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The Final Battle of BNB Chain: AMA with Core Development Team.

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Original Title: "The Endgame for BNB Chain: AMA with the Core Development Team"Original Author: Ignas, DeFi Research

This may be my last AMA for the L1 project in the L2 era.

I am glad that the last interview of L1 was with BNB Chain. Compared with other L1 teams, it is more difficult to contact the team of BNB Chain. So I am very grateful that the core developers of BNB Chain took the time to answer my questions.

Even if you are not particularly interested in BNB Chain, you must admit that it is very important. BNB Chain consistently ranks in the top three in terms of TVL, active users, and dApp quantity.

However, BNB Chain may not be the most popular chain on Crypto Twitter, and I have even been criticized in comments for reporting on the development of the BNB Chain ecosystem.

However, numbers don't lie. Users prefer using BNB Chain. Recently, BNB Chain launched an L2 solution called opBNB on BNB Chain to improve performance and reduce gas fees.

So, among the many L2 layers, what is the significance of BNB Chain and opBNB?

Question 1

In the L2 era, what is the significance of L1, especially BNB Chain's L2? Do you agree with Sanket (Polygon) and Matter labs CEO's view that Ethereum has already won the game of L1?

BNB Chain Core Development Team

L1 and L2 solutions, such as BNB Chain and Ethereum, each have their own advantages and positioning in the Web3 world.

According to Nansen's data, there are less than 6 chains with over 1 million monthly active users. Compared to Web2, there is still a long way to go to achieve widespread adoption and reach 1 billion users. This is not about who won the L1 race, but rather embracing the diversity and specific advantages of different solutions.

BNB Chain is based on the Ethereum technology stack, including the OP Stack. We aim to focus on the actual needs of users. BSC currently has over 5,000 dapps and over 1 million daily active users. Some high-frequency trading use cases and games are currently looking for a more affordable and scalable solution, and opBNB provides them with a seamless solution in both technology and business.

So, this is not really competition. The problem is finding the best combination of solutions for different problems. After all, we are all in the same boat!

Please refer to the following diagram to understand the schematic of the BNB Chain ecosystem:

Question 2

Despite ranking in the top three in most activity indicators, BNB Chain has been criticized for being overly centralized. This centralization was exposed when the BNB bridge was hacked.

In addition, in the current regulatory crackdown on cryptocurrencies, especially Binance, don't you think this centralization makes Binance and BNB Chain users very worried?

What is your opinion on these criticisms? Do you plan to make BNB Chain more decentralized or focus on different value propositions of L1?

BNB Chain Core Development Team

BNB Chain is community-driven and not controlled by any single party. This depends entirely on the participation of users, developers, and validators. BNB Chain follows a progressive decentralization approach similar to many other top protocols.

Currently, we have approximately 46 to 49 validators, of which 32 are actively participating. Validators are selected based on the BNB they have staked.

We realize that decentralization is a process. We are eager to continue increasing the number of validators to become more decentralized over time. We plan to increase the number of active validators to 40 by the end of 2023.

Question 3

First of all, congratulations on the launch of the L2 chain opBNB! Considering the crowded market of L2 solutions, what sets opBNB apart? How will you compete to attract more users and TVL?

From a different perspective, transforming BNB Chain's L1 into a true L2, similar to what Polygon is currently doing, rather than launching an independent Layer 2 on top of BNB Chain, wouldn't that be more effective?

BNB Chain Core Development Team

Thank you very much!

As mentioned earlier, we created this L2 to provide a better experience for our over one million daily active users and 5000+ dApps that are eager for faster speeds and cost savings. Some highlights of opBNB include the lowest gas fees among all L2s, powerful gas limits per block, and consistent fees regardless of traffic. Additionally, we ensure that every transaction receives approval from all nodes to ensure top-notch security.

We support projects on opBNB through various programs, including bonuses, Kickstart, liquidity plans, marketing support, etc. We focus on projects in DappBay.

About the idea of changing BNB Chain's L1 to a true L2, it is important to remember that L1 is still crucial in the Web3 space. Launching opBNB can directly connect with a large user base of BNB Chain and help developers better meet various use cases.

BSC has a diverse and comprehensive DeFi portfolio, which does not need to be migrated to opBNB. Even in the Ethereum ecosystem, DeFi on the mainnet still dominates. BSC will be seen as the center of DeFi, while opBNB is more suitable for gaming, SocialFi, and low-latency DeFi applications such as derivatives, prediction markets, and payments.

Question 4:

What can the BNB Chain community expect? Are there any major updates or announcements to be released? We are eager to learn more about the significant milestones on the roadmap.

BNB Chain Core Development Team

We recently launched BNB Greenfield on the mainnet. This new foundational component is designed to handle data and distributed ledger technology. It provides top-notch functionality in data backup and recovery control. More detailed information is as follows:

Data Ownership: DataFi, a data unitization and exchange solution, is fundamentally different from other dStorage solutions such as Filecoin or Arweave. Greenfield will focus on empowering creators, builders, and projects to monetize their data and intellectual property (code, publications, novels, music, videos, etc.) by building, deploying, and realizing them.

Cross-chain programmability: This is established between BSC and Greenfield, and will soon be established between opBNB and Greenfield. Existing BSC/opBNB builders can seamlessly utilize Greenfield as a storage and data processing layer. Soon, games and social media dApps can be fully implemented on the chain.

Decentralized AI: This is another key topic. AI has greatly improved the efficiency of content creation (AIGC), and creators need a better data platform. In addition, the AI supply chain is now embracing Web3. For example, in decentralized AI dataset annotation and decentralized LLM training for data privacy protection. We will work with the BNB Chain community to build AI-related infrastructure around Greenfield.

Question 5:

What is the final plan and vision of BNB Chain?

BNB Chain Core Development Team

BNB Chain aims to accommodate billions of Web3 users to achieve true mass adoption of Web3. Key focus areas include decentralization, faster transaction speeds, multi-chain integration, and more support for developers.

BNB Chain
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