Original | Odaily Planet Daily
Author | Loopy
In September, CZ said in an AMA event that he predicted that DeFi transaction volume could soon surpass CeFi transaction volume. CZ said: "DeFi is the future (of the crypto industry)... The next bull run is likely to make DeFi larger than CeFi."
In the development of DeFi, BNB Chain is a huge ecosystem that we cannot ignore. On October 17, the BNB Greenfield mainnet was officially launched. During the testing phase, more than 200,000 transactions were completed, and 150,000 interactive wallets were reached.
BNB Greenfield features include high performance, built-in access control, cross-chain programmability, etc. With the launch of the storage chain, BNB Chain has become a huge ecosystem with multiple chains that integrates computing, storage, and L2.
From EVM to multi-chain, how does BNB Chain evolve?
How many public chains does the crypto world have at present? This is probably a question that no one can clearly answer.
Let’s take the data platform DeFiLlama as an example. There are already 219 chains included in DeFiLlama alone. In the crypto world, there are still a large number of small chains, new chains, and unlisted chains that have not yet been included.
The intricate and complex chains together constitute the Web3 world. Among these chains, BNB Chain is an extremely special and slightly different one.
In the memory of some old crypto users, BNB Smart Chain is the most familiar chain named after BNB, and it is also an EVM high-performance chain that we have contacted earlier. At present, the development of BNB Chain is changing with each passing day.
BNB Chain is no longer the same as the old "BSC" when it was first released. At present, BNB Chain has become a complete set of DeFi "family bucket" - this is not just a "single-handed" chain, but includes computing, storage, Layer, zk and other fields.
The current BNB Chain is a huge family consisting of 5 chains. This "family bucket" development strategy also allows BNB Chain to play an important role in the DeFi world.
(BNB Chain ecosystem built by multiple chains)
At present, BNB Chain has shown us a more complete DeFi landscape - the prosperous BNB Smart Chain constitutes the cornerstone of this ecology. As a decentralized storage network, BNB Greenfield has also brought more powerful gains to the development of the BNB Chain ecosystem: from the application point of view, the storage network provides solid technical support for the data and storage needs of the ecosystem; from the perspective of the economic model, 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.
It provides solid support for data and storage needs. 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 help of opBNB, which has lower transaction costs and inherits the technology of Optimism's Layer 2, the collaboration of multiple BNB Chains will create a diverse ecosystem. The lower-cost opBNB allows the ecosystem to support high-speed computing, high concurrency requirements, and larger computing needs, which also lays a solid foundation for the large-scale adoption of Web3.
At present, the BNB Chain ecosystem "family bucket" constructed by multiple chains can not only meet the existing on-chain needs of the crypto world, but also provide a scalable decentralized innovation platform for large-scale adoption at the application layer in the future.
Over time, we can expect to see this ecosystem continue to thrive and grow, taking its place in the increasingly dominant world of DeFi.
Unconsciously, the old public chain has already developed from a single chain BNB Smart Chain to a multi-chain interoperable ecosystem integrating computing, storage, and L2. This may have a profound impact on the future DeFi competition landscape and the large-scale adoption of encryption 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 one that everyone thinks of.
Among many public chains, BNB Smart Chain has reached a pivotal position. DeFiLlama data shows that BNB Smart Chain is currently the third highest chain in terms of TVL, with a TVL of US$2.6 billion.
From the perspective of the market share of DEX trading volume, DeFiLlama data shows that BNB Smart Chain is currently the second largest public chain in terms of trading volume, second only to Ethereum.
(The purple part is BNB Smart Chain, which ranks second in market share)
As of the time of writing, the total 7-day trading volume of BNB Smart Chain’s DEX is approximately $500 million, far higher than any other network outside of the Ethereum mainnet.
As the ecosystem prospers, the on-chain transactions of BNB Smart Chain have also become huge, which also leads to the need for Layer 2 of BNB Smart Chain.
The launch of opBNB just fills this blank ecological niche.
Powered by Optimism, opBNB is an Ethereum Virtual Machine (EVM)-compatible layer 2 chain OP Stack that aims to reduce gas costs while democratizing access to blockchain technology.
With the popularity of Ethereum Layer 2, the low gas advantage of various EVM "new public chains" is no longer obvious. The launch of opBNB has further significantly reduced the gas fee of the already low-cost BNB Smart Chain.
Official information shows that the chain's TPS can reach over 4,000, while the average gas cost is only 0.5 cents.
After months of testing, the opBNB network was officially launched on September 13. In addition to storage and computing, BNB Chain has entered a new field.
Currently, opBNB is about to turn one full month old. What achievements has this new chain made in a month? The on-chain browser shows that opBNB has conducted more than 10.33 million transactions and has more than 600,000 addresses. More than 6,400 BEP 20 tokens have been deployed. The number of daily active addresses once reached a peak of 99,000.
(The number of opBNB daily active addresses is increasing)
Starting from October 10, opBNB launched a two-month airdrop marathon event, which will end on December 9. Participants can get rewards by completing tasks. The event aims to activate the community and motivate users to use opBNB.
On September 28, BNB Smart Chain’s flagship product PancakeSwap also launched PancakeSwap v3 on opBNB. opBNB’s high TPS gives users the ability to enjoy higher throughput without sacrificing decentralization.
On October 17, MyShell, an AI blockchain platform based on the opBNB network, completed a $5.6 million seed round of financing, led by INCE Capital, with participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto, etc. The higher-performance Layer 2 network also brings greater imagination to the application layer.
For example, MyShell said, "The current AI field is facing pressing problems such as lack of transparency, centralization, and imbalanced incentive mechanisms." The opBNB network can provide underlying support for this field. With opBNB, "users can truly own their assets in the AI era and get the rewards they deserve." Ultimately, MyShell will try to build a thriving creator ecosystem on the blockchain.
In addition to the old products of BNB Smart Chain, the official dappbay of BNB Chain also includes some high-quality projects based on opBNB, including DeFi, infrastructure, wallets, games and other fields.
For a new chain that has just been launched for a month, opBNB is gradually gaining momentum and its ecosystem is becoming more prosperous. The scalability and EVM compatibility of opBNB have greatly optimized the experience of developers in creating and running applications, and also simplified the migration and expansion of applications on the Ethereum chain to BSC. The enhanced functionality and security guarantees enable opBNB to bring more opportunities and innovations to the entire BNB Chain ecosystem.
How does storage enhance Web3 adoption?
The opBNB mainnet has been launched, and the ecosystem has gradually become active, forming an ecological effect. The same will be true for the storage network Greenfield.
In the early days of the crypto industry, decentralized storage has always been an important direction. However, in the development of storage chains, various reasons have been restricting the adoption of decentralized storage systems. Although there are many decentralized storage protocols, we have not yet seen the widespread popularity of Web3 storage systems.
Since the birth of distributed networks, decentralized storage has always been an idealistic storage management solution. Through distributed storage, consensus mechanism, and transaction verification, data security and immutability are ensured, while meeting the characteristics of decentralized storage and decentralized management.
Unlike some "old" storage networks, Greenfield has implemented EVM-compatible smart contract integration from day one. This is also one of Greenfield's biggest advantages.
Specifically, Greenfield has greatly expanded the use cases of decentralized storage networks in terms of applications. In addition to common storage functions such as decentralized hosting, it can also support more innovative applications. For example, the knowledge economy platform, a knowledge payment platform that integrates content creation and access through smart contracts; AIGC content IP infrastructure, an infrastructure for open tracking and licensing of content; data management solutions that provide secure storage for personal data, code, and AI data sets through decentralized sharing and control; content monetization ecosystems that promote decentralized social networks, blogs, etc. for content creators and projects.
EVM compatibility allows Web3 developers to build using the programming models and tools they are familiar with. In addition, this also enables better seamless integration with the BNB Smart Chain without having to understand the underlying complex mechanisms.
For developers and users, BNB can be used directly in this ecosystem. Although Greenfield and BNB Smart Chain are two chains, their seamless integration has greatly reduced the threshold for both developers and users. For the Web3 system, the optimization of this experience (including development experience and user experience) is crucial. The native integration of "smart contracts" and "decentralized storage" will open up more application scenarios and business models.
Currently, the BNB Greenfield mainnet is online. BNB Greenfield is designed to serve as the data and storage layer of the BNB Chain ecosystem. When launched, the network will be integrated with smart contracts hosted on the BNB chain to support storage needs in games and social media.
（Greenfield main data at a glance）
Generally speaking, the computing chain itself does not usually provide enough storage capacity to cope with this demand. The storage chain provides a decentralized and secure data storage solution, while the computing chain focuses on supporting the execution of smart contracts and dApps. There is a close interdependence between these two areas, which makes their functions limited when they exist alone.
Building the foundation for Web3 mass adoption
The interoperability between Greenfield and BNB Chian opens up a broader space for our imagination. Only when the two work together seamlessly can we build more powerful and feature-rich dApps and further lay the foundation for the adoption of Web3.
What does this mean for the entire BNB Chain ecosystem?
The development of BNB Greenfield can further increase the popularity and usage of multiple chains across the entire BNB Chain, which will attract more projects and users to choose BNB Chain, thereby increasing the overall demand and value of BNB.
On top of the classic and time-honored foundation of BNB Smart Chain, supplemented by Layer 2, storage and other functions, this will create a thriving new ecosystem, improve the diversity and interoperability of ecological applications, and the adoption rate of the entire ecosystem can develop in a coordinated manner.
Through seamless integration and multi-chain interoperability, BNB will also be widely used in the ecosystem. It is difficult to predict what kind of applications will be used for mass adoption in the crypto world. But what can be predicted is that no matter what form the innovation takes, BNB Chain provides a solid technical reserve and cornerstone for potential mass adoption.
