Original author:BNB Chain
Compiled by: Odaily Asher
In the context of technological evolution, the transition to Web3 heralds a fundamental shift in the way we interact and transact with the digital world.
However, in order for this revolution to spread into the daily lives of billions of people, one crucial element needs to be established first – a robust and dynamic infrastructure. This infrastructure must seamlessly blend performance, cost-effectiveness, and scalability to form the cornerstone for mass adoption. And this is exactly where BNB Chain is positioned: to be at the forefront of this technological renaissance, shaping the digital future.
The blockchain ecosystem composed of BNB Chain
BNB Chain, as one of the most popular blockchain ecosystems, is committed to providing the core infrastructure required for future public adoption. It is a community-led and open-source ecosystem built in a permissionless and decentralized environment. BNB Chain consists of three blockchains – BNB Smart Chain (BSC), opBNB and BNB Greenfield.
Among them, what drives and coordinates this ecosystem is the token BNB. In addition to facilitating transactions on BNB Chain, BNB also functions as a governance token.
In the BNB Chain ecosystem, all users and participants have the ownership, usage rights and monetization of data.
an ambitious vision
Since its founding in 2020, BNB Chains mission has been to provide the infrastructure to lead the next billion Web3 users.
BNB Chain’s commitment to the Web3 community is rock solid, as is its commitment to the following principles:
openness
Multi-chain capability
Empowering Creators and Innovators
No license
Permanently decentralized
milestone
In 2023, BNB Chain experienced rigorous stress tests amid continued climbing on-chain transaction volumes and an emerging bull market cycle. During this period, both BSC and opBNB proved their scalability.
At the end of 2023, BSC reached an all-time high, processing 32 million transactions in a day, reaching a peak throughput of 2,000 transactions per second.
opBNB also hit an all-time high in Q4, processing 71 million transactions in a day and achieving a high throughput of 4,500 transactions per second.
According to AvengerDAO, BNB Chain’s total losses in 2023 dropped by 85% year-on-year due to hacking attacks and fraudulent activities.
In 2023, BSC is one of the most active L1 blockchains, with approximately 1 million daily active users (DAU). opBNB established itself as the most active L2 blockchain at the end of 2023 and remains the L2 blockchain with the most DAU so far in 2024.
The “One BNB” paradigm: a unified approach
In 2023, BNB Chain expanded into a multi-chain framework with its opBNB Layer-2 solution and Greenfield storage chain. This One BNB paradigm meets the computing and storage needs of typical Web3 Dapps.
The “One BNB” strategy integrates BSC, opBNB and Greenfield into a unified ecosystem, ensuring seamless interaction between distributed computing and storage.
We have observed many high-profile projects leveraging multiple components of our ecosystem simultaneously through the multi-chain paradigm. These include:
High volume projects:Hooked is using opBNB to perform gas-sensitive transactions while protecting assets on highly liquid BSC.
Greenfields full potential: 4EVERLAND is delving into the full capabilities of Greenfield to build applications entirely based on the chain.
AI integration: BNB Chain is seeing the integration of groundbreaking AI protocols, such as projects like QnA3.
BNB Smart Chain (BSC): lowering the threshold of Web3
Among the third-largest Layer-1 protocols by market capitalization, BSC demonstrated impressive growth across various metrics in Q4 2023, underscoring the vitality and productivity of its ecosystem:
Gas fees burned in BSC, a key metric reflecting network activity, increased by 21% between Q3 and Q4 of 2023.
Throughout 2023, BSC demonstrated its ability to handle growth activity, with daily transaction volume on the network experiencing 35% annual growth.
The total locked value (TVL) of the DeFi ecosystem reached $4.6 billion by the end of 2023, and DeFi TVL’s quarterly growth rate reached 33%.
In 2023, BSC successfully increased its gas limit to 140 million, exceeding Ethereums capacity by 4.6 times. While maintaining this improvement limit, the focus in 2024 will shift to state and storage optimization, and the implementation of parallel EVM, allowing multiple instructions to be executed simultaneously.
opBNB: Responsible for scalability and low cost
The opBNB mainnet, launched in September 2023, is a Layer 2 expansion solution focused on enhancing the capabilities of BNB Smart Chain.
opBNB’s core functionality allows users to deposit and withdraw funds, use smart contracts, and view network data with high throughput and low fees. It improves user experience in areas such as high-frequency DeFi and entirely on-chain games.
opBNB will focus on several key areas for continuous optimization, aiming to achieve improved performance and flexibility. The main focus is to achieve the goal of 10,000 transactions per second and solidify opBNBs position as the highest-capacity L2 solution by doubling the gas limit to the 200 million per second level.
Additionally, opBNB is committed to contributing to the development of Greenfield’s data availability layer, which aims to reduce transaction costs by 5 to 10 times compared to current levels.
opBNB Connect
Considering the diverse needs of large-scale Dapps with potentially large user bases, opBNB understands the inclination of certain projects (such as games, DeSoc, and DePIN) to build their own Layer 2 solutions. In response, opBNB aims to support this initiative and promote developers and projects to create unique ecosystems within these fields.
Therefore, BNB Chain launched opBNB Connect, a secure and scalable solution with a decentralized and shared sequencer, gas tokens customized for different Layer 2, and providing a permissionless bridge for seamless connectivity. This interconnected approach goes beyond bridge assets to facilitate the direct combination of multiple protocols between different Layer 2s.
BNB Greenfield: Mass Adoption and Artificial Intelligence
The Greenfield mainnet, launched in October 2023, plays a key role in BNB Chain’s multi-chain paradigm.
BNB Greenfield is a pragmatic solution that seamlessly integrates decentralized storage with blockchain technology. Greenfield aims to simplify data management and intertwine data ownership with the DeFi landscape. The underlying goal is to simplify the storage and management of data.
Greenfield has become a testing ground for decentralized AI infrastructure and AI applications, supporting the integration of AI within the platform ecosystem.
The focus of the Greenfield core team revolves around a series of goals designed to improve performance, enhance the developer experience, and optimize data access services. Key areas of focus in 2024 include:
Improve performance
Improve developer experience
Efficient data retrieval
Off-chain general computing
Multi-chain platform
In line with the “One BNB” vision, our 2024 Outlook provides you with more information on the key focus areas for BSC, opBNB and BNB Greenfield in 2024.
“One BNB” achieves mass adoption
Below are examples of use cases facilitated by implementing the “One BNB” multi-chain strategy.
High frequency DeFi——High-frequency DeFi (HFD) is characterized by the execution of large numbers of transactions at unprecedented speeds, and its ideal platform is opBNB, which has set its sights on 10,000 transactions per second. Looking to the future, opBNB will empower areas including perpetual contracts, prediction markets, (streaming) payments, etc., leveraging the innovation of powerful stablecoins (such as FDUSD) and social trading and trading robots.
Develop full-chain games——In the BNB Chain ecosystem, opBNB and Greenfield seamlessly develop full-chain games by providing comprehensive game logic, data and asset storage and processing solutions. BNB Smart Chain and opBNB are specifically designed to meet the complexity of game logic and economics, ensuring a tailor-made environment for an immersive gaming experience.
Integration of AI and Web3——The natural synergy between AI and Web3 has emerged, allowing the BNB Chain community to quickly build a comprehensive AI infrastructure. This visionary initiative covers every aspect of AI integration – from powerful AI modeling to efficient AI data storage, including labeling processes.
Decentralized Physical Infrastructure Network (DePIN)--DePINs innovative approach transforms traditional physical networks, covering areas such as telecom networks, CPU/GPU networks, and map co-creation, dataset labeling, energy-efficient networks, and privacy-focused data networks. BNB Chain’s powerful multi-chain paradigm provides a solid foundation for solutions such as DePIN:
Financial settlement on L1 or L2
Complex business logic on private L2 network
Decentralized storage for data management
5. Decentralized social revolution——Decentralized social networking (DeSoc) brings a new field where users can truly own their own data, control access permissions, and actively participate in decentralized communities. This embodies Greenfield’s original ethos – aiming to empower the new data economy. A comprehensive DeSoc ecosystem extends to innovative decentralized social media Dapps, creating a one-stop holistic experience.
Empowering meaningful ecosystems
BNB Chain not only serves as a community-led infrastructure and technology foundation, but is also unwavering in its commitment to empowering projects and developers, providing them with strong support and helping them turn their visions into reality.
AvengerDAO: strengthening users against threats
In addition to its technical infrastructure, BNB Chain leads initiatives aimed at enhancing the security of its ecosystem and extending safeguards beyond its borders. AvengerDAO is committed to protecting users from financial losses and malicious contracts in the blockchain ecosystem.
In strategic alliances with the worlds leading security providers and blockchain applications, AvengerDAO actively protects users from harmful contracts in the blockchain space.
In 2023, BSC saw a significant 85% reduction in total losses from hacking or fraud compared to 2022.
DappBay: BNB Chain’s Dapp Library
DappBay is a portal that allows users to safely explore Dapps on the BNB chain. There, users can discover Dapp rankings, analytics, activities, airdrops, and more. For developers, DappBay is a valuable platform where projects can be showcased in front of a wider audience.
In order to ensure that users can explore safely, DappBay has a red alert function, which is updated every Friday to notify the community of untrustworthy projects identified by it and ensure that users can respond to potential risks in a timely manner.
DappBay also has a “risk scanner”. Powered by AvengerDAO, a real-time contract risk scanner that allows users to scan and verify the security of any BNB Smart Chain (BSC) smart contract.
Builder support
hackathon
BNB Chain’s Hackathon is a Web3 innovation center that combines cutting-edge blockchain technology with novel creative concepts. Its main goal is to promote the growth of local projects in the BNB chain ecosystem.
With enthusiasm for the New Year, we are excited to launch our first hackathon – “Building Smart and Fully On-Chain Applications”. This move opens the door to the field of decentralized applications, providing significant opportunities for exploration and innovation.
Monetary incentives and support
BNB Chain understands that starting a project is hard work, and one of the first things that makes the process challenging is funding. That’s why we offer various types of monetary incentives and support, each focused on a specific aspect of the development process.
MVB plan
TVL Incentive Program
Daily Active User (DAU) Incentive Program
Ecosystem support
4. Start the project
Additional support and resources
Joint marketing opportunities to increase project exposure
24/6 support on Discord
Provide professional support such as custom integration support from our solutions architects and developer guidance for your projects specific needs.
2024 and beyond
As 2024 approaches, BNB Chain’s commitment to mass adoption remains unchanged. We are unwaveringly focused on empowering the Web3 economy with an ultra-fast, cost-effective, scalable, and secure multi-chain strategy.
Embrace the future with BNB Chain - where high performance, low cost and scalability come together to shape the experience of the next billion Web3 users.
developers: Join us and participate in the evolution of Web3.
Web3 enthusiasts: Explore a new world of Web3 opportunities with DappBay.
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