Binance Chain’s Bold 2024 Roadmap: Can It Achieve Mass Adoption?

• A 2024 roadmap by Binance Smart Chain released on the last day of 2023 shows a massive plan to create a One BNB paradigm. 

• The report also discloses that the BNB Smart Chain recorded 32M transactions on a single day in 2023. 

Binance (BNB) Smart Chain, in the 2024 roadmap released on January 31, 2023, disclosed that it would create One BNB “paradigm.” According to the report, its focus would be geared towards mass adoption through the creation of a multi-chain framework. Another interesting mention is that the framework would establish the connection of 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 operate as the decentralized storage sector of the BNB Chain.

The report highlighted the growing problems of lack of a comprehensive and integrated tech stack in moving the basic Web3 model to a fully on-chain Web3 framework. The introduction of One BNB in this case addresses the needs of both computational and storage since 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 32M transactions in a single day. This is an all-time high figure. It also recorded 2000 transactions per second. opBNB also emerged as the most active Layer 2 platform with an all-time high of 71M transactions in a single day. Its transactions per second stood at 4,500. On top of these, the BNB chain reduced total loss through hacking and scamming by 85 percent in 2023 compared to the previous year. 

More Plans for BNB Smart Chain in 2024

This year, the BSC gas limit is reported to be maintained at 140M. By increasing its gas limit from 100M/second to 200M/second, opBNB L2 seeks to reach 10,000 transactions per second. Upgrades would be in two phases with opBNB expected to achieve phase one in 2024. Phase two would be a long-term goal and would require that it progresses to an autonomous system.

On top of that, opBNB’s gas fees could be reduced by 5-10 times. The report discloses that upgrades such as the implementation of the EIP4844, as well as the Data Availability layer on Greenfield, would be crucial in achieving the reduction. 

While the BNB Beacon Chain is expected to phase out, new governance, staking, and MEV PBS would be integrated into the BSC. The team also seeks to position the network at a different height with much focus on interesting events such as hackathons. 

BNB Chain’s commitment extends to supporting various applications and community initiatives. The 2024 Hackathon and other events are focused on fostering innovation in high-frequency DeFi, fully on-chain gaming, AI, DePIN, DeSoc, and building high-performance infrastructure. These efforts underscore BNB Chain’s dedication to nurturing a vibrant and diverse blockchain ecosystem.

Greenfield, in 2024 would redefine the data storage and processing landscape. This includes the development of Greenfield Executable, Atomic Update, and Paymaster (AA), as well as improved middleware infrastructure. The plan is to boost its Storage Provider (SP) performance by 5 times and increase the upload speed from 2MB/s to 10MB/s. The download speed is targeted to increase from 20MB/s to 100MB/s.