- A 2024 roadmap from Binance Smart Chain, published on the last day of 2023, shows a large-scale plan to create a One BNB paradigm.
- The report also reveals that the BNB Smart Chain recorded 32 million transactions in a single day in 2023.
Binance (BNB) Smart Chain announced in its 2024 roadmap released on January 31, 2023 that it would create a “One BNB Paradigm.” According to the reportits focus would be on mass adoption by creating a multi-chain framework. Another interesting mention is that the framework would establish the connection between the Binance Smart Chain (BSC), the opBNB and the Greenfield layer.
While the opBNB is designed to support large-scale decentralized applications (dApps), the Greenfield layer is designed to function as the decentralized storage sector of the BNB chain.
The report highlighted the growing challenges of the lack of a comprehensive and integrated tech stack when moving from the basic Web3 model to a fully on-chain Web3 framework. The introduction of One BNB in this case addresses the needs of both computing power and storage, as it is very important for the scalability of large-scale Dapps.
It is important to note that BNB smart chain was one of the most active L1 blockchains in 2023 with 32 million transactions in a single day. This is an all-time high. It also recorded 2000 transactions per second. opBNB also emerged as the most active Layer 2 platform with a record 71 million transactions in a single day. The number of transactions per second was 4,500. Additionally, the BNB chain has reduced overall losses from hacking and scams by 85 percent in 2023 compared to the previous year.
More plans for BNB Smart Chain in 2024
This year, the BSC gas limit will reportedly be maintained at 140 million. By increasing the gas limit from 100 million per second to 200 million per second, opBNB L2 aims to achieve 10,000 transactions per second. The upgrades would take place in two phases, with opBNB expected to reach phase one in 2024. Phase two would be a long-term goal and would require transitioning to an autonomous system.
In addition, OpBNB’s gas rates could be reduced by a factor of 5 to 10. The report reveals that upgrades such as the implementation of EIP4844, as well as the Data Availability layer at Greenfield, would be crucial to achieving the reduction.
While the BNB Beacon Chain is expected to be phased out, new governance, staking and MEV PBS would be integrated into the BSC. The team is also trying to position the network at a different level with a lot of attention to interesting events such as hackathons.
BNB Chain’s commitment extends to supporting various applications and community initiatives. The 2024 Hackathon and other events aim to promote innovation in high-frequency DeFi, fully on-chain gaming, AI, DePIN, DeSoc, and building high-performance infrastructure. These efforts underscore BNB Chain’s commitment to nurturing a vibrant and diverse blockchain ecosystem.
Greenfield would redefine the data storage and processing landscape by 2024. This includes the development of Greenfield Executable, Atomic Update and Paymaster (AA), as well as an improved middleware infrastructure. The plan is to increase Storage Provider (SP) performance fivefold and increase upload speed from 2 MB/s to 10 MB/s. The intention is to increase the download speed from 20 MB/s to 100 MB/s.