BNB Chain Multi-Chain Interpretation: How to Meet the Diverse Scenarios for Large-Scale Adoption of Web3?

Author: Loopy, Odaily Planet Daily

In September this year, CZ stated during an AMA event that he predicts DeFi trading volume may soon surpass CeFi trading volume. CZ said, "DeFi is the future of the (crypto industry)… the next bull market is likely to allow DeFi's scale to surpass CeFi."

In the development of DeFi, BNB Chain is an enormous ecosystem that cannot be ignored. On October 17, the BNB Greenfield mainnet officially launched. During the testing phase, over 200,000 transactions were completed, and there were 150,000 interactive wallets.

The features of BNB Greenfield include high performance, built-in access control, cross-chain programmability, and more. With the launch of the storage chain, BNB Chain has become a vast ecosystem that integrates computing, storage, and Layer 2 across multiple chains.

How has BNB Chain evolved from EVM to multi-chain?

Currently, how many public chains exist in the crypto world? This is probably a question that no one can clearly answer.

Taking the data platform DeFiLlama as an example, there are already over 219 chains listed by DeFiLlama. Moreover, there are many small chains, new chains, and chains that have not yet launched in the crypto world.

The intricate and complex chains together form the Web3 world. Among these chains, BNB Chain is particularly unique and somewhat unconventional.

In the memories of some long-time crypto users, BNB Smart Chain is the chain we are most familiar with, named after BNB, and it is also one of the earliest high-performance EVM chains we encountered. Currently, BNB Chain is developing at an astonishing pace.

BNB Chain is no longer comparable to the old "BSC" at its inception. Now, BNB Chain has become a complete DeFi "full-stack"—it is not just a "lone wolf" chain, but includes multiple fields such as computing, storage, Layer, zk, etc.

The current BNB Chain is a large family composed of 5 chains, and this "full-stack" development strategy has allowed BNB Chain to play a crucial role in the DeFi world.

The BNB Chain ecosystem built by multiple chains

Currently, BNB Chain has shown us a more complete DeFi landscape—the thriving BNB Smart Chain forms the cornerstone of this ecosystem. As a decentralized storage network, BNB Greenfield also brings stronger benefits to the development of the BNB Chain ecosystem: from an application perspective, the storage network provides solid technical support for the ecosystem's data and storage needs; from an economic model perspective, it not only meets the demand for data, but also enables data to be monetized and traded, paving the way for a new data economy.

The data and storage needs provide solid support. It not only meets the demand for data but also enables data to be monetized and traded, paving the way for a new data economy.

With the lower transaction costs of opBNB, and inheriting the Layer 2 technology of Optimism, the collaborative work of multiple BNB Chains will create a diversified ecosystem. The lower costs of opBNB allow the ecosystem to support high-speed computing, high concurrency demands, and even larger computing needs, laying a solid foundation for Web3's path to large-scale adoption.

At present, the BNB Chain ecosystem "full-stack" built by multiple chains not only meets the existing on-chain needs of the crypto world but also provides a scalable decentralized innovative platform for future large-scale adoption at the application layer.

As time goes by, we can expect to see the continuous prosperity and growth of this ecosystem, securing a place in the ever-increasing DeFi world.

Unconsciously, the established public chain has evolved from the single BNB Smart Chain to a multi-chain interoperable ecosystem that integrates computing, storage, and Layer 2. This may have far-reaching implications for the future competitive landscape of DeFi and the large-scale adoption of crypto systems.

Why does BNB Smart Chain need a Layer 2?

When we mention the powerful ecosystem of BNB Chain, BNB Smart Chain is naturally the first that comes to everyone's mind.

Among many public chains, BNB Smart Chain has achieved a significant position. According to DeFiLlama data, BNB Smart Chain is currently the third highest in TVL, with a TVL of 2.6 billion USD.

From the market share of DEX trading volume, DeFiLlama data shows that BNB Smart Chain currently holds the second largest trading volume among public chains, second only to Ethereum.

The purple part represents BNB Smart Chain, which ranks second in market share

As of the publication of this article, the total DEX trading volume on BNB Smart Chain over the past 7 days is approximately 500 million USD, far exceeding other networks outside the Ethereum mainnet.

With the prosperity of the ecosystem, on-chain transactions on BNB Smart Chain have also become substantial. This has created a demand for Layer 2 on BNB Smart Chain.

The launch of opBNB perfectly fills this ecological gap.

Based on Optimism, opBNB is a Layer 2 chain compatible with the Ethereum Virtual Machine (EVM) using the OP Stack, designed to reduce gas costs while democratizing access to blockchain technology.

With the popularity of Ethereum Layer 2, the previously low gas advantages of various "new public chains" have become less significant. The introduction of opBNB further significantly reduces the gas fees of the already low-cost BNB Smart Chain.

Official information shows that the TPS of this chain can exceed 4000, with an average gas cost of only 0.5 cents.

After several months of testing, on September 13, the opBNB network was finally officially launched. In addition to storage and computing, BNB Chain has now welcomed a more innovative field.

Currently, opBNB has just reached its one-month mark. What achievements has this newborn chain made in a month? The chain explorer shows that opBNB has already completed over 10.33 million transactions and has over 600,000 addresses. More than 6,400 BEP-20 tokens have been deployed, and the number of daily active addresses once peaked at 99,000.

(The number of daily active addresses on opBNB is continuously rising)

Starting from October 10, opBNB launched a two-month airdrop marathon, which will end on December 9. Participants can earn rewards by completing tasks. This event aims to activate the community and encourage users to use opBNB.

On September 28, PancakeSwap, the flagship product of BNB Smart Chain, also launched PancakeSwap v3 on opBNB. The high TPS of opBNB allows users to enjoy higher throughput without sacrificing decentralization.

On October 17, the AI blockchain platform MyShell based on the opBNB network completed a seed round financing of 5.6 million USD, led by INCE Capital, with participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto, and others. The higher performance of the Layer 2 network also brings greater imaginative space for the application layer.

For example, MyShell stated, "The current AI field is facing urgent issues such as lack of transparency, centralization, and imbalanced incentive mechanisms." The opBNB network can provide underlying support for this field, allowing users to truly own their assets in the AI era and receive the rewards they deserve. Ultimately, MyShell aims to build a thriving creator ecosystem on the blockchain.

In addition to the existing products of BNB Smart Chain, the official dappbay of BNB Chain has also included some high-quality projects based on opBNB, covering areas such as DeFi, infrastructure, wallets, and gaming.

For a new chain that has just reached one month, opBNB's wings are gradually growing, and its ecosystem is becoming increasingly prosperous. The scalability and EVM compatibility of opBNB greatly optimize the experience for developers to create and run applications, and simplify the migration and expansion of Ethereum on-chain applications to BSC. The enhancement of functionality and assurance of security bring more opportunities and innovations to the entire BNB Chain ecosystem.

How does the storage function strengthen Web3 adoption?

The opBNB mainnet has been launched, and the ecosystem is gradually becoming active, forming an ecological effect. The storage network Greenfield will also follow suit.

In the early development of the crypto industry, decentralized storage has always been an important direction. However, various reasons have constrained the adoption of decentralized storage systems in the development of storage chains. Despite the existence of many decentralized storage protocols, we have yet to see the widespread popularity of Web3 storage systems.

Since the birth of distributed networks, decentralized storage has always been an idealistic storage management solution. Through features such as distributed storage, consensus mechanisms, and transaction validation, it ensures data security and immutability while meeting the characteristics of decentralized storage and management.

Unlike some "old" storage networks, Greenfield has integrated EVM-compatible smart contracts from day one. This is also one of Greenfield's biggest advantages.

Specifically, Greenfield greatly expands the use cases of decentralized storage networks in applications. In addition to common storage functions like decentralized hosting, it also supports more innovative applications. For example, knowledge economy platforms that integrate content creation and access through smart contracts for knowledge payment; IP infrastructure for AIGC content for open tracking and licensing; data management solutions that provide secure storage for personal data, code, and AI datasets through decentralized sharing and control; and content monetization ecosystems that promote decentralized social networks, blogs, and more for content creators and projects.

EVM compatibility allows Web3 developers to build using familiar programming models and tools. Additionally, it enables better seamless integration with BNB Smart Chain without needing to understand the underlying complex mechanisms.

For developers and users, BNB can be directly used within this ecosystem. Although Greenfield and BNB Smart Chain are two separate chains, their seamless integration significantly lowers the usage threshold for both developers and users. This optimization of experience (including development experience and user experience) is crucial for Web3 systems. The native integration of "smart contracts" and "decentralized storage" will open up more application scenarios and business models.

Currently, the BNB Greenfield mainnet has been launched. BNB Greenfield aims to serve as the data and storage layer of the BNB Chain ecosystem, integrating with smart contracts hosted on the BNB chain at launch to support storage needs in gaming and social media.

Overview of key data for Greenfield

Generally speaking, computing chains themselves often do not provide sufficient storage capacity to meet this demand. Decentralized and secure data storage solutions are provided by storage chains, while computing chains focus on supporting the execution of smart contracts and dApps. There is a close interdependence between these two fields, which limits their functionality when existing separately.

The cornerstone of sculpting Web3 large-scale adoption

The interoperability between Greenfield and BNB Chain opens up broader imaginative space for us. Only when these two work seamlessly together can we build more powerful and feature-rich dApps, further laying the foundation for the adoption of Web3.

What does this mean for the entire BNB Chain ecosystem?

The development of BNB Greenfield can further enhance the visibility and usage of the entire multi-chain BNB Chain, attracting more projects and users to choose BNB Chain, thereby increasing the overall demand and value of BNB.

On the classic and long-standing foundation of BNB Smart Chain, supplemented by Layer 2, storage, and other functionalities, this will create a thriving new ecosystem, enhancing the diversity and interoperability of ecological applications, and allowing the adoption rate of the entire ecosystem to develop in synergy.

Through seamless integration and multi-chain interoperability, BNB will also be widely applied within the ecosystem. We cannot predict how large-scale adoption in the crypto world will occur through various applications. However, it can be predicted that regardless of how innovation occurs, BNB Chain provides a solid technical reserve and cornerstone for potential large-scale adoption.