Do you know that the popular ETH L-2 scaling solution, Boba Network, is currently one of the fastest-growing Decentralized Finance (DeFi) ecosystems available today?
This article is an in-depth guide about Boba Network. Revealing important information about the DeFi scaling solution. Therefore, in this article, you will discover its products, services, and top projects in the Boba ecosystem.
What is Boba Network?
Boba Network is an Ethereum-based, layer 2 optimistic rollups scaling solution. The platform is designed to improve smart contract capacity, reduce gas fees, and ensure better transaction throughput. Also, LPs have the opportunity to earn rewards from incentivized yield farming options.
With Boba, Ethereum-based developers will be able to design dapps using infrastructures like AWS Lambda. This means that Ethereum developers will have access to smart contracts that are hitherto difficult to operate on-chain or too expensive.
On the other hand, Boba Network was built and is currently being maintained by the Enya team which has several top-notch features. Some of these features include its NFT Bridge, Price Oracles, Nodes, Development Stack, etc.
For example, its NFT bridge supports both native L1 and L2 NFT. Simply put, this means that interested persons can easily transfer their NFTs between Layer 1 and Layer 2 protocols.
If you would like to create your own NFT's using Turing to generate random attributes, here is a simple howto to get you started! https://t.co/vorBppFA6A
Tag us with your unique NFTs!#BobaNetwork #BuidlBoba— Boba Network ($BOBA) (@bobanetwork) February 18, 2022
Boba Network Tokenomics
Boba Network, alongside the OMG Foundation, recently launched the $BOBA token to support the Boba ecosystem. Interestingly, $BOBA will also function as the governance token for the Boba DAO. Moreover, it will play a huge role in staking as stakers will receive xBOBA as rewards.
The token is currently available on top centralized exchanges like Poloniex, Bitfinex, Gate.io, Bithumb and is also available on decentralized exchanges. However, it is important to purchase BOBA tokens from only verifiable sources.
According to reports, BOBA currently has a circulating supply of approximately 150 million tokens. The supply will also be constantly increased for the next four years until it gets to a maximum of 500 million.
Top Projects on Boba Network
According to DeFi Llama, several top projects on the platform. Some of these projects include; OolongSwap, Synapse, BananaSwap, cBridge, Zencha Finance, etc.
Also, Boba Network currently has a TVL of $69.34 million. With OolongSwap having an estimated 44% dominance in the L2 scaling solution network. OolongSwap, a decentralized exchange (DEX) currently has a TVL of $30.55 million. And is closely followed by Synapse (SYN) with a TVL of $981.8 million.
Just added! We can now track the $WAGMI #Multeafarm on Debank now! Tysm @DeBankDeFi and everyone that liked or retweeted 💚💚💚 https://t.co/b5hQgUcth8 pic.twitter.com/ohhqtd2lvo
— OolongSwap #L222 (@OolongSwap) February 17, 2022
How To Bridge on Boba
To bridge tokens using Metamask, you need to have enough ETH tokens in your Metamask wallet. It is important to have a minimum of 0.05 ETH tokens. You also need to bridge both ETH and OMG tokens to Boba, to be able to exit the network. Therefore, here is a summarized step-by-step guide about it:
- Visit https://gateway.boba.network/ and connect your Metamask wallet.
- After connecting your wallet. Click on the ‘Bridge’ icon next to the token you want to bridge to Boba.
Source: Boba Network
- You also have the option to choose between ‘Bridge’ or ‘Fast Bridge’. The only difference is that ‘Fast Bridge’ is faster and requires 0.1% more fees.
- Input the amount of token you want to bridge
- Confirm the amount in your Metamask wallet.
Source: Boba Network
- Confirm and approve the transaction once again.
Note: Users cant edit the gas fees indicated in the transaction spend amount. Editing gas fees may result in failed transactions.
In conclusion, the platform is set to become one of the most influential layer 2 scaling solutions in the blockchain and crypto space. Interestingly, on October 28th, 2021, Boba Network launched its OVM version 2.0. Subsequently, making it easy for L1 contracts to go live on the Boba. Also, we expect to see more exciting upgrades on Boba Network.
BOBA Price Outlook
At the time of writing this article, the price of BOBA was trading at $1.53 with a market cap of $242 million and a 24-hour trading volume of $2.9 million. Also, the token is down by 3.8% in the last 24 hours.
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