On June 5, the US SEC filed a lawsuit against Binance.
They threw accusations saying that Binance was involved in the sale of unregistered securities. According to SEC Chair Gary Gensler; Changpeng Zhao, the founder of Binance, is participating in a complex conspiracy that involved fraud, conflicts of interest, a lack of disclosure and willful disregard for the law.
In Binance’s statement, they said that it was disappointing that the SEC chose to bring the lawsuit and throw their accusations instead of working with them to resolve the issues in a reasonable and clear manner. Because of the allegations and lawsuit, the market moved, Bitcoin declined by about 5%. After a day filing a lawsuit with Binance, the SEC also filed a lawsuit against Coinbase alleging that it had broken security laws with its staking program and had not registered as a clearing agency, broker, or exchange. However, upon hearing the lawsuit against Coinbase, the market held steady because of Coinbase’s action.
Binance, however, is unbothered by this litigation and recently unveiled their Layer 2: blockchain opBNB. With this rollout, numerous benefits will flow for the BSC projects and BSC network developers. Because of the EVM-compatible platform, developers may now easily adapt or expand current Ethereum programs to BSC. That is a good thing to hear!
With the EVM-compatible platform, developers can now efficiently reach a wider audience and users in the crypto world. And since the opBNB has a higher scalability and cheaper transactions costs, it improves user experience! Due to this, it is especially appealing for applications with substantial daily active user bases and frequent microtransactions. opBNB is more than just a standalone Layer 2 solution because it is an essential part of the growing BSC ecosystem.
The Layer 2 is a very good move for the improvement of BSC network. Since we are all aware that blockchains are afflicted by network congestions whether what network or chain that is. Everyone is also affected by excessive fees during a congestion or a heightened network demand.
“According to BNB chain, there are currently 2000 transactions per second at a cost of about $0.10. Now, the opBNB can support over 4000 transactions per second at an average transaction cost of less than 0.005$”according to the statement
Despite the lawsuit and unreasonable accusations, Binance still made a move on improving their their network, an improvement that will benefit every user.