Boba Network becomes a leading contender in the Ethereum Layer 2 scene
This recently released L2 solution for Ethereum has quickly jumped to second place in TVL.
With Ethereum's capacity being constantly tested, its layer 2 scaling solutions are becoming a massive narrative right now. One such project that has come on the scene is bobanetwork, finding itself quickly as one of the leading L2s on mainnet.
Here's a quick tour.
Boba gained popularity with its claims to present a unique upgrade compared to what other solutions are offering for fund withdrawals. This led the network to hit $1B in total value locked recently, pushing itself ahead of competitors like optimism, zksync, & loopring.
A major reason for this massive gain in TVL is oolongswap which is a decentralized exchange deployed on Boba. As of now, it has $420M TVL on the dex platform. According to L2beat, $BOBA and $OMG token accounts for 45.23% of TVL on the network.
Liquidity Mining
Through liquidity mining on OolongSwap, a sharp rise in the TVL of the network can be witnessed. However, the question remains for how long it can last. It will be interesting to see how boba gets more projects deployed on the network and progresses over time.
What exactly is Boba?
Boba, built by the Enya team, is part of a subcategory of Ethereum layer 2s called Optimistic Rollups. With some unique features at disposal, the network claims to allow users to withdraw funds in minutes, as opposed to days.
Optimistic rollups
Rollups are one of the most promising categories of Layer 2 solutions & they come in two distinct flavours, Optimistic being one of them. Boba Network combines the great open-source work done by the Optimism team with the research and development effort of the Enya & Boba team.
For Developers
Boba's smart contracts allow triggering arbitrary codes running on web-scale infrastructure like AWS. What it means is that it enables developers across the Ethereum ecosystem to build dApps easily that were earlier either too expensive or impossible to execute on-chain.
OMG network rebranding
The project was developed by the OMG foundation and it comes across as a rebrand of the OMG network. They worked together with the Optimism team on the scaling solution called Plasma before forking Optimism's code. This is another reason for Boba's fast growth.
Instant withdrawals
What makes the network really interesting is its ability to offer withdrawals in under 10 minutes. They've created a bridge that allows the movement between Ethereum and Boba to be relatively fast. Usually, Optimistic rollups typically require users to wait about 7 days.
Conclusion
There is a lot of focus on helping Ethereum scale and Boba has entered this race with other layer 2 solutions. The price of the Boba token since its airdrop has been going up making it a promising project to keep an eye out for.
Endnote
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