Optimism (OP) Soars Over 6% Following Launch On BNB Chain

Optimism

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Optimism price is basking in the news of BNB Chain’s newly introduced Optimism-powered layer-2 testnet opBNB. On June 19, BNB Chain announced the launch of its opBNB testnet. The newly launched layer-2 scaling solution based on Optimism Stack will boost the Binance Chain network’s security and scalability. 

Following the launch, the Optimism token has scored an over 6% price increase today, June 20, after an over 3% decline on June 19.

Binance-owned Blockchain Newly Introduced Optimism-powered Layer-2 Scaling Solution

The scaling solution, opBNB, will increase transaction throughput, reducing network fees. BNB Chain currently processes about 2,000 transactions per second at $0.10 per transaction. However, according to the latest announcement, opBNB would support over 4,000 transactions per second at a cost below $0.005. 

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BNB Chain noted that opBNB optimizes data accessibility, and catching layer, and adjusts the submission process algorithm to enable simultaneous 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 the mass adoption of blockchain technology. Optimism scales transactions using Optimistic Rollups, which process data off-chain to fasten things on the Ethereum mainnet.

The newly launched scaling solution is Ethereum Virtual Machine (EVM)-compatible. That means it is interoperable with Ethereum-based smart contracts, networks, and ERC-20 token standards. Furthermore, the announcement noted that the remote procedure call service layer simplifies the integration process through a user-friendly interface. 

With that, developers can focus on building applications without worrying about complexities associated with layer-2 scaling. News of this development has increased Optimism (OP) sentiment, evident in the increased trading volume. 

At the time of writing, the Optimism token has recorded a 24-hour increase in trading volume of over 140%. BNB Chain isn’t the only network to leverage Optimism’s scalability. Optimism is known for its excellent scaling capability. 

In a previous development, World ID and World App, a grass-free crypto wallet founded by OpenAI CEO, Sam Altman, migrated to Optimism to leverage its layer-2 scaling solution.

OP’s price currently hovers at $1.175 in the daily chart. | Source: OPUSD price chart from TradingView.com

OP Coin Price Outlook

Optimism’s bullish price momentum has propelled it to second place among top-gaining coins today. Optimism (OP) price has increased by 6.61% over 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 data shows a TVL of $3.35 billion and a 24-hour volume of $264 million. 

The latest integration suggests more network activity and utility for Optimism, which could boost trading volume and propel the token’s price upward.

Featured image from Pixabay and chart from TradingView.com
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