Boba Network integrates Fantom and Moonbeam

Boba Network, a Layer 2 solution that improves Ethereum, is the first Layer 2 to open a multi-chain implementation to Fantom and Moonbeam.

Boba Network is positioned as a next-generation Layer 2 on Ethereum, born to solve the speed and transaction fee problems for the current Layer 1 platform. Boba has so far only been deployed on Ethereum. With the event of integrating Fantom and Moonbeam, Boba has officially become a multi-chain platform from now on.

Both Fantom and Moonbeam are Layer 1 blockchains compatible with the Ethereum EVM virtual machine. Fantom (FTM) exists as a Layer 1 that notably competes with Ethereum which has a total value of locked (TVL) of $1.6 billion according to data from DeFi Llama.

Meanwhile, the first active parachain on Polkadot Moonbeam is the ideal destination for multi-chain applications on this ecosystem, the project token is GLMR which has increased 200 times after being listed on Binance.

On the other hand, Boba Network plans to give developers on these two chains access to a service called Hybrid Compute. This is a tool that allows blockchain applications to interact with off-chain cloud data, like those created by social media platforms.

Boba Network was built by Enya in 2018. However, the project only really caught the attention of the community when it launched the BOBA mainnet and governance token last September and from the BOBA airdrop campaign for users. back in November. The project team intends to continue to develop the network as a decentralized autonomous organization (DAO).

CEO of Fantom Foundation, Michael Kong while speaking about the launch of Boba Network on Fantom blockchain said that the integration is going to help bring growing scalability to Fantom blockchain and to deliver the resources that developers need for creative designing, large scale dapps, etc.

Boba Network currently has a TVL of about $82 million, ranked 6th in the top of the largest Layer 2 solutions on Ethereum, up one place compared to 2 months ago.

In the midst of the market disruption, Layer 2 projects in the last month suddenly received a significant boost, and the TVL of the entire network has set an all-time high. At that time, Boba Network was also invested $45 million by many big companies, raising the company’s valuation to $1.5 billion, officially becoming a unicorn.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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