- The protocol aims to help reduce gas costs for L2 transactions.
- Development activity on the network has dropped, but there are upcoming node changes.
On October 26, BNB chain has announced that it has set a date for the Fermat hard fork test grid. According to BNB Chain, a cross-chain smart contract protocol, the event will take place on November 3 between 14:00 – 14:15 UTC+8 at block height 12113000.
Realistic or not, here it is BNB’s market capitalization in OP terms
For context, a hard fork refers to a change in the protocol of a blockchain network that requires users and developers to upgrade to the latest version of the software.
In some cases, a hard fork leads to a cryptocurrency being split. A popular example is Bitcoin [BTC] hard fork that resulted in the development of Bitcoin Cash [BCH].
To pave the way for transactions and data
For BNB Chain, the Fermat hard fork would paving the way for interoperability between opBNB and BNB Greenfield. In simpler terms, the upgrade would allow for a reduction in L1 gas rates for L2 transactions.
In April, BNB Chain launched the Groenveld testnet to improve data storage and protocol ownership. onBNB was also developed using the Optimism [OP] Stack to enable faster and cheaper transactions on the BNB chain.
From Token Terminal factsthe number of core developers in the BNB chain has decreased compared to the number in the last 180 days. At the time of writing, there were 42 core developers in the chain. This decline implies that developers’ commitment to improving the network was relatively low.
Meanwhile, transactions per second (TPS) on the network have improved. With a TPS of 39 you could conclude that the opBNB had a positive effect on activity within the BNB chain.
Source: Token terminal
Please take these steps into account
BNB Chain also provided clear instructions that developers and users may need to follow religiously in preparation for the Fermat testnet. According to the protocol’s blog post, the BNB community developers should upgrade their nodes to opNode v0.2.0 and opGeth v0.2.0 before the hard fork time.
By definition, a node is a computer network responsible for keeping a blockchain network running. Each node is a separate computer built to store information on the blockchain while also acting as a distributed ledger. BNB Chain noted that the action was important because:
“The upgrade will ensure that their nodes are compatible with the new pre-built contracts and can continue to function smoothly after the hard fork.”
The disclosure also explained the benefits of upgrading to opNode v0.2.0 and opGeth v0.2.0.
How many Worth 1,10,100 BNBs today?
Regarding opNode v0.2.0, BNB Chain noted that L1 fixed gas would increase to 3Gwei. In testnet mode, gas can reach a maximum of 5 Gwei.
Gwie is a unit of Ethereum [ETH] used to specify gas prices. On the other hand, opGeth v0.2.0 would enable two new pre-built contracts to verify signatures in smart contracts and validate light blocks.