1) Introduction
I am paying upwards of $0.30 per transaction on BNB chain. Minimum gas fees on BNB chain is 1 Gwei even on less busy times. I regularly swap tokens on Pancakeswap and paying minimum of $0.22 per swap even with custom Gwei is set on the Metamask wallet under the advance options.
Benefits of Using PancakeSwap on opBNB:
Lower Fees: opBNB offers reduced transaction costs compared to the main BNB Chain.
Faster Transactions: Experience quicker transaction times due to opBNB's enhanced scalability.
2) What is opBNB chain?
opBNB is a Layer 2 scaling solution for the BNB Smart Chain (BSC), designed to offer significantly lower transaction costs compared to the main BSC network. opBNB is a Layer 2 solution developed and backed by the BNB Chain, which itself is a project of Binance, one of the largest cryptocurrency exchanges globally. Its development is part of Binance’s strategy to scale the BNB ecosystem and improve transaction efficiency.
Typical Gas Costs on opBNB:
Transaction Fees: The average transaction fee on opBNB is approximately $0.005 per transaction.
Gas Price Configuration:
Minimum Base Fee: The base fee for opBNB transactions is dynamic and depends on the demand for block space. The minimum possible base fee is 0.000000008 gwei.
Priority Fee: The priority fee, which is paid to the sequencer who includes the transaction in a block, can also be as low as 0.000000001 gwei.
Comparison with BNB Smart Chain (BSC):
On the BNB Smart Chain, gas fees are typically higher, averaging around $0.20 per transaction.
Factors Influencing Gas Costs on opBNB:
Network Demand: While opBNB is designed to handle high throughput with a block gas limit of 100 million gas per second, increased demand can still influence gas prices.
Transaction Complexity: More complex transactions that require additional computational resources may incur higher gas fees.
Optimizing Gas Fees on opBNB:
Adjusting Gas Price Settings: Users can manually set their gas fees in wallets like MetaMask. By accessing the advanced settings, you can adjust the max base fee and priority fee to optimize costs.
Timing Transactions: Executing transactions during periods of lower network activity can help in minimizing gas fees.
For the most accurate and up-to-date information on gas prices, it's advisable to consult the official opBNB documentation and utilize tools like opBNBScan.
3) How to Add OpBNB chain to Metamask?
Visit chainlist.org and search for opBNB Mainnet to add the side chain to Metamask wallet. Use the ChainID of 204 and Currency of BNB as well as the following RPC Server Address opbn-mainnet-rpc.bnbchain.org
https://chainlist.org/?search=opbnb
Go to opbn.bscscan.com/token and you will see there are on 15 reputable tokens such as WBNB, Cake, ETH, USDT with large holder and large volumes. Other tokens are meme coin aka shitcoins. I would not trade or touch them at all.
https://opbnb.bscscan.com/tokens
4) Bridge BNB token into opBNB Chain:
Go to pancakeswap. Click on Bridge on the top horizontal menu. Go to the link opbnb-bridge.bnbchain.org/deposit. I am going connect my Metamask wallet. I will pick half of my BNB to bridge so I have some left in the original chain to interact with other tokens on it.
https://opbnb-bridge.bnbchain.org/deposit
To bridge funds from the BNB Smart Chain (BSC) to opBNB, you can use the official opBNB Bridge. Here's how to proceed:
1) Access the opBNB Bridge:
Navigate to the official opBNB Bridge at https://opbnb-bridge.bnbchain.org/deposit.
2) Connect Your Wallet:
Click on "Connect Wallet" and select your preferred wallet (e.g., MetaMask or Trust Wallet).
Ensure your wallet is set to the BNB Smart Chain network.
3) Initiate the Deposit:
In the "From" section, confirm that "BNB Smart Chain Mainnet" is selected.
In the "To" section, ensure "opBNB Mainnet" is selected.
Enter the amount of BNB you wish to bridge.
Click "Deposit" to proceed.
4) Confirm the Transaction:
Your wallet will prompt you to confirm the transaction.
Review the details and approve the transaction, noting any associated gas fees.
5)Switch to opBNB Network:
After the transaction is confirmed, switch your wallet's network to opBNB to access your bridged funds.
Using opBNB Side Chain on Pancakeswap and becoming opBNB chain Liquidity Provider:
Go to Pancakeswap and select the opBNB side chain from the supported chains.
5) Pancakeswap opBNB side chain Liquidity Provider:
I found out that the WBNB/ETH on OpBNB chain on PancakeSwap is giving 15% APR on V3. Both WBNB and ETH are major tokens that does move respect to each other so your probability of impermance loss is less because they both move in same direction respect to each other.
How to Access PancakeSwap on opBNB:
1) Connect Your Wallet:
Ensure your wallet (e.g., MetaMask) is configured to connect to the opBNB network.
If opBNB is not listed in your wallet, you may need to add it manually by entering the network details provided by opBNB.
2) Navigate to PancakeSwap:
Visit the PancakeSwap website: https://pancakeswap.finance.
In the upper-right corner, select the opBNB network.
Click on "Connect Wallet" and follow the prompts to connect your wallet to PancakeSwap on opBNB.
3)Start Trading:
Once connected, you can swap tokens, provide liquidity, and participate in other DeFi activities available on PancakeSwap's opBNB deployment.
6) Risks on opBNB:
As I told you never interact with OPBNB memecoin because the risk are they are mostly rugpulls. I would not bridge lot of money into opBNB because it does not have large TVL and reputation. Only supported bridge are zkBridge and rhino.fi. Make sure you check the Defi Safety score on them. Lot of bridges get hacked such as the worm hole that make you lose all the money on bridge tokens.
Using opBNB involves several risks, including:
1. Smart Contract Risks
Bugs or vulnerabilities in the opBNB smart contracts or applications built on opBNB could lead to loss of funds.
Always use audited and reputable DApps.
2. Bridging Risks
When transferring funds between the BNB Chain and opBNB, the bridging process could face delays or exploits.
Use official or well-audited bridges to mitigate risks.
3. Layer 2 Dependence
While opBNB is designed to be a reliable Layer 2 solution, it still depends on the underlying BNB Chain.
Any issues with the BNB Chain (e.g., outages, attacks) could affect opBNB.
4. Centralization Concerns
opBNB’s sequencers (responsible for transaction processing) may be more centralized compared to the main BNB Chain.
This could pose risks related to censorship or collusion.
5. Regulatory Risks
As a Binance-backed project, opBNB could face regulatory scrutiny, particularly in jurisdictions with strict cryptocurrency regulations.
6. Market Adoption Risks
If opBNB fails to gain sufficient adoption among DApps and users, its utility may remain limited.
How to Mitigate Risks
Use Reputable Services: Stick to well-known and audited wallets, DApps, and bridges.
Stay Informed: Monitor updates and announcements from Binance and the BNB Chain team.
Diversify Assets: Avoid putting all your funds into one network or project.
Test Small Transactions First: When using opBNB or bridging funds, test with small amounts before making larger transfers.
