Skip to main content

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than $1 billion in TVL, surpassing Optimism. This is likely due to the profitable percentages offered by its first decentralized exchange, Oolongswap, which offers yields of over 1,000%.

Boba Network L2 Gains Popularity

The Boba Network, a recently released L2 layer for Ethereum, has reached second place regarding total value locked (TVL) among L2 solutions, gaining more than 50% in value during the last week. The platform, which is a fork of Optimism, another Optimistic rollup, surpassed its sibling to fall just behind Arbitrum, the leading L2 solution for Ethereum scaling currently.

The problems Ethereum is facing regarding scaling have resulted in the rise of this kind of solution, which offers users the possibility of paying less in gas fees but enjoying the security of transactions being processed by the Ethereum blockchain.

However, Boba claims to present a unique upgrade compared to what other solutions are offering for fund withdrawals. While other L2 layers present withdrawal periods of seven days, Boba allows users to withdraw funds on L2 in a matter of minutes.

Oolongswap Deployed

The rise in TVL of the network is most likely due to the launch of the first native decentralized exchange (dex) on its platform, Oolongswap. The exchange, less than a month old, offers high percentages in yield farming, some going over 1,000%. This has likely led profit-seekers to bridge their assets to the Boba Network, depositing these in Oolongswap to enjoy the benefits.

The same phenomenon happened when the now leading L2 Ethereum solution Arbitrum launched. Yield seekers were enticed to bridge their funds and deposit them to a yield platform called Arbinyan, which, in the same way that Oolongswap is doing now, offered very high yield percentages for depositors. Also, rumors of an Arbitrum-native token airdrop contributed to this movement.

According to data taken from Defillama, a defi tracking platform, Oolongswap’s TVL is now around $463 million, a little more than a third of the assets currently managed on the Boba Network at the time of writing.

What do you think about the Boba Network and its rise in TVL? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3cYhrNi
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more