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BNB Chain, a trailblazer in blockchain technology, continues to push the boundaries in 2024. Entering the new year, BNB Chain is driven to surpass expectations with its ambitious tech outlook. Our focus is clear – driving mass adoption by developing a fast, cost-effective, scalable, developer-friendly, and secure multichain strategy precisely crafted for DeFi, fully on-chain gaming, AI, DePIN, DeSoc, and the Web3 economy.
Before delving into the 2024 outlook, let’s review the achievements of BNB Chain’s ecosystem in 2023.
- BNB Smart Chain (BSC) is one of the most actively used L1 blockchains. In 2023, it achieved an all-time high of 32M transactions in a single day and 2,000 transactions per second (TPS).
- opBNB became the most active layer 2 platform. It achieved an all-time high of 71M transactions in a single day and 4,500 TPS.
- As per AvengerDAO, BNB Chain experienced an 85% reduction in total losses from hacking or scams in 2023 compared to 2022. In 2024, the objective is to continue proactively detecting and alerting about potential hacks and scams at their inception.
Let’s dive into the 2024 outlook. Here are some key developments that users can anticipate this year.
The “One BNB” Paradigm: A Unified Approach
At the heart of BNB Chain’s 2024 outlook is the “One BNB” interconnectivity paradigm. In 2023, BNB Chain expanded into a multi-chain framework with opBNB (L2) and BNB Greenfield (decentralized storage chain). The One BNB strategy integrates the BSC, opBNB, and Greenfield into a cohesive ecosystem, ensuring seamless interaction between decentralized computing and storage solutions.
In 2024, the Web3 industry is pivoting towards fully on-chain (FoC) Dapps. However, developers confront the challenge of a lack of a comprehensive, integrated tech stack to transition their applications from a basic Web3 model to a robust, fully on-chain Web3 framework.
The One BNB solution is crucial for the scalability of large-scale Dapps, as it caters to both computational and storage needs, positioning BNB Chain as a competitive option for Web3 developers.
Building L2 Scalability with opBNB Connect
In 2024, the BSC Gas Limit will be maintained at 140M, with an emphasis on enhancing state and storage optimization. Concurrently, opBNB L2 aims to achieve 10,000 TPS by increasing its gas limit from 100M/second to 200M/second, aspiring to become the highest capacity L2 solution. An upgrade like this involves adopting multiple proofs to create a more versatile and secure mechanism for Optimistic rollup, starting with fraud proof.
This upgrade will be done in two stages. opBNB aims to achieve Stage 1 in 2024, focusing on establishing a secure framework with oversight mechanisms. The long-term goal is to progress to Stage 2, advancing towards a more autonomous system with stringent safeguards against unauthorized changes, applicable only in specific scenarios concerning code integrity.
In addition to opBNB’s scalability goals, there are plans to substantially decrease gas fees by 5-10 times. This reduction is achievable through upgrades that include the implementation of EIP4844 and the Data Availability layer on Greenfield.
opBNB Connect is designed to support large-scale Dapps with the potential for high DAU. This includes applications in DePIN, AI, gaming, and DeSoc. opBNB Connect aims to provide a robust ecosystem for these Dapps, enabling them to build their own L2 subnets to foster development and innovation within their specific projects and communities.
Increased Decentralization
The BNB Beacon Chain will be phased out, with new governance, staking, and MEV PBS features being integrated into the BSC. This strategic shift, known as “BNB Chain Fusion,” aims to streamline the network, improve efficiency, reduce security risks, and align BNB Chain’s architecture with current and future technological needs.
This fusion and the novel MEV mechanism are expected to enhance the profitability potential for validators and delegators. The aim is to expand the validator count from 40 to 100 in 2024.
Greenfield: Advancing Data Storage and Processing
In 2024, Greenfield is redefining the landscape of data storage and processing. The outlook is strategically designed to introduce advanced features and enhance the middleware infrastructure.
The outlook includes developing Greenfield Executable, Atomic Update, Paymaster (AA), and an improved middleware infrastructure, such as the bundle service and Data Availability Layer.
The target is to amplify Storage Provider (SP) performance by five times, boosting upload speeds from the current 2MB/s to 10MB/s and download speeds from 20MB/s to 100MB/s. This enhancement aims to drastically improve the overall efficiency of data handling within the blockchain network.
2024 Focuses: Community Engagement and Wish List
BNB Chain’s commitment extends to supporting various applications and community initiatives. The 2024 Hackathon and other events are focused on fostering innovation in high-frequency DeFi, fully on-chain gaming, AI, DePIN, DeSoc, and building high-performance infrastructure. These efforts underscore BNB Chain’s dedication to nurturing a vibrant and diverse blockchain ecosystem.
Conclusion
As BNB Chain advances into 2024, it aims to build on the significant achievements of 2023, particularly in the areas of transaction capacity and security improvements.
A pivotal part of this year’s strategy involves expanding the Layer 2 ecosystem through opBNB Connect, thereby enhancing scalability and reducing gas fees for large-scale Dapps. The focus remains steadfast on key tracks like DeFi, fully on-chain gaming, AI, and other Web3 applications, ensuring BNB Chain’s ecosystem remains at the forefront of technological innovation.
The “One BNB” interconnectivity paradigm, BNB Chain Fusion for increased decentralization, and substantial upgrades in Greenfield’s data storage capabilities underscore the comprehensive approach to fostering a more efficient, secure, and developer-friendly environment.
These initiatives, coupled with a strong emphasis on community engagement and infrastructure development, set the stage for a transformative year ahead for BNB Chain and its users. For both users and developers, 2024 holds the promise of significant growth and exciting opportunities.
