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opBNB: A First Look into the Latest L2 Built on the OP Stack
Sandra Leow
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Key Takeaways
2 min read
  • opBNB is an L2 built within the BNB ecosystem using the OP Stack.
  • A total of 23.4k BNB (~$5.4M) has been bridged to opBNB in the last 24 hours.
  • During their Testnet phase, opBNB has claimed to have amassed 435k unique wallet addresses as well as a transaction count of 100-150K on a daily.

opBNB did a stealth launch and opened up its Testnet to Mainnet today. opBNB can be seen as a direct competitor to Base, as they are both built using the OP Stack with similar visions. opBNB is an L2 built within the BNB ecosystem and is poised for gaming applications and decentralized exchanges to be built on top.

The L2 space is getting particularly competitive with the launches of Mantle, Linea, Base, and now opBNB launching. During their Testnet phase, opBNB has claimed to have amassed 435k unique wallet addresses as well as a transaction count of 100-150K on a daily. It would be interesting to monitor which L2s will come out on top given the PvP nature of the crypto space.

BNB Bridged to opBNB

Source: Nansen Query

A total of 23.4k BNB (~$5.4M) has been bridged to opBNB in the last 24 hours.

Total USD Bridged to opBNB

Source: Nansen Query

A total of $5.4M USD has been bridged to opBNB so far.

opBNB Wallet Rank

Source: Nansen Query

These top addresses can be useful to track and monitor if activity is picking up on opBNB chain. If the top holders are accumulating certain tokens, it might be worth digging further into.

  • The top address (besides Orbiter Finance) bridged 780 BNB (~$180k) and hasn’t done a single transaction on opBNB.
  • Another address bridged 760 BNB (~$175k) and is now accumulating FDEX (Four Dex Token) and has traded several tokens. They’ve bridged 3x times.
  • The other addresses with >400 BNB bridged are mostly MEV bots and addresses that are trading a single token (possibly to deploy token contracts).
  • Looking further down the list, EIP 1559 User bridged 334 BNB (~$77k) and accumulated both 0101 (BinarySwap token) and FOUR, alike most early bridgers in the opBNB chain.
  • Interestingly, we saw plenty of addresses that are labelled “Early BASE Bridgers” which shows potential rotation of capital from BASE to opBNB, even if short-lived currently.

How To Get Started on opBNB?

  • RPC
    • Add opBNB RPC to Metamask (other wallets are not supporting opBNB at the moment)
    • If you’re using Rabby wallet, there is an option to “Flip” to Metamask access
  • Bridging
  • Getting Assets on opBNB
    • Swap ETH to BNB using Pancakeswap/ other DEXes
    • Get BNB from Binance and bridge over to opBNB
Conclusion

opBNB just went live on Mainnet today and is still in the very early stages of adoption. The L2 space is getting extremely competitive with the OP Stack enabling users to easily spin up new chains using the infrastructure they’ve built. More than anything, this is a clear testament to the product-market fit for the OP Stack considering the partnerships and chains that has built using their underlying technology.

What would be important to monitor in the coming days is the Total Value Bridged to chain, the new protocols launching on top of opBNB (apart from DEXes), integration with other bridges and Ethereum native protocols, etc.

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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.