Boba Network has grown by 1551% and outperforms Loopring, dYdX, Optimism – New Ethereum Layer-2 Champion?
Ethereum has developed countless Layer 2 solutions over time with a never-ending heatbrush war. However, the advent of Boba Network (BOBA) challenged some of the longstanding Layer 2 solutions and rose to # 2.
New Ethereum Layer 2 Champion?
Layer 2 solutions have seen solid dominance from arbitrum, but second place has been a matter of competition for some time.
Optimism used to be in second place, but was overtaken by dYdX after October. And now that position belongs to Boba Network.
Layer 2 diagram | Source: L2beat
Boba Network’s Total Locked Value (TVL) has been around $ 40 million for months. However, in the last 10 days alone, TVL has grown from $ 87 million to $ 1.4 billion, an increase of 1,551 percent.
TVL. by Boba Network | Source: L2beat
The reason for this strong development is that protocols were built and developed on Boba. In particular, OolongSwap became the first automated market maker (AMM) DEX on the Boba Network.
TVL increases
OolongSwap’s TVL was $ 9 million 12 days ago and is now $ 477 million, up 5,200%.
TVL. by OolongSwap | Source: DeFi Lama
With over 5,000 users, OolongSwap has 95,977.21 ETH worth nearly $ 397 million.
Although Boba Network only has 5 active protocols, it does better than Optimism with 9 protocols.
The surge in OolongSwap made a significant contribution to the overall TVL of Ethereum this week. Mainly because while DEXs are the second largest contributor, their performance last week was terrible, down 6.51%.
However, this week it is up 4.08%.
Distribution TVL Ethereum | Source: Coin98
Boba Network also launched its own token on Nov 22nd, BOBA traded at a high (ATH) of $ 7.50 in 4 days prior to yesterday’s correction at an 80% increase at the moment.
BOBA price campaign | Source: TradingView
Boba Network is growing all the time, which is a good sign. A few days ago even the 100,000 transaction mark was exceeded. At Ethereum, however, high gas fees are a burning issue that could affect Boba’s growth in the future.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
Boba Network has grown by 1551% and outperforms Loopring, dYdX, Optimism – New Ethereum Layer-2 Champion?
Ethereum has developed countless Layer 2 solutions over time with a never-ending heatbrush war. However, the advent of Boba Network (BOBA) challenged some of the longstanding Layer 2 solutions and rose to # 2.
New Ethereum Layer 2 Champion?
Layer 2 solutions have seen solid dominance from arbitrum, but second place has been a matter of competition for some time.
Optimism used to be in second place, but was overtaken by dYdX after October. And now that position belongs to Boba Network.
Layer 2 diagram | Source: L2beat
Boba Network’s Total Locked Value (TVL) has been around $ 40 million for months. However, in the last 10 days alone, TVL has grown from $ 87 million to $ 1.4 billion, an increase of 1,551 percent.
TVL. by Boba Network | Source: L2beat
The reason for this strong development is that protocols were built and developed on Boba. In particular, OolongSwap became the first automated market maker (AMM) DEX on the Boba Network.
TVL increases
OolongSwap’s TVL was $ 9 million 12 days ago and is now $ 477 million, up 5,200%.
TVL. by OolongSwap | Source: DeFi Lama
With over 5,000 users, OolongSwap has 95,977.21 ETH worth nearly $ 397 million.
Although Boba Network only has 5 active protocols, it does better than Optimism with 9 protocols.
The surge in OolongSwap made a significant contribution to the overall TVL of Ethereum this week. Mainly because while DEXs are the second largest contributor, their performance last week was terrible, down 6.51%.
However, this week it is up 4.08%.
Distribution TVL Ethereum | Source: Coin98
Boba Network also launched its own token on Nov 22nd, BOBA traded at a high (ATH) of $ 7.50 in 4 days prior to yesterday’s correction at an 80% increase at the moment.
BOBA price campaign | Source: TradingView
Boba Network is growing all the time, which is a good sign. A few days ago even the 100,000 transaction mark was exceeded. At Ethereum, however, high gas fees are a burning issue that could affect Boba’s growth in the future.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions
Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days
Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election RallyÂ
Press Release
Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions
Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development
