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Gitumani Talukdar
Nov 29, 2021
by Gitumani Talukdar

Ethereum L2 Scene Intensifies with Boba Network Picking Second Spot in TVL

Ethereum L2 Boba Network
The freshly released Boba Network – an L2 layer for Ethereum has leaped to acquire second place in Total Value Locked (TVL) amongst expansion layers. 

Boba – a branch of Optimism touches $1 billion in TVL, predominating Optimism. The key reason behind this is the profitable percentages availed on behalf of Oolongswap - Boba's first decentralized exchange, offering contributions above 1,000%.

Boba Network L2 enjoys fame

During the last week; the Boba Network – a newly furnished L2 layer for Ethereum reports having gained beyond 50% in value. The platform had outshined its sibling dallying behind Arbitrum - the controlling L2 solution for Ethereum ascending at present.

The drawback with Ethereum at present is its scaling. The scaling has emanated in the mounting of this type of solution. Also, the scaling offers users the opportunity of paying fewer fees and enjoy more security of transactions managed by the Ethereum blockchain.

Nonetheless, Boba asserts presenting a unique upgrade as compared to alternative solutions offered for fund withdrawals. Boba lets users withdraw funds on L2 per minute against other L2 layers withdrawal periods of 7 days.

Oolong Swap deployed

TVL's network is witnessing a rise basically due to the projection of Oolongswap - the first native decentralized exchange (dex). The exchange, scarcely a month ago, gives high percentages in yield farming, sometimes as high as 1,000%. Due to this high yield percentage, aspirants seeking profits bridge their assets to the Boba Network in Oolongswap.

Defillama, a defi tracking platform's data says, "Oolongswap's TVL is at present, around $463 million. This is a bit more than a third of the assets managed on the Boba Network currently."

An identical event occurred on the launch of the L2 Ethereum solution Arbitrum. Yield seekers were persuaded to overpass their funds and deposit to a yield platform – Arbinyan. Furthermore, gossip of an Arbitrum-native token airdrop promoted this movement.

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Ethereum L2 Scene Intensifies with Boba Network Picking Second Spot in TVL
Gitumani Talukdar
Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

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