Enya, a developer of decentralized infrastructure solutions, today announced the launch of the mainnet beta of Boba Network, its new Ethereum layer-2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts.
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Boba reduces gas fees and improves transaction throughput by aggregating transactions in volume while ensuring compatibility with Ethereum. DeFi and NFT applications that are currently cost-prohibitive on Ethereum become affordable on Boba.
Aiming to stand out among current Ethereum layer-2 solutions, Boba provides a streamlined exit of cryptocurrency-assets from Boba to Ethereum, extensible smart contracts, and, soon, decentralized autonomous organization (DAO) governance.
Overview: Boba Network
Optimizing for user experience, the Boba Network offers fast exits that are backed by community-driven liquidity pools, shrinking the withdrawal period from the conventional seven days to only a few minutes.
Further, the Boba NFT Bridge allows for cost-effective NFT launches which can be brought to Ethereum. NFT projects are all on Ethereum, but gas wars make it a playground only for the rich. Boba makes it possible to use NFTs for micro-transactions such as in gaming while enjoying the security of Ethereum.
This solution offers the best of both worlds: security and decentralization rooted in Ethereum (no compromise like a multisig bridge wallet) but also low transaction costs and fast execution.
In terms of new capabilities for the ecosystem, Boba enables Ethereum developers to create smart contracts that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are either too expensive, slow, or difficult to execute on-chain.
Finally, the Boba DAO lays the groundwork for decentralized governance by encouraging the community to propose network enhancements and vote on the proposals right on the Boba Network.
“We welcome the entire DeFi and NFT developer community to build on Boba. Our team is passionate about creating a more inclusive decentralized ecosystem. We are doing this by reducing barriers to adoption for users and developers. The launch of Boba’s mainnet beta today brings us one step closer…”
– Alan Chiu, Founder & CEO of Enya