Boba Network (Thread)

L1/L2 $BOBA L2 Scaling

A Thread about

@bobanetwork is an $ETH alts that focuses on the L2 ecosystem. The protocol promises lower gas fees, fast finality tx, hybrid compute that can trigger AWS Lambda, and secured by ETH!

Partners:

@coin98_wallet
@OolongSwap
@fraxfinance
@myetherwallet
@MultichainOrg
@SynapseProtocol
@witnet_io
@API3DAO

Fundings:

Series A ($45M)

@DeFi_NEO (lead)
@hack_vc
@shimacapital
@ROKCapital
@hypersphere_
@LD_Capital
@joshfraser
@IOST_Official
@BitMartExchange
@SanctorCapital
@gbvofficial
$CRO

The protocol is founded and maintained by @enyaai. Core team consists of

@alanchiu (CEO)
@JanLiphardt (Chief Tech)
@VioletAbtahi (COO & CMO)
@s_t_howell (Head of Growth)
@FerasAlSadek (Head of MENA Region)

Into the boba we go!

$BOBA is a compute-focused Optimistic Rollup @optimismPBC. Boba uses the Turing hybrid compute to achieve max capabilities of ETH ecosystem.

*Technical Details

Turing performs using L2TGeth – Go Ethereum. Enabling devs to use single line function calls.

(source: here)

Additionally, Boba added functionalities atop of Optimism:

providing new cross-chain messaging
different gas price logic, rapid L2 -> L1 exits (without 7d delay)
public fraud detector interacting L2 ETH using normal ETH methods
organized as a DAO
native NFT bridge

Thanks to the augmented Optimistic Rollup, gas price on Boba L2 change every 30s with 5% max percent change (i.e. gasPrice is 10 Gwei → the next price will be around 9.5 - 10.5 Gwei)

Slightly deviating from Boba, but Optimistic upgrade to v2 introduces several changes:

Contract source code must be verified
Verified source code will be recompiled with standard Solidity compiler
ETH no longer ERC-20 compatible
Altered Boba fee scheme
EOAs no longer contract wallets
Gas usage decrease

For those interested in developing an app in Boba, use The Graph! It’s an indexing protocol for organizing blockchain data with a service – GraphQL. Just connect to an API through Boba and Voilà!

Boba bridge supports NFT for both L1 and L2. Below is the flowchart representing the NFT bridge from the docs.

Supporting the network, $BOBA is the native token with the main use cases as governance and staking.

$BOBA has a fixed total supply of 500M, currently ~150M in circulation. Remaining amounts are linearly released over the next 4 years. Those that receive BOBA in TGE are $OMG hodlers.

(image from here)

BOBA has an incentive program called WAGMI. The current incentive is WAGMI v2: users with increase in overall transaction count and best devs dApps for project-specific KPI will be rewarded.

Sponsor/partners for WAGMI v2 are @OolongSwap @dominationfi @BodhFinance @ThetanutsFi @SatisDEX @CelerNetwork @AcrossProtocol

State of Boba

$66.63M TVL including staking, LP farming, and borrowings.

Top 3 by TVL are $OLO (44.38%) – Boba’s DEX & AMM, $SYN (17.75%) – cross-chain liquidity network, and @BodhFinance (15.85%) – Boba’s lending platform.