How BNB Chain’s opBNB carved out a niche for itself
In the first month of operations, BNB Chain's scaling solution opBNB became the L2 with the second-highest number of daily active users.
- opBNB’s market share in user base jumped from 13% to 22% within the first month of its launch.
- The average gas price on opBNB was as low as 0.008 gwei.
BNB Chain’s [BNB] layer-2 (L2) scaling solution opBNB has been making waves ever since it went live on the mainnet in September.
opBNB shakes up L2 ecosystem
In the first month of operations, the project went on to become the L2 with the second-highest number of daily active users (DAU), BNB Chain said in blog post.
opBNB was ranked just behind Ethereum [ETH] scaling solution Arbitrum [ARB], according to data fetched from each chain’s respective explorer up till 30th October.
Notably, the DAU count peaked at 92,761 on 15th September and witnessed sustained growth in the latter part of October, opBNBScan data showed. With this, opBNB’s market share jumped from 13% to 22% within the first month of its launch, BNB Chain claimed.
The growth in user base resulted in a spike in on-chain transactions. The daily transaction count hit a peak of 790,088 on 19th October, around the same time when user activity began booming.
While the count did fall to 226,540 in the last 24 hours, it was still significantly higher than the 100-150K range observed during the testing phase.
As of this writing, nearly 20 million transactions have been completed on the network since its launch.
On the same day when transactions peaked, the transactions per second (TPS) soared to 9.14. With an average of 5 TPS, opBNB was on par with top L2s in terms of transaction throughput.
Apparently, it took just one second to produce a new block on the L2, as seen by the average block times.
opBNB makes transactions cheaper
Apart from better transaction throughput, opBNB also brought considerable reduction in gas costs.
As per the data, the average gas price on opBNB was as low as 0.008 gwei. Note that the average gas price on the BNB Chain was 7.46 gwei on 8th November.
Source: opBNBScan
Such attractive gas prices have the potential to make opBNB the natural choice for high-frequency applications, especially those from gaming and NFTs.
In fact, much of the aforementioned growth in user activity and transactions was driven by NFTs.
Read BNB’s Price Prediction 2023-24
Meanwhile, the ecosystem’s native token BNB was riding on the broader market bullishness.
The fourth-largest digital asset was exchanging hands at $250.99, with gains of 8.58% in the last week, as per CoinMarketCap.
