BNB's new L2 ,opBNB, just launched, and we've compiled a list of everything you need to know, in order to get caught up on the new chain, in just a few minutes.
New chains have been launching all year in crypto, and with each chain new millionaires are made overnight as fresh opportunities arise. Due to high volume in-flows of assets and very few options, early users can see wild successes in a flash -- as long as they aren't rugged (slang for being conned). It's especially true in crypto that fortune favors the bold, but rug pulls (developers running away with money leaving users high and dry) are far more common.
In this blog we'll be covering the folowing topics surround opBNB, including: what it is, why it's needed, how to bridge, how to find projects and data, best practices (so that you don't end up getting rugged), and a little airdrop info. If that sounds good to you then stick around.
What is opBNB?
First, OP doesn't stand for "over-powered" BNB chain, but that wouldn't be an understatement either. OP stands for "Optomistic" Stack (OP Stack), an open source development stack by the Optimistic Collection.
Image of BNB Chain - L1 and L2 flow chart
opBNB can be described as a layer 2 scaling solution for BNB Chain (BSC). It is powered by the bedrock version of the Optimism OP Stack. Using the OP Stack makes opBNB interoperable with all sorts of EVM compatible chains, not just roll-ups like Optimism. "
Image of bridged BNB to opBNB Chain - via Dune Analytics
Why do we need opBNB?
BNB's first L2, opBNB, is a major milestone in solving BNB's scaling issues.
Recently, I wrote a blog about why I think Ethereum will outperform what it did last bullrun. In the blog I highlighted what I believe to be Ethereum's main setback in the last bullrun, which effectively stunted its growth. As it turns out, BNB Chain (the L1) also happens to share this same pain-point, gass fees. BNB Chain currently has gas fees that are typically under $1, but if history repeats itself and the token sees a similar level of price appreciation in the next bull run, most small users ("the unbanked"), will be unable to interact with BNB Chain as much as they could if gas fees were lower. That's where opBNB Chain comes into play.
Why opBNB is needed
For projects like games or social media apps, that want to integrate blockchain technology, the cost of transactions on BNB Chain L1 makes it a near impossible task. When a web3 project scales its user base this can be good for the gas token, since it's being used and potentially burned more. However, as the cost of doing transactions increases the network can clog up. or it can cause activity in the app or game to significantly slow.
An example of a web3 game on BSC that had it's growth halted by the rising cost of transactions is Crypto Blades. While the gameplay was just a roll of the dice, players still enjoyed the aspect of collecting and upgrading characters that could earn tokens in raids or pvp. This lead to a massive rise in user base of Crypto Blades, but at the same time, the cost of doing transactions on BNB Chain (BSC) was increasing, and soon out weighted the earnings players could get from playing the game.
How To Bridge from BNB Chain (L1) to opBNB (L2)
To bridge to opBNB, I suggest starting on the official opBNB Explorer. Once on the opBNB explorer's homepage, scroll down to the bottom of the page, and click on the "add to walet" button in the bottom left column. This will generate a metamask pop-up asking if you'd like to add opBNB as a network in your wallet. Approve the prompts to easily add opBNB Chain to your wallet.
Alternatively, you can manually enter the information listed below:
Network name:
OpBNB Mainnet
Network URL:
https://opbnb-mainnet-rpc.bnbchain.org/
Chain ID:
204
Currency symbol:
BNB
Block explorer URL:
https://mainnet.opbnbscan.com/
Next, after opBNB has been added to your Metamask wallet, you'll visit the Official Bridge to transfer BNB (the token) from BNB Chain (BSC layer 1) to the new opBNB Chain (BSC layer 2).
A link to the Official Bridge can be found in the top right corner of the opBNB Explorer website.
Image of official opBNB bridge website
Visit Official opBNB Bridge Website
Official opBNB Bridge: https://opbnb-bridge.bnbchain.org/deposit
The opBNB bridge currently only supports swapping between BNB Chain (BSC L1) and opBNB Chai (L2), though opBNB and other OP Stack blockchains can interact with other L2s and EVM compatible OP Stack blockchains (like Base chain).
Connect Wallet
Once on the website for the official opBNB bridge, you'll be able to connect your wallet (using the "connect wallet" button in the top right corner), and enter the amount of BNB you'd like to transfer from L1 to L2.
Enter Amount & Deposit
Enter the amount of BNB you would like to transfer in the field title "Amount". This will update the information on the page (regarding your transfer) in realtime. Press "Deposit" once you're ready, and approve the transaction in your wallet.
Image of Orbiter's BNB Chain to opBNB bridge
opBNB Bridge Options
Other than the official opBNB Bridge, there is also the Orbitar bridge. If you choose to use the Orbiter bridge, you should know that, it currently only supports the transfer of BNB to and from BNB Chain and opBNB (L2). You can not transfer from opBNB to any other chains supported by the bridge, nor can any other chains (other than BNB Chain) transfer to opBNB.
Image of Dexscreener filtered for opBNB Dexs
How to Find Projects on opBNB
Here are two pro-tips for how to find new projects on opBNB chain.
Step 1: search opBNB on X (formerly Twitter). It sounds simple but it's also how you find the alpha. Type in "opBNB" and whatever topic you're looking for. An example would be searching for "opBNB DEXs", "opBNB NFT", or "opBNB telegram bot".
Step 2: use tools like Dexscreener
Dexscreener makes it easier for users to check common information about a token before buying. In some cases a token may be liste on Dexscreener before it has been properly scanned. In this case you can use other third-party software like telegram bots, to review the contract, or manually visit the contract via the opBNB explorer and review it.
Image of Dexscreener scan on a token contract
Whenever interacting with a smart contract or new token, its good practice to make that the smart contract is open source. If the contract is not open source that's a red flag. The creator of the token or dapp may be trying to hide something malicious.
This is blog is not financial advice. We are not financial advisors. When interacting with cryptos or smart contracts, always do your own research, and only invest what you can afford to lose.
Image of CZ chucking up the 4
Here are four opBNB projects that I found interesting, to get you started:
- your best friend on opBNB
- first dex on opBNB. This is the first chain (debut) for BinarySwap.
- Potential memecoin of opBNB
- projects use Galxe to build awareness and rewards programs. Galxe is live on many chains. This can be a good place to find new projects.
Image of opBNB Odyssey airdrop website
opBNB Early User Airdrop
This isn't your typically early user airdrop (like Optimism or Arbitrum), but it's an airdrop nonetheless. There's a $50,000 airdrop being shared between participants of the ODYSSEY campaign for the voyage from testnet to opBNB mainnet. Complete tasks like transfering tBNB (test BNB) from the BNB Chain test net to the opBNB testnet to earn points. The top 100 partipants on the points leaderboard will share the prize pool.
Read the campaign details - here.
Thanks fo reading
That's it. If you've read this far you're all caught up, but if you'd like to go a little further, perhaps you'll give MMG a follow here and on Twitter @ moneymatchgame or join the community on Discord where we drop links to the latest crypto news, daily in our Crypto Announcements channel.
Posted Using LeoFinance Alpha