Boba Network Launches as Ethereum’s Newest Layer 2

Enya’s Boba Network introduced its public mainnet launch on Monday, including to a small however rising group of Ethereum layer 2 options.

The community joins different tasks, together with Polygon, Arbitrum, Optimism, zkSync and StarkWare in addressing Ethereum’s ongoing scalability points.

“Everyone has a smile after they drink boba,” Alan Chiu, founding father of Boba Network and CEO of Enya, advised CoinDesk, referring to the tea-based drink with tapioca pearls. “That’s how we would like our customers to really feel after they use [Boba network]. It evokes happiness.”

Mainnet reside, $BOBA token, Boba DAO – big day for @bobanetwork @BobaGroup!

— Alan Chiu (@alanchiu) September 20, 2021

The Boba Network is a part of a subcategory of Ethereum layer 2 options referred to as Optimistic Rollups, that are derived from the open-source Optimism codebase. However, Boba would permit customers to withdraw funds in minutes, as against days, whereas utilizing Optimism, mentioned Chiu.

Since its beta launch final month, Boba Network has partnered with a number of DeFi tasks, together with DODO, a decentralized alternate (DEX) with roughly $70 million in complete collateral locked, and Sake, a protocol that permits customers to purchase perpetual contracts.

Chiu mentioned the community will enhance demand for Ethereum by permitting engineers to construct extra refined functions utilizing a wider vary of programming languages.

“We have a characteristic referred to as Hybrid Compute, which permits builders to construct superior algorithms which might be too costly to do on-chain,” Chiu mentioned. Ethereum’s native programming language Solidity “is actually constraining, he added. “Numerous DeFi builders have needed to dumb down their algorithms.”

The venture, which was developed by OMG Foundation core contributor Enya, additionally introduced that it will be releasing a brand new $BOBA token to assist decentralized governance of the community.

“From a neighborhood perspective, we’re fortunate to have inherited the OMG community,” Chiu mentioned. “We have a DAO and a token, so BOBA token holders can take part within the governance of the community. We are additionally sharing the earnings generated from the community with our token holders.”

Existing $OMG token holders are anticipated to obtain a one-to-one drop of $BOBA tokens “later subsequent month” in the event that they bridge their $OMG tokens to the brand new Boba community.

The worth of $OMG has surged 140% over the previous three months, bringing OMG Network’s market capitalization to roughly $1.three billion.

Chiu additionally advised CoinDesk that Boba Network plans to incentivize builders with the launch of an ecosystem fund “someday in This autumn.”

“Boba is concentrating on each DeFi and NFT use circumstances,” Chiu mentioned. “We’re additionally the one layer 2 resolution with a token.”

“Ethereum actually has product market match. That’s why there’s a lot deal with serving to it scale.”