Recently, BNB Chain announced that the opBNB testnet will undergo a PreContract hard fork at block height 5114294, expected to be triggered at 14:00 on August 14th, Beijing time. This fork will introduce new rules and features to further enhance the performance and usability of opBNB.
opBNB, launched by Binance BSC on June 19th, is an L2 testnet based on the Optimism OP Stack, an EVM-compatible L2 scalability solution.
Backed by Binance, the world's largest cryptocurrency exchange, opBNB has significant resources and traffic. Currently in its early stages, it is expected that projects with impressive growth potential will emerge in the near future, such as MEKE, a recently launched on-chain decentralized derivatives trading platform. As a newly launched project on the opBNB chain, MEKE is worth keeping a close eye on.
Developed by a team in the United States, MEKE can be used to trade perpetual contracts for various mainstream cryptocurrencies such as BTC and ETH. The MEKE team has indicated that they are considering entering the trillion-dollar RWA market, trading futures for tangible assets such as gold, oil, and US bonds in the future.
MEKE is worth paying attention to for the following reasons:
1. Huge potential in the decentralized derivatives trading space
Based on Binance's 24-hour trading data, the trading volume in the derivatives market is approximately $28 billion, while the spot trading volume is around $13 billion. The derivatives market's trading volume is more than double that of the spot market. In contrast, the trading volume of derivatives in DeFi protocols is significantly underestimated, accounting for only 3% compared to 15% in spot trading volume from CEX to DEX. This clearly indicates the enormous potential for explosive growth in the decentralized derivatives trading space.
2. Unlimited potential in the global RWA market
According to research by BCG and ADDX, the tokenization of global illiquid assets will create a market worth $16 trillion (close to 10% of global GDP in 2030). Citigroup's RWA research report "Money, Tokens, and Games" also predicts that by 2023, there will be a $10 trillion market that will be tokenized (RWA).
3. L2 benefits decentralized derivatives trading
From the perspective of the track, L2 is most beneficial for decentralized derivatives trading. L2's advantages lie in its ability to provide faster transaction speeds and lower transaction costs while maintaining a similar level of security to L1, making decentralized derivatives trading more convenient and secure. With the upcoming launch of the opBNB mainnet, along with Arbitrum and BASE, L2 has truly arrived. Both opBNB and Arbitrum and BASE are very promising L2 solutions, playing a significant role in the future narrative of "modularized Ethereum," not only providing a faster and cheaper trading experience, but also further driving the development of the DeFi ecosystem by introducing new technologies and features.
4. Deployed on the Binance BSC L2 network opBNB testnet
MEKE, deployed on the Binance BSC L2 network opBNB testnet, ensures the security and traceability of each transaction. Technically, opBNB can process over 4,000 transfer transactions per second and keep platform transaction costs below 0.005U, outperforming existing scaling solutions.
5. MEKE's L2+ leveraged trading brings new business increment and valuation
MEKE's L2+ leveraged trading allows users to enter the market with less capital, enjoying lower transaction costs and faster transaction speeds. Compared to traditional centralized exchanges, MEKE's L2 network can provide higher scalability and lower transaction costs, bringing new business increment and valuation opportunities for MEKE.
MEKE began its first phase of public testing on July 31st, which is about to end soon. Participating in MEKE's public testing may offer benefits comparable to early participation in dYdX, Optimism, and Arbitrum testing, and should not be missed. As the issuance of MEKE tokens is limited and a unique issuance mechanism has been designed, the earlier one participates in MEKE's public testing, the more benefits they will receive, and vice versa, until the public testing incentives are fully distributed.
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