- #L2Show: BOBA Network- L2 scaling solution with Hybrid Compute
Just now·7 min read
Last week, our #L2Show host @agnecrypto, spoke to Alan Chiu, the Founder of BOBA Network and discussed what solutions does BOBA Network provide to the ecosystem. At the time of our discussion on #L2Show, BOBA Network had exciting news for the community- $BOBA token airdrop for the OmiseGo ($OMG) token holders- the day was a snapshot day!
BOBA Network is an Ethereum scaling and augmentation solution- it makes Ethereum faster, cheaper and enables developers to do more on BOBA than they would be able to do on the mainnet.
BOBA Network was started by taking over the OMG project. That means that BOBA has inherited the OMG community and the large group of OMG token holders. OMG as a token is traded on multiple exchanges and is among one of the most widely held tokens. Inheriting the OMG community meant that BOBA Network has received significant support. The team had a lot of fun engaging with the community and is very excited to provide BOBA token airdrop!
BOBA Network provides Layer 2 scaling solution that utilises optimistic rollups. It is an EVM equivalent, and the core of BOBA is based on OVM 2.0, which makes it very easy to migrate their existing Ethereum smart contracts to BOBA Network.
BOBA Network aims to be not just another Layer 2 solution. When the team started, they took a hard look at what is constraining the growth of Ethereum. Certainly- the cost, compute capacity- how many transactions per second it is possible to process- these are well-known issues. But there is one dimension that has been neglected, and that is: what can developers do? What can they actually build on Ethereum?
The BOBA team believes that to fulfil the full potential of Ethereum, they have to be able to attract top developers from around the world, who are machine learning experts, data scientists, to build the most amazing applications possible on Ethereum so that more users jump on-board.
However, what developers can do on a smart contract today is very limited. They have to be very careful about the complexity of the algorithms because they become too expensive and too slow to execute very quickly. This is how the BOBA team came up with the idea that is called ‘Hybrid Compute’. BOBA will be rolling out the Hybrid Compute next quarter and is very excited about this. Hybrid Compute will enable smart contracts to trigger much more complex algorithms off-chain, like running on AWS, for example, and then bring the result back into the smart contract. That is why the BOBA team called it ‘Hybrid Compute’, as it is a hybrid model: on-chain and off-chain.
By deploying Hybrid Compute, the BOBA team gives new powers to developers- they let them decide what they want to do in a smart contract and what they want to do off-chain.
BOBA is already talking to developer teams about Hybrid Compute, who are excited to experiment with new capabilities. For instance, one project aims to run a risk assessment model off-chain, which helps improve the DeFi protocol that they offer to their users.
BOBA wants to offer a wide variety of DeFi applications to its users. BOBA just launched its mainnet, and the first AMM, called OoLongSwap, went live recently, passing $1 million trading volume in just a day.
The users are excited. One of the main benefits of inheriting the OMG community is that it has been waiting for many years for the network to emerge, and now it has become a reality. Therefore, the users jumped in, and BOBA saw the network TVL growing 80% week over week so far.
BOBA wants to attract more and more developers; the team is talking to a combination of established blue-chip brands and new teams that want to build BOBA native DeFi 2.0 dApps.
BOBA greatly cares about user experience. One of the reasons the team has given the project the name ‘BOBA’ to the network is that they wanted to have a lighthearted, fresh consumer-facing brand. Everyone smiles when they drink bubble tea, and the team wants BOBA Network to evoke happiness.
From day 1, BOBA wanted to address the seven-day window challenge that is the case with optimistic rollups. That is why BOBA built its own BOBA native fast bridge for on-ramping and off-ramping from the network. The bridge is based on liquidity pools set on both sides, and anyone can participate in liquidity pools and provide liquidity for on-ramping and off-ramping. The liquidity providers in the Layer 1 pool are fronting the seven-day risk; therefore, as a user, when you exit through the fast bridge, you withdraw the funds from that liquidity pool straight away while the original funds are coming to the pool after seven days. As a return for fronting the seven-day risk, the user pays a small fee to use the fast bridge, which the liquidity providers share.
The most popular pairs on the bridge liquidity pools are ETH and OMG, and the number of available assets on the bridge are rapidly growing. Visit gateway.boba.network and find out what pairs are available now!
Setting up grants programmes is in the plans of the BOBA Ecosystem fund together with its partners, who are eager to build a vibrant BOBA ecosystem. BOBA wants to attract existing projects to migrate to BOBA and teams that wish to develop BOBA-native applications, especially when Hybrid Computing is rolled out. BOBA will be hosting hackathons and welcoming developers to figure out what to do with the new powers that were not available to them before.
BOBA has been talking to a number of developers, gave them a preview, and the team has been pretty surprised by how creative the developers are. For instance, a quantum computing researcher is looking at using Hybrid Computing to connect with quantum computing services to create generative NFTs. When the BOBA team thought of Hybrid Computing, they never thought of such an idea before. Therefore they can not wait to open it up and see what the developers come up with.
BOBA is also launching a DAO soon, and the founding team is super excited about it. Fundamentally, BOBA takes a very community-focused approach and treats BOBA tokenholders as the stakeholders of the BOBA ecosystem. By rolling out the DAO, BOBA Network will start getting engaged with its stakeholders. The DAO will be run on BOBA Network itself, not on Layer 1, which means voting on proposals will be much more affordable, making the process more democratic and inclusive. Tokenholders that hold BOBA tokens on BOBA Network will be able to vote for decisions, starting from relatively simple ones, such as the fee levels for the liquidity pools on the fast bridge. The aim is to get the community to be oriented towards decision making, and increasingly more decisions will be directed for the DAO in the long run.
BOBA has already made public commitments, such as when the network ramps up and becomes consistently profitable, profits will be shared with BOBA token holders, who stake the tokens on the BOBA network. All the details will be described in the proposal that will be put forward to the DAO, and the community will be able to debate it and decide. The founder Alan Chiu says that BOBA is the first Layer 2 to do this.
There are many ways to get involved with BOBA Network right now- users, developers, community builders are welcome to join BOBA Discord and Telegram channels. You can also provide liquidity to the fast bridge pools.
The team wants BOBA to be a global community. If you are a non-English speaker and are excited about the vision and community orientation of BOBA and want to help spread the word about it in your local community, BOBA invites you to join the Discord channel and volunteer to set something up.
Coming from a distributed systems background and having built a few successful startups, Alan believes it is really difficult to design one system suitable for everything; there are always trade-offs. That is why the market sees alternatives to Ethereum in the base layer that optimise for different design attributes. Alan thinks that this is healthy for the overall ecosystem because one size just doesn’t fit it all. Therefore, according to Alan, there will be a multi-chain world with different chains optimising for different aspects. Ethereum, given its head-start and network effect, will continue to be the dominant one, but this does not mean that there is no room for other alternatives.
WATCH the discussion with Alan Chiu of BOBA Network on #L2Show.
#L2Show is a series of YouTube episodes dedicated to the developments of Layer 2 and projects building on it.
#L2Show is brought to the ecosystem by DeGate, an orderbook-centric Layer 2 DEX, and hosted by Agne K, @agnecrypto.
WATCH the episodes of #L2Show HERE.
- Date of publication:
- Tue, 11/23/2021 - 08:45
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