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🚀BNB Chain's First L2 To Launch This Month
The Defiant Daily
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Binance announced it will deploy opBNB, BNB Chain's first L2, by September. OpBNB is Binance's answer to the surging dominance of Etherum's Layer 2 ecosystem.
In other Layer 2 news, Polygon's transaction fees and transaction volume curiously decoupled in Q2. Average fees flew 225% in April while the number of daily transactions sank by one-third over the same period.
Emissions for Curve's CRV token have been slashed by 16%, The annual reduction in CRV supply inflation coincided with the third anniversary of the token's launch.
And y00ts, a popular Polygon-based NFT collection, announced its migration to Ethereum. The news follows y00ts' exodus from Solana earlier this year.
✍️ In today’s newsletter:
- Binance schedules opBNB launch for August
- Polygon's fees spike while activity drops in Q2
- CRV supply inflation down 16%
- y00ts migrates from Polygon to Ethereum
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $29,772 | ↙ -0.46% |
| ETH | $1,865 | ↙ -1.44% |
| S&P 500 | $4,536 | ↗ 0.03% |
| GOLD | $1,964 | ↙ -0.2% |
| Arch WEB3 | 0.93pts | ↙ -0.3% |
| ↳ FINANCE | 0.98pts | ↙ -0.5% |
| ↳ INFRA | 0.85pts | ↙ -0.22% |
| ↳ CONSUMER | 1.10pts | ↗ 0.2% |
Learn more about Arch Indices here.
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Layer 2
Binance To Launch opBNB Layer 2 Network Later This Month
TLDR Binance will launch BNB Chain's first Layer 2 network, opBNB, this month. OpBNB leverages Optimism's open-source tech stack to offer BNB Chain-based optimistic rollups.
SO WHAT The move is intended to position BNB Chain as competitive with Ethereum's broader scaling ecosystem, with Ethereum L2s eating into the market share of cheap Layer 1 networks like BNB Chain over from 2022.
Ethereum Scaling
Polygon’s Fee And Transaction Volumes Diverged In Q2
TLDR Average transaction fees more than tripled on Polygon's PoS Chain in April while activity decreased. The trend reversed for the rest of Q2, with fees declining while transaction volume rebounded.
SO WHAT Polygon's PoS Chain remains a top Ethereum scaling solution by TVL and transaction volume despite many of its fresher-faced rivals boasting higher transaction throughput and cheaper fees. Polygon now plans to merge the PoS Chain with its cutting edge ZkEVM, combining the PoS Chain's robust DeFi ecosystem with the advanced functionality of ZkEVM.
Markets
CRV Emissions Drop By 16% As Token Turns Three
TLDR The rate of new CRV issuance fell by 15.9% on Aug. 13. The drop in CRV emissions is programmed to take place annually on the anniversary of the token's launch.
SO WHAT The news follows a bearish couple of weeks for CRV, with an exploit targeting Vyper, an Ethereum programming language used by Curve, driving down the token's price by one-third.
NFTs
y00ts NFT Collection to Migrate to Ethereum
TLDR The popular NFT colleciton, y00tz, announced it will migration from Polygon to Ethereum at a later. The project will return a grant it received from Polygon.
SO WHAT The move is intended to unify the community of y00tz and its sister-project DeGods — which moved from Solana to Ethereum April. Y00tz also migrated from Solan to Polygon in Q1.
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Pro-Bitcoin candidate Javier Milei wins primary race in Argentina (The Street)
- Crypto custodian Prime Trust files for bankruptcy protection (The Block)
- Sei Mainnet is Live After Testnet Sees More Than 7.5M Wallets Created (CoinDesk)
