Layer 2 solutions are freeing the Ethereum network while enabling new use-cases. Boba Network is an Optimistic Rollup Layer 2 solution with new approaches to gas fees, native NFT bridging, and more. Pocket is happy to support Boba Network in decentralizing its node infrastructure and setting it into a new stage of growth.
The state of Layer 2 solutions
Layer 2 solutions are booming, with adoption from users and developers in the quest for low transaction fees, speed, and interoperability.
At the start of 2021, the Total Value Locked (TVL) in Layer 2 solutions hovered around $50 million, while in November 2021, it reached a record high of slightly over $7 billion, according to L2Beat. In just 11 months, Layer 2 solutions grew by 13,900%, showing the appeal and dire need for efficient user experiences in crypto.
Since then, TVLs in Layer 2 blockchains have ranged between $5 billion and $7 billion, consolidating their positions as true alternatives to Ethereum and other Layer 1 networks.
Analysts are divided on the growth of Layer 2 solutions and Layer 1 networks amid Ethereum 2.0. However, the scale of adoption from these rising alternatives does not seem to threaten Ethereum itself but works as a compliment, where all can thrive.
Boba Network: a Layer 2 solution with its unique spice
The team chose Optimist Rollup to ensure the easy migration between Layer 1 and Layer 2 solutions while guaranteeing that the network is Ethereum Virtual Machine (EVM) compatible and taking advantage of the security that the Ethereum natively offers.
However, Boba targeted three areas to differentiate the network from other solutions: “swap-based onramp, fast exit, and cross-chain bridging.”
The appeal of low transaction fees is one of the main selling points for Boba, alongside the increase in transaction speed due to a modified swap-based system, allowing for fast conversions between L1s and L2s. With these changes in mind, Boba Network offers very low transaction fees (less than 1 $BOBA token), high speed, and premier security based on Ethereum.
Additionally, Boba is innovating with its NFT bridging capabilities, enabling minting, transferring, and selling NFTs between networks while improving the ability of developers to deploy smart contracts that trigger AWS Lambda.
Currently, Boba Network ranks as the 6th biggest Layer 2 solution, with over $155 million in TVL.
Engaged governance with a DAO and token
Boba Network launched a native token to fuel its ecosystem with increased governance, better rewards, and more.
The $BOBA token is at the center of the team’s efforts to build a strong and engaged community through a Decentralized Autonomous Organization (DAO) that offers more control and oversight to members while offering higher staking rewards and utility.
Boba is boosting an entire ecosystem of applications, expanding blockchain’s reach
Boba Network is experiencing tremendous growth, with many popular ecosystems, tokens, DApps, NFT marketplaces, tools, and wallets in its ecosystem.
Popular applications like OolongSwap, FRAX, Multichain, Boba Punks, DeBank, and Band Protocol are bridging to Boba Network, with many others coming soon.
Pocket is thrilled to support Boba on its growth trajectory, integrate one more network into our ecosystem, and leverage the power of blockchain interoperability to scale crypto.
How Pocket is decentralizing Boba Network’s node structure
Boba Network is expanding rapidly with more applications bridging to its ecosystem. The need to keep its underlying infrastructure decentralized increases as Boba expands into a multi-chain future. That’s where Pocket comes in.
Until now, developers only had centralized solutions linking blockchain data and their applications, compromising the decentralization of projects, resulting in high costs, and being at the mercy of a single point of failure.
With Pocket’s network of 44K+ nodes, application developers can access blockchain data from 40+ networks in a decentralized, efficient, and low-cost way.
Developers now have a near-zero economic solution to access blockchain data. Developers only need to stake $POKT - our native token - and guarantee several service relays per session. This model allows for a cost-effective solution with no subscriptions for developers, boosting growth. On the other side, node runners are incentivized with $POKT to guarantee 100% uptime and decentralize RPC endpoints globally.
Pocket is actively integrating more networks, and Boba Network is a prime example of our efforts for full blockchain interoperability.
Access Boba Network via the Pocket Portal
Boba Network is the latest addition to the 40+ supported blockchains by Pocket in our mission to serve 100 networks by year-end.
Developers can now start working with the Boba Network by signing up to the POKT Portal, linking your applications, and deploying new RPC endpoints in our API portal.
Learn more about how to mint your Boba RPC endpoints and enjoy the ease of blockchain interoperability.