Boba, who grew 250% overnight, could become Level 2's next president

Boba Network's total block volume (TVL) rose from US $ 870,000 to US $ 300 million on November 14, and by December, with phase 2 and over TVL one billion, it had grown to a third of the network. It has become the new core of Layer 2 circuits.What is the new development of Boba Network, which is more than 100 times that of TVL, and can it become a representative of the next generation 2?

Footprint Analysis: TVL Layer 2 Protocol

01

About the Boba network

Boba Network (hereinafter referred to as Boba) is an L2 Ethereum development and development solution., produced by the Enya team as a key contributor to the OMG Foundation.

The leader of Boba Network is OMGX Network, OMGX Network is one of the first Ethereum expansion projects to develop Phase 2, focusing on paid sites and plasma-based scaling solutions , but with new issues such as optimistic stacking of Layer 2, OMGX Network As the leadership of Boba Network has gradually declined, the "changes" for Boba Network come back to the bigger battle. Enya announced the Boba Network Mainnet beta on August 19, joined by OMG. and the Enya teams.

As part of Optimism, Boba not only has the features of Optimism to ensure the security of Ethereum, but also special features such as reducing fuel costs and increasing exchange rates (the number of requests processed by the system at the same time). ) to extend the capabilities of smart contracts. Among them, the rapid shutdown, supported by community-driven community marketing, reduced the end of the 7-day raise to just minutes, giving LPs the opportunity to promote trust.

02

Boba data processing

1

TVL

In just two weeks, Boba's TVL grew from $ 87 million to $ 1.437 billion.

Footprint analysis: Boba Network TVL

According to Footprint Analytics, Boba's TVL topped $ 1.4 billion in two weeks, up 1,500% from $ 87 million.

There are two reasons for this increase.

-Boba's technological innovation, solves trade congestion and high oil price issues in Ethereum app resulting in higher usage.

-The first DEX project, Oolongswap, will be published on Boba's mainnet., TVL rose 24,800% from $ 1.26 million on November 6 to $ 314 million today, giving back over 100% and even over 1,000%. Oolongswap, Boba's mobile hub, describes the market's dynamic exchange rate strategy, before offering the best, lowest, and lowest prices on Boba.

Footprint analysis: Boba Protocols TVL

Source of screenshot: Oolong Swap official website

However, Boba's TVL has not increased recently, but has fallen to $ 915 million. It is believed to have a lot to do with Boba banning evidence of fraud. Users run local validation software and verify their usability. . root (eg rollup status) Merkle root, event content includes balance, contract, etc. rollup, but cannot work on channels. Uncertainty remains on the rise of Boba.

2

volume of trade

Boba's market share increased further and the token price rose from a reported US $ 1 to a high of US $ 7.71.

To support the Boba network, BOBA tokens were created on November 19 under the aegis of Boba DAO, which can join Boba to receive the award.

According to Boba's data, Boba testnet now uses ETH as the top price, and after Boba's mainnet exit, OMG Token OMG support network will take priority because the price is too high. Of course, Boba's long-term vision is to promote as many valuable tokens as possible.

Footprint Analysis: Boba Volume and Price Trends

According to Footprint Analytics, from November 20 to December 5, BOBA's market volume increased by 461% and the price of BOBA's token increased by $ 7.71 on November 25, but fell to 3.68. . ) In the case of public channels such as Solana and Terra, which emerged in the second half of the year, BOBA still has good growth potential.

03

What is the new version of Boba on phase 2 and how does it differ from expectations?

Footprint analysis: set of 2 Top 10 rules

On the top 10 layers 2 and networks, there are three additional solutions: Optimistic Rollup, ZK Rollup and Validium.

Boba was created under the laws of Optimism, and Boba and Optimism have similarities.

-Evolve your solutions through optimization. While the overall goal can be easily supported, NFT scaling has its limitations, often considering the fact that top quality does not leave NFT quickly and makes it ideal for targeting.

-fuel saving. As the second tier of Ethereum, high fuel cost solutions are paramount. Boba and Optimism solve the highest oil problems.

-Supports ten times the throughput. Act quickly.

The difference between Boba and Optimism is also clear.

-Compatible with EVM(inherits the security guarantees and the distribution of the network on which it is running). Since Boba is fully EVM based on smart contract and its kernel is based on OVM 2.0, it is very easy to migrate Ethereum smart contract to Boba.

-At the end of the second cycle. Boba users can transfer funds in and out of the network within minutes. For example, process 2 typically takes around 45 minutes to 3 hours, and Reconstruction will end the process in 7 days. longer.

In summary, lower costs, shorter outlets, and improved supply chain reliability make Tier 2 one of the most lucrative and important revenue streams in the market, and also has a major impact on the market. Ethereum network.

concludes

Based on the Layer 2 Strategic Project, Boba provides users with a cost-effective and cost-effective solution, reducing fuel costs and Ethereum congestion issues, and ensuring Ethereum's security. In addition, Boba has partnered with Coin98 Wallet, DODO, API3 and Anyswap and other reputable companies in a short period of time to gain the trust of users.

Based on Boba Partners news and statistics

So let's see if Boba is suitable for long-term investors from two angles.

In short, the Boba network was created by the Optimism codebase and is a branch of Optimism.The Optimism PBC team was formed in early 2020. They do extensive research on possible solutions and discuss user experience. $ 87 million in just two weeks. This is best accomplished by a few groups, and it still requires research and long-term research to invest in events that are beneficial for those who aim to recover from extreme anxiety and self-management of risk. .

In the long run, Boba Network is a new business.Mainnet has not been online for a long time. While it can support high volume depending on the type of improvements the team makes, stick to the crypto space assumptions, update and redo regularly, and keep. nowadays. Complete the market transformation and rapid change of strategy.