Optimism price is basking in the news of BNB Chain’s newly introduced Optimism powered layer-2 testnet onBNB. On June 19, BNB Chain announced the launch of his opBNB testnet. The recently launched layer-2 scaling solution based on Optimism Stack will improve the security and scalability of the Binance Chain network.
Post-launch, the Optimism token has scored a price increase of over 6% today, June 20 after a 3% drop on June 19.
Blockchain, owned by Binance, newly introduced optimism-driven Layer-2 scaling solution
The scaling solution, opBNB, increases transaction throughput and reduces network costs. BNB Chain currently processes about 2,000 transactions per second at $0.10 per transaction. However, according to the latest announcement, opBNB would support more than 4,000 transactions per second at a cost of less than $0.005.
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BNB Chain noted that opBNB is optimizing data accessibility, the capture layer, and adjusting the submission process algorithm to allow concurrent operations. That would allow the network to increase the gas limit to 100 million per block from the 30 million currently allowed on Optimism.
Binance described opBNB as the solution to the scalability challenge limiting mass adoption of blockchain technology. Optimism scales transactions using Optimistic Rollups, which process data off-chain to pin things down on the Ethereum mainnet.
The recently launched scaling solution is compatible with Ethereum Virtual Machine (EVM). That means it is interoperable with Ethereum-based smart contracts, networks, and ERC-20 token standards. Further, the announcement noted that the remote procedure call service layer simplifies the integration process through a user-friendly interface.
This allows developers to focus on building applications without worrying about the complexity associated with layer-2 scaling. News of this development has increased Optimism (OP) sentiment, as evidenced by increased trading volume.
At the time of writing, the Optimism token has registered a 24-hour increase in trading volume of over 140%. BNB Chain isn’t the only network leveraging Optimism’s scalability. Optimism is known for its excellent scalability.
In an earlier development, World ID and World App, a grass-free crypto wallet founded by OpenAI CEO Sam Altman, migrated to Optimism to leverage its tier-2 scaling solution.
OP Coin Price Forecast
The bullish price momentum of the optimism has propelled it to second place top earning coins Today. Optimism (OP) price is up 6.61% in the past 24 hours, with a seven-day price rally of 1.15%. Despite the current price pump, real-time technical analysis suggests a sell option for Optimism (OP).
The moving averages suggest a strong sell signal, while the oscillators indicate a buy signal. But BNB Chain is the third largest blockchain in DeFi Total Volume Locked (TVL) after Ethereum and Tron. Defillama facts shows TVL of $3.35 billion and 24-hour volume of $264 million.
The latest integration suggests more network activity and usability for Optimism, which could increase trading volume and boost the token’s price.
Featured image from Pixabay and chart from TradingView.com
