Categories: 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.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.