Ethereum Is Getting a New Layer 2 Optimistic Rollup

Ethereum Is Getting a New Layer 2 Optimistic Rollup

August 19, 2021

Key Takeaways

  • A new Optimistic Rollup created by Enya and OMG Network has gone live on mainnet.
  • Boba Network will be competing with the likes of Optimism and Arbitrum.
  • Unlike other rollups, Boba Network offers fast transfers to Ethereum mainnet.

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

Boba Network Goes Live

A new Layer 2 solution created by Enya in collaboration with OMG Network has gone live on mainnet. 

Boba Network is an Optimistic Rollup solution for scaling Ethereum. Enya worked on the project in partnership with OMG Network; it was previously called OMGX. 

According to Enya, Boba Network can help make DeFi and NFTs cheaper. It combines Optimistic Rollups with OMG Network’s scaling capabilities for Ethereum dApps to reduce gas gees and enhance transaction throughput. Enya says that Boba is a web-scale infrastructure.

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 deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum.” 

Since the so-called “DeFi Summer” of 2020, Ethereum has faced 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 there is already a great need for scaling solutions. Layer 2 rollups such as Optimism and Arbitrum are also hoping to help the network achieve scalability. 

By deploying smart contracts on Layer 2, applications based on the Ethereum Virtual Machine consume low gas fees and have much higher throughput. These solutions process transactions off-chain and publish transactional data on Ethereum. As a result, they can help developers create more scalable dApps for use cases like DeFi and NFTs.

The project will compete with Optimism, Arbitrum, and other Layer 2 solutions like StarkWare. The differentiating feature for Boba Network is fast transfers from Boba to Ethereum mainnet, which is not found in other rollups. The Enya team claims that the Boba Network will reduce withdrawal times from seven days to a few minutes. 

For security and decentralization, the team has confirmed that there will be no multi-sig wallet for bridge assets. The team is yet to share in-depth details on the technical architecture. The project’s governance will be overseen by a decentralized autonomous organization (DAO), which will suggest and vote on improvements to the network. 

Discussions surrounding Optimistic Rollup solutions like Boba Network have heated up recently as some of Ethereum’s leading DeFi applications prepare to launch on Layer 2. Arbitrum is currently preparing to launch, with Ethereum staples like Balancer, Aave, and Uniswap all set to go live on the network this month.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article