEP-20 tokens to and from opBNB and BSC Testnet and minting your own opBNB Genesis NFT.
You will need to use the opBNB Testnet Bridge when depositing tBNB to and from opBNB. Check here for the guide to bridging.
Step 3
Receive rewards. The minting for Genesis NFT will open from the 15th to the 20th Sep. BNB rewards will be sent to participating addresses two weeks post-opBNB mainnet launch. To date, there are 131,273 participating in the campaign.
Accordingly, the top 100 in the leaderboard (including those with the same points as the 100th place) will share the $50k reward pool.
Summary
opBNB Chain is an EVM-compatible layer 2 network on the BNB ecosystem built on OP Stack for a more scalable and robust BNB Chain that facilitates higher throughput, and faster and cheaper transactions.
The testnet is live and there's an ongoing campaign that rewards participants for completing tasks to test the chain before it goes live on mainnet.
Claiming and or distribution of rewards will happen after the mainnet launches.
For infotainment only. DYOR. Info Sources: Docs BNB Chain / Bridge / Getting Started / Guide / opBNB Chain
Lead image edited on Canva. Photo from zkBridge. Screenshots directly linked to source. No copyright infringement intended. 16082023/10:20ph