The Ethereum L2 Scene Is Heating Up, With Boba Network Winning Second Place in the TVL

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The Boba Network L2 is gaining in popularity

The Boba Network, a freshly published L2 layer for Ethereum, has risen to the second position among L2 solutions in terms of total value locked (TVL), earning more than 50% in value in the previous week. The platform, a fork of another Optimistic rollup called Optimism, has outperformed it and is now only behind Arbitrum, the premier L2 solution for Ethereum scaling.

The challenges with scalability that Ethereum is experiencing have led to the creation of this kind of solution, which allows users to pay lower gas prices while still benefiting from the security of transactions processed by the Ethereum blockchain.

On the other hand, Boba promises to provide a specific enhancement above existing options for money withdrawals. While other L2 layers have seven-day withdrawal limitations, Boba enables customers to withdraw assets from L2 in minutes.

Oolongswap has been deployed

The network’s surge in TVL is most likely due to the debut of Oolongswap, the first native decentralized exchange (dex) on its platform. The trade, which is less than a month old, provides high yield farming percentages, exceeding 1,000 percent. As a result, profit-seekers are likely to have bridged their assets to the Boba Network and deposited them in Oolongswap to reap the advantages.

When Arbitrum, the now-leading L2 Ethereum solution, was started, the same thing occurred. Yield seekers were tempted to bridge their monies and deposit them into a yield platform called Arbinyan, which, like Oolongswap, promised depositors extraordinarily high yield percentages. Speculations of an Arbitrum-native token airdrop further aided this momentum.

Oolongswap’s TVL is now about $463 million, as per information from Defillama, a defi monitoring software, a little more than a third of the assets now handled on the Boba Network at the time of writing.

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