The central theses

  • A new optimistic rollup created by Enya and OMG Network has gone live on the mainnet.
  • Boba Network will compete with Optimism and Arbitrum.
  • Unlike other rollups, Boba Network offers fast transfers to the Ethereum mainnet.

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Enya and OMG Network have released the mainnet beta of a new Layer 2 Optimistic Rollup called the Boba Network.

Boba Network goes live

A new Layer 2 solution that Enya has developed in collaboration with OMG Network has gone live on the mainnet.

Boba Network is an optimistic roll-up solution for scaling Ethereum. Enya worked on the project in partnership with OMG Network; it was formerly called OMGX.

According to Enya, Boba Network can help make DeFi and NFTs cheaper. It combines optimistic rollups with the scaling capabilities of OMG Network for Ethereum dApps to reduce gas costs and improve transaction throughput. Enya says Boba is a web-scale infrastructure.

When discussing the mainnet launch, Enya founder and CEO Alan Chiu said:

“We welcome the entire DeFi and NFT developer community to build on Boba so that together we can deliver a faster, cheaper, and more enjoyable experience to the next billion Ethereum users.”

Since the so-called “DeFi Summer” of 2020, Ethereum has had problems with high transaction fees and network congestion.

While Ethereum is expected to achieve scalability through Ethereum 2.0, the popularity of the network means that there is already a great need for scaling solutions. Layer 2 rollups like Optimism and Arbitrum also hope to help the network achieve scalability.

By deploying smart contracts on Layer 2, applications based on the Ethereum Virtual Machine consume low gas charges and have much higher throughput. These solutions process out-of-chain transactions and publish transaction data on Ethereum. This allows them to help developers create more scalable dApps for use cases such as DeFi and NFTs.

The project will compete with Optimism, Arbitrum and other Layer 2 solutions such as StarkWare. The differentiator for Boba Network is fast transfers from Boba to the Ethereum mainnet, which cannot be found in other rollups. The Enya team claims that the Boba network will cut withdrawal times from seven days to a few minutes.

For security and decentralization reasons, the team has confirmed that there will be no multi-sig wallet for bridge assets. The team has yet to provide detailed details on the technical architecture. The management of the project is monitored by a decentralized autonomous organization (DAO), which proposes and votes on improvements to the network.

Discussions about optimistic roll-up solutions like Boba Network have intensified lately as some of Ethereum’s leading DeFi applications prepare to launch on Layer 2 Network this month.

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