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How BNB Chain Pioneered the Future of Web3 In 2023

How BNB Chain Pioneered the Future of Web3 In 2023

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2023 was a particularly transformative year for BNB Chain, marked by significant advancements and strategic initiatives aimed at lowering the barriers to entry for Web3. 

This article delves into this year’s key activities and achievements within the BNB Chain ecosystem. It highlights the launch of user-focused solutions like opBNB and BNB Greenfield, as well as BNB Chain’s comprehensive support programs and opportunities for developers and Web3 enthusiasts.

BNB Chain’s Multi-Chain Ecosystem

Through the years, the concept of blockchain technology has evolved from transaction verification to a full-fledged decentralized computing platform. This evolution has given rise to DeFi, NFTs, and many other verticals. BNB recognized the need to support its decentralized applications (dApps) through a multichain and interoperability strategy. 

This is why the BNB Chain ecosystem comprises multiple chains, including BNB Smart Chain (BSC), opBNB, and Greenfield. These chains are not separated or isolated; instead, they are connected to provide a cohesive experience that addresses the increasingly demanding and complex requirements of dApp development and the improvement of the user experience.

In 2023, BSC witnessed a noteworthy surge in its average Daily Active Users (DAU), with a year-on-year increase of 126K, consistently exceeding the 1M DAU threshold. BSC led as far as absolute increase of average DAU among major EVM chains this year.

This year, the mainnets for both opBNB and Greenfield’s went live. Their architecture design principles focus on programmable data. opBNB is compatible with the Ethereum Virtual Machine (EVM), enabling ease of development for builders. 

Scalability and Affordability

​​The opBNB network is the Layer 2 scaling solution for the BSC powered by the bedrock version of the Optimism OP Stack. opBNB serves as the complementary optimistic solution to BSC by offering the following advantages:

  • Capacity reaching over 100M gas per second; a standard much higher than other Layer 2 solutions on Ethereum.
  • Gas fees for transfers reaching as low as an average of $0.001.
  • A block time of 1 second.

By leveraging a Layer 2, opBNB is able to scale beyond the constraints of the BNB Smart Chain and provide an improved experience for users. Some key achievements of opBNB include:

  • The week when opBNB announced its updated roadmap, it recorded 5.47+ million transactions while fully utilizing its 100M gas limit in a single block. 
  • In the span of a month, the opBNB transaction count has now surpassed all Ethereum L2s, reaching an average of over 20 million transactions in December. 
  • On 17 December, daily transactions hit an all time high of over 23 million transactions, with the real-time transactions per second (TPS) on opBNB, reaching over 2000. Despite exceeding the TPS standard for current L2s, opBNB is equipped to handle more – in fact, it has capacity to handle as many as 4,000 – 5,000 transactions per second. 
  • Binance, the world’s leading cryptocurrency exchange, added support for opBNB on November 8, bolstering its overall credibility and reach.

In its latest roadmap, opBNB aims to more than double its transaction speed. It has already achieved gas fees that are 5x cheaper, with goals to reduce them by 10x. The opBNB roadmap aims to make blockchain more accessible, with its design principles focused on making the opBNB network more efficient for both users and developers. 

Sustainable Web3 Infrastructure & New Data Economy

BNB Greenfield is an innovative blockchain and storage platform that seeks to redefine data ownership and the data economy. Greenfield disrupts the data economy by easing the storing and management of data, while linking data ownership with DeFi utility on BSC. 

Greenfield’s recently unveiled roadmap shares its aspiration of targeting both Web2 and Web3 developers and users by elevating performance, improving development experiences and expanding its multichain capabilities. 

Here are some of Greenfield’s key milestones:

  • Greenfield’s upload speed ranges from 2 to 10 MB/s, while its download speed grew as much as 20MB/s to a maximum height of 100 MB/s.
  • During its testnet stress testing, the core team achieved an uplink bandwidth of 30M/sec and downlink bandwidth of 300M/sec, with each Storage Provider (SP) capable of uploading 30 files/sec.
  • More recently, Greenfield shared its vision and role in addressing the challenges of artificial intelligence technology, such as ownership, transparency and innovation by integrating it with Web3 on BNB Chain. 

To achieve its goal of high performance for mass adoption, simplified development experiences, and a multichain platform approach, Greenfield is developing storage strategies that provide users with faster data access services. Furthermore, it is introducing ‘Greenfield Executable’ for off-chain generic computing which will not only cut costs but also enhance efficiency, particularly when dealing with large datasets. 

On simplifying development, Greenfield focuses on convenience and cost-effectiveness of network governance and stability. This includes the Storage Providers’ (SP) exit process being simplified through its introduction of a lightweight SP architecture that reduces computational requirements and energy consumption. 

Supporting Developers to Build with Confidence on BNB Chain

BNB Chain has initiated new programs and improved on past programs to offer meaningful support and incentives for projects. The support and incentive aims to offer impactful resources needed throughout the development lifecycle, which include:

Ideation Stage

MVB Program: A 10-week accelerator program, run jointly by BNB Chain and Binance Labs, accelerates project growth. The latest season welcomes CMC Labs as a strategic partner for the MVB program. CMC Labs is CoinMarketCap’s accelerator program for ambitious, early-stage projects. The MVB program has also expanded to include two tracks. 

The first is the Startup Track, which involves the continuous admission and advising of new startups, facilitating the acceleration of their growth. The second track is the newly added Founder Track, which serves as a venture studio committed to incubating 100 innovative ideas that address real-world needs. These ideas are intended for deployment on BNB Chain, with backing from Binance Labs.

Recent alumni include KiloEx, which has made it to the #1 spot for top social activity dApp on BNB Chain in August according to DappBay. Kinza, who recently announced that TVL on its protocol has exceeded 20 million. And SleeplessAI, who recently went live as the world’s first decentralized AI virtual companion platform.

Deployment Stage

Kickstart Program: Projects can access discounted services like security auditing and oracles, facilitating smoother project deployment.

Builder Grants: BNB Chain awards funding to projects that add value to its ecosystem, with a wishlist guiding applicants on the opportunities available within BNB Chain.

Additional Resources:

  • Increase your project’s exposure with BNB Chain’s co-marketing opportunities. 
  • Enjoy 24/6 tech support on Discord.
  • Dedicated support from a Business Development Manager.

Post Deployment Stage

TVL Incentive Program: Rewards projects with high TVL on opBNB, offering up to $160k per month.

DAU Incentive Program: Supports projects with up to $200,000 USD in BNB tokens monthly, boosting engagement for projects with an average of 10 DAU.

Both programs pledge rewards of up to $360,000 per month.

Global BNB Chain Hackathons: Unearthing Development Gems

In addition to incentives and support, BNB Chain has proactively organized global hackathons to discover and nurture new talent and ideas. 

Some of our notable hackathons in 2023 include the Zero to Hero Builder Series, Hackvolution and more recently the Istanbul hackathon during Binance Blockchain Week and the Taipei Blockchain Week Hackathon. 

In addition to the monetary rewards, the winning projects were supported with exclusive mentorship and marketing exposure. Following November’s Istanbul hackathon, five exciting projects have already launched across opBNB and Greenfield on testnet and mainnet. Please see below for details of the five projects and where they have launched.

Other Notable Milestones and Partnerships

2023 was also a year of celebration and strategic partnerships for BNB Chain. Some notable moments included:

  • 3-Year Anniversary: Marked by high community engagement across an exclusive NFT giveaway and other activities.
  • The introduction of Nex, BNB Chain’s cutting-edge AI avatar brand representative, at Binance Blockchain Week as BNB Chain’s Brand representative.
  • Strategic Partnerships including collaborations with Gaimin Gladiators, the Adobe-led Content Authenticity Initiative, and Space B to raise awareness of BNB Chain’s solutions within and beyond Web3 communities.

Looking Ahead

BNB Chain’s journey through 2023 has been one of relentless innovation, community engagement, and strategic growth. 

By introducing community and user-focused solutions like opBNB and BNB Greenfield, and through its holistic incentive and support programs, BNB Chain is not only lowering the barriers to entry for Web3 but is also shaping a future where blockchain technology is accessible, efficient, and integral to the digital economy. 

As we look forward to the continued evolution of the BNB Chain ecosystem, it stands as a beacon of innovation and a catalyst for the widespread adoption of Web3 technology.

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