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Investing In Boba Network (BOBA) – Everything You Need to Know

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The Boba Network (BOBA) functions as a universal Layer-2 scaling solution. The network is unique in that it is chain agnostic, making it ideal for multiple use case scenarios in the market. The system promotes scalability while also improving smart contract capabilities significantly. As such, the Boba Network is a popular option for developers and DeFi users alike.

What Problems Does the Boba Network Attempt to Fix?

The Boba Network targets several key pain points in the market. For one, it operates as a high-performance scaling solution. Numerous networks are experiencing congestion due to the sudden rise in DeFi users globally. This congestion makes these networks more expensive and slower. Boba increases throughput and improves a variety of other crucial issues.

Boba Network (BOBA) - Homepage

Boba Network (BOBA) – Homepage

Lack of Interoperability

One of the main focuses of Boba Network developers was a lack of interoperability. DeFi continues to expand, but in all directions and as separate networks. The vast majority of these networks have no way to communicate data securely and in a streamlined manner. The Boba Network provides an L2 solution that is safe and effective.

Boba improves on earlier systems because it enables developers to create multi-chain applications with ease. The system is fully EVM-compatible and can support multi-chain smart contracts. This upgrade makes the system far better suited for mass adoption scenarios versus the current options in the market.

High Fees

Anyone who has used DeFi networks like Ethereum before the 2.0 upgrade understands that they can costly. PoW networks require more computational effort and are designed to increase fees during times of congestion as a measure to reduce spam. This strategy worked well until large-scale adoption began taking place.

Today's networks need to be able to reduce transaction and computation fees across the board. The Boba Network accomplishes this task through the use of off-chain systems. The protocol has fees up to 100x less than Layer-1 solutions making it ideal for developers and users seeking relief from crushing fees.

Benefits of The Boba Network

The network introduces several advantages to the market. The protocol empowers developers to make more in-depth and inclusive Dapps that can function across multiple networks. The protocol also supports lighting fast transaction speeds and provides the user with lower fees than the competition.

Fast exits

Another cool benefit provided by the Boba Network is Fast Exits. This feature enables users to exit liquidity pools without delay. Users can engage in more responsive wealth generation strategies using this option.

Chain Agnostic

One of the main draws of the Boba Network is its agnostic nature. There are many L2 solutions, but most are geared to service only one network. This setup creates issues in the market such as a lack of liquidity.

It also makes L2 competitors rather than tools to help other networks expand. Notably, Boba originally launched on Ethereum but today can support all layer-1 blockchains. This universal scaling and augmenting solution has already expanded to networks like Avalanche and MATIC with great success.

Programmability

At the core of the Boba Network is support for developers. The protocol provides programmers with more flexibility by expanding the functionality and capabilities of smart contracts. These systems accomplish this task by leveraging web-scale infrastructure across multiple decentralized networks.

NFT Support

The Boba Network provides NFT (Non-Fungible Tokens) users with a lot of cool options. NFTs are one of the most popular styles of blockchain assets available. They can be issued as a single, collection, or custom-made token. The Boba Network improves the NFT creation process. Users can easily mint, trade, move, and sell NFTs with confidence using the marketplace.

NFT Bridging

Boba raises the bar in terms of interoperability with its NFT bridge. This system enables users to take their NFTs onto other blockchains. There are many reasons why you would want to do this. Primarily, it helps to create more liquidity in the NFT market.

Boba Network (BOBA) - Twitter

Boba Network (BOBA) – Twitter

How Does Boba Network Work?

The Boba Network operates as a hybrid decentralized computer and L2 solution. The network leverages Optimistic Rollup technology to improve performance. This method of verifying a blockchain is gaining in popularity due to its low cost and effective results.

The way Optimistic Rollup networks operate is different than PoW or PoS systems. In an Optimistic Rollup scenario, all transactions are considered valid unless challenged. Once a transaction is challenged, computational efforts are put forth to verify its validity. This approach works because nodes simply need to confirm the final transaction matches their efforts rather than every transaction.

Staking

The platform enables users to secure passive returns by staking their BOBA tokens. The rewards are collected from a portion of network transactions and held in the Boba Treasury. The system is set up to automatically distributed these returns to stakers wallets based on their staked assets.

Token

BOBA is the main utility and governance token for the system. Boba users can stake this token or use it to send value internationally in seconds. The token also plays a vital role in smart contract execution and accessing features in the network-powered Dapps and DeFi options.

History

The Boba Network was founded by Alan Chiu and Jan Liphardt. Notably, it first entered the market in May 2021 under a completely different name – OMGX. Originally, the protocol was designed to help Ethereum scale but has now expanded efforts to the entire market. The Boba mainnet beta went live in August 2021 and was supported by Enya and the OMG foundation

How to Buy Boba Network (BOBA)

Currently, Boba Network (BOBA) is available for purchase on the following exchanges

Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..

Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.

The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state).

The Boba Network (BOBA) – Finally Some Relief

The combination of features offered and the agnostic nature of the Boba Network has many users flocking to the protocol. There has been a steady stream of layer-2 solutions hitting the market lately, but few have the interoperability and support levels seen by the Boba Network. Consequently, the protocol is set to continue to expand alongside the DeFi sector for the foreseeable future.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com