Original | Odaily Planet Daily

Author | Loopy

In September of this year, CZ stated in an AMA event that he predicts that the DeFi transaction volume may soon surpass the CeFi transaction volume. CZ said, "DeFi is the future of the (crypto) industry… The next bull market is likely to make the scale of DeFi surpass CeFi."

In the development of DeFi, BNBChain is a particularly large ecosystem that we cannot ignore. On October 17th, the BNBGreenfield mainnet was officially launched. Over 200,000 transactions were completed during the testing phase, with 150,000 interactive wallets.

The features of BNBGreenfield include high performance, built-in access control, and cross-chain programmability. With the launch of the storage chain, BNBChain has become a huge ecosystem that integrates computing, storage, and L2.

From EVM to Multi-chain, How Does BNBChain Evolve?

Currently, how many public chains does the crypto world have? This is probably a question that no one can clearly answer.

Taking the data platform DeFiLlama as an example, there are already as many as 219 chains included by DeFiLlama. And there are still many small chains, new chains, and unreleased chains in the crypto world.

The intertwined and complex chains together constitute the Web3 world. Among these chains, BNBChain is a particularly special and somewhat unique one.

In the memory of some crypto old-timers, BNBSmartChain is the most familiar chain named after BNB, and it is also one of the earliest EVM high-performance chains we came into contact with. However, currently, BNBChain's development is changing rapidly.

BNBChain is no longer the same as it was when it was first released. Currently, BNBChain has become a complete set of DeFi "toolbox" - it is not just a "lone ranger" chain, it includes multiple areas such as computing, storage, Layer, zk, etc.

The current BNBChain consists of 5 chains and is a huge family. This "toolbox" development strategy also allows BNBChain to play a pivotal role in the DeFi world.

BNBChain ecosystem built by multiple chains

Currently, BNBChain has shown us a more complete DeFi landscape - the prosperous BNBSmartChain forms the cornerstone of this ecosystem. And BNBGreenfield, as a decentralized storage network, also brings stronger gains to the development of the BNBChain ecosystem: from an application perspective, the storage network provides solid technical support for the ecosystem's data and storage needs; from an economic model perspective, it not only meets the demand for data, but also allows data to be monetized and traded, paving the way for a new data economy.

Solid support is provided for data and storage needs. It not only meets the demand for data, but also allows data to be monetized and traded, paving the way for a new data economy.

And with the lower transaction cost of opBNB, after inheriting the Layer2 technology of Optimism, the collaborative work of multiple BNBChain chains will create a more diverse ecosystem. The lower cost of opBNB allows the ecosystem to support high-speed computing, high concurrency demands, and even larger computing demands, which also lays a solid foundation for Web3's large-scale adoption.

Currently, the "toolbox" ecosystem built by multiple chains of BNBChain not only meets the existing on-chain needs of the crypto world, but also provides a scalable decentralized innovative platform for future large-scale adoption at the application layer.

As time goes on, we can expect to see the continuous prosperity and growth of this ecosystem, occupying a place in the increasingly dominant DeFi world.

Inadvertently, the old-school public chain has evolved from the single BNBSmartChain to a multi-chain interoperable ecosystem that integrates computing, storage, and L2. This may have a profound impact on the future competitive landscape of DeFi and the large-scale adoption of crypto systems.

Why Does BNBSmartChain Need a Layer2?

When we mention the powerful ecosystem of BNBChain, BNBSmartChain naturally comes to mind for everyone.

Among many public chains, BNBSmartChain has a pivotal position. According to DeFiLlama data, BNBSmartChain currently has the third highest TVL, which has reached 2.6 billion USD.

In terms of DEX trading volume market share, DeFiLlama data shows that BNBSmartChain's market share is currently the second largest in terms of trading volume, second only to Ethereum.

The purple part represents BNBSmartChain, ranking second in market share

As of the time of this article's publication, the 7-day trading volume of BNBSmartChain's DEX is approximately 500 million USD, far exceeding other networks outside the Ethereum mainnet.

With the prosperity of the ecosystem, on-chain transactions on BNBSmartChain have also become substantial. This has led to the need for Layer2 for BNBSmartChain.

The launch of opBNB has filled this vacant ecological position.

Based on Optimism, opBNB is a Layer2 chain OPStack compatible with the Ethereum Virtual Machine (EVM), aiming to reduce gas costs and democratize access to blockchain technology.

With the popularity of Ethereum Layer2, the low gas advantage of various EVM "new public chains" has become less obvious. The launch of opBNB further significantly reduces the already low gas fees of BNBSmartChain.

Official information shows that the chain's TPS can reach over 4000, with an average gas cost of only 0.5 cents.

After months of testing, opBNB network was officially launched on September 13th. In addition to storage and computing, BNBChain has welcomed a new and innovative field.

Currently, opBNB is just reaching its first month. In one month, this new chain has achieved what kind of results? According to the on-chain browser, opBNB has already conducted over 10.33 million transactions and has over 600,000 addresses. Over 6400 BEP20 tokens have been deployed. And the number of daily active addresses has reached a peak of 99,000.

(The number of daily active addresses of opBNB is continuously increasing)

Starting from October 10th, opBNB has launched a two-month-long airdrop marathon, which will end on December 9th. Participants can earn rewards by completing tasks. This activity aims to activate the community and incentivize users to use opBNB.

On September 28th, PancakeSwap, the flagship product of BNBSmartChain, also launched PancakeSwapv3 on opBNB. The high TPS of opBNB brings users the ability to enjoy higher throughput without sacrificing decentralization.

On October 17th, the AI blockchain platform MyShell, based on the opBNB network, completed a $5.6 million seed round of financing, led by INCE Capital, with participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OPCrypto, and others. The higher performance Layer2 network also brings greater imagination space to the application layer.

For example, MyShell stated, "The current AI field is facing urgent issues such as lack of transparency, centralization, and imbalanced incentive mechanisms." The opBNB network can provide underlying support for this field, allowing users to "truly own their assets in the AI era and receive their due rewards." Ultimately, MyShell will attempt to create a thriving creator ecosystem on the blockchain.

In addition to the existing products of BNBSmartChain, the official dappbay of BNBChain has also included some high-quality projects based on opBNB, including DeFi, infrastructure, wallets, games, and other fields.

For a new chain that has just reached its first month, the wings of opBNB are gradually becoming fuller, and its ecosystem is becoming more prosperous. The scalability and EVM compatibility of opBNB greatly optimize the experience of developers in creating and running applications, and also simplify the migration and expansion of applications from the Ethereum chain to BSC. The functional enhancements and security guarantees make opBNB bring more opportunities and innovations to the entire BNBChain ecosystem.

How Does the Storage Function Strengthen Web3 Adoption?

The opBNB mainnet has been launched, and the ecosystem is gradually becoming active, forming an ecological effect. The storage network Greenfield will also follow suit.

In the early development of the crypto industry, decentralized storage has always been an important direction. However, various reasons have been constraining the adoption of decentralized storage systems in the development of storage chains. Despite the many decentralized storage protocols, we have not yet seen widespread popularity of Web3 storage systems.

Since the birth of distributed networks, decentralized storage has always been an idealistic storage management solution. Through functions such as distributed storage, consensus mechanisms, and transaction verification, data security and immutability are ensured, while meeting the characteristics of decentralized storage and management.

Unlike some "ancient" storage networks, Greenfield has integrated smart contracts compatible with EVM from day one. This is also one of Greenfield's biggest advantages.

Specifically, Greenfield greatly expands the use cases of decentralized storage networks in applications. In addition to common decentralized hosting and other storage functions, it also supports more innovative applications. For example, a knowledge economy platform that integrates smart contracts for a knowledge payment platform for content creation and access; AIGC content IP infrastructure for open tracking and licensing of content; data management solutions that provide secure storage for personal data, code, and AI data sets through decentralized sharing and control; and a content monetization ecosystem to promote decentralized social networks, blogs, and more for content creators and projects.

EVM compatibility allows Web3 developers to build using their familiar programming models and tools. In addition, this can also achieve better seamless integration with BNBSmartChain, without the need to understand the underlying complex mechanisms.

For developers and users, BNB can be used directly in this ecosystem. Although Greenfield and BNBSmartChain are two separate chains, their seamless integration significantly reduces the barriers to use for both developers and users. For the Web3 system, optimizing this experience (including development and user experience) is crucial. The native integration of "smart contracts" and "decentralized storage" will open up more application scenarios and business models.

The BNBGreenfield mainnet has been launched. BNBGreenfield aims to serve as the data and storage layer of the BNBChain ecosystem, integrating smart contracts hosted on the BNB chain from the start to support storage needs in gaming and social media.

Key data overview of Greenfield

Generally, the computing chain itself does not usually provide sufficient storage capacity to meet this demand. Decentralized and secure data storage solutions are provided by the storage chain, while the computing chain focuses on supporting the execution of smart contracts and dApps. There is a close interdependence between these two areas, and their functions will be limited when they exist separately.

Polishing the Cornerstone of Web3's Large-scale Adoption

The interoperability between Greenfield and BNBChain can open up a broader imagination space for us. Only when these two work seamlessly together can we build more powerful and feature-rich dApps, further laying the foundation for the adoption of Web3.

What does this mean for the entire BNBChain ecosystem?

The development of BNBGreenfield can further increase the visibility and usage of the multiple chains of the entire BNBChain, which will attract more projects and users to choose BNBChain, thereby increasing the overall demand and value of BNB.

Building on the classic and long-standing cornerstone of BNBSmartChain, supplemented by various functions such as Layer2 and storage, this will create a vibrant new ecosystem, increasing the diversity and interoperability of ecosystem applications, and the adoption rate of the entire ecosystem can develop in a coordinated manner.

Through seamless integration and multi-chain interoperability, BNB will also be widely used in the ecosystem. We cannot predict how the large-scale adoption of the crypto world will occur through which applications. But what can be predicted is that regardless of how innovation occurs, BNBChain has provided a solid technical reserve and cornerstone for potential large-scale adoption.

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