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A Layer 2 Ethereum scaling and augmenting solution, Boba Network lowers gas fees, enhances the capabilities of smart contracts, and improves transaction throughput. Boba Network’s native token, BOBA, reached an all-time high of $7.93 on Nov. 25, 2021, and recorded its all-time low of $0.99 on Nov. 19, 2021. Read on to learn more about Boba Network, how it works, and what the BOBA token has in store for its users.
Founded by Alan Chiu in 2018, Boba Network is a blockchain augmenting solution based on the Optimism codebase with Layer 2 Ethereum scaling. Boba uses Optimistic Rollup technology, in which Optimism uses a smart contract to pass on transaction data from the main Ethereum chain to a Layer 2 network. The sequencer bundles multiple transactions into a batch, then submits the batch back to the main chain through a single transaction.
Boba Network comprises innovative features, like a swap-based on-ramp, fast exit, and cross-chain bridging; aims to provide affordability to DeFi and NFT DApps on Ethereum; and supports micro-transactions, which are usually expensive on Ethereum. The network also improves transaction speed and costs by transferring them to Layer 2 while maintaining security levels from Ethereum.