The Boba Network is spreading out as they become the first L2 on Avalanche. One of their flagships is the Hybrid Compute for smart contracts. This interfaces seamlessly with Web2 APIs. Boba also offers a native NFT bridge. As a result, Avalanche projects can now bridge NFTs between L2 and L1.
So, looking at scaling blockchain networks, Boba is where it’s at. So, let’s have a look at Boba Network on Avalanche.
What Is Boba Network?
Boba Network was formerly known as OMGX. They are the first multichain Layer-2 blockchain. And as we know, multichain is the future. As a layer 2 solution, they reduce transaction costs and can handle a bigger throughput. For instance, Hybrid Compute offers up to 60x cheaper transaction fees compared to Ethereum. Scalability also improves.
1/ We’re over the slopes to announce our partnership as an official scaling solution for @avalancheavax 🌟
Avalanche offers blazing fast speeds, low costs, and eco-friendly solutions: Boba AVAX L2 holds true to those values and enhances it further! pic.twitter.com/hhj5wrCIll
— Boba Network 🧋 x 🔺 (@bobanetwork) September 21, 2022
They also offer dual-fee tokens. To clarify, you can pay for gas in the local L1 currency or BOBA. So, let’s line up all the advantages Boba Network offers:
- Hybrid Compute
- Optimistic Rollup scaling
- Multichain
- Dual fee tokens
- NFT bridging
- Secured by L1
- High throughput with low gas
So far, they already work on Fantom, Moonbeam, and Ethereum. Avalanche is their latest addition, and it makes them the first L2 there.
Source: Boba Network website.
Boba Network Is Moving in on Avalanche
With Boba now on Avalanche, devs have access to Turing Hybrid Compute. This allows for rich dApps with great utility. Boba Network NFT bridge also stands out.
They bring Web2 on-chain. In other words, they get Web3-Web2 interoperability. This gives web3 users a new experience. It mirrors that of web2, but it has a couple of advantages like decentralization and asset ownership.
Also, with this new integration, we see EvoVerses. They are a P2E turn-based strategy game. They are Boba Network’s launch partner dApp. Furthermore, they have spectacular 3D PvP gameplay. EvoVerses power this with Unreal Engine 5. So, you know the graphics will be outstanding. This will bring them the advantage of the NFT bridge and API call capabilities. With Turing Hybrid Compute, they can also scale their game.
Furthermore, Sushi, who owns SushiSwap, will deploy LegacySwap on the new L2 on Avalanche. Currently, Avalanche already deployed over 500 dApps with minimal climate impact. It’s a perfect combination. Near-to-instant finality with low fees.
.@bobanetwork, the layer-2 scaling solution with Hybrid Compute capabilities, is bringing its optimistic roll-up technology to the #Avalanche C-Chain.https://t.co/EZlZFZwbRH
— Avalanche 🔺 (@avalancheavax) September 21, 2022
Conclusion
It’s exciting news to see Boba Network become the first L2 on Avalanche. They will bring more scalability and lower transaction fees. Boba also offers a native NFT bridge. Slowly but surely Boba is spreading its wings. Avalanche is the fourth chain they deploy on.
Finally, the price of Boba Network’s native token, BOBA, is $0.297. That’s 5.4% down over the last two weeks. Given the current market conditions, that’s a good performance. The market cap is $98 million. The BOBA token max supply is 500 million and 331 million already circulated.
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