Data Sources:

Date: December 2021

Data Sources:Footprint Boba Network Dashboard（https://footprint.cool/TteG）

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Footprint Analytics:Layer 2 TVL Protocols 

About Boba Network

Boba Network (hereinafter referred to as Boba), is an L2 Ethereum expansion and enhancement solution, built by the Enya team as a core contributor to the OMG Foundation.

The predecessor of Boba Network is OMGX Network. OMGX Network is one of the first Ethereum expansion projects to propose the Layer 2 concept, and focuses on payment positioning and Plasma-based expansion solutions. However, as new solutions such as Optimistic Rollup in the Layer 2 network continue to emerge , OMGX Network's positioning direction is gradually weakening, so the "brand upgrade" is Boba Network and returning to the main battlefield. On August 19, Enya officially launched the Beta version of the main network of Boba Network, which is jointly maintained by OMG and the Enya team.

As a branch of Optimism, Boba not only has the security features of Optimism to maintain the availability of Ethereum, but also has its own highlights, such as reducing gas costs, improving transaction throughput (the number of requests processed by the system per unit time) and expanding the functions of smart contracts. Among them, the fast exit supported by the community-driven liquidity pool shortens the Optimistic Rollup exit period from 7 days to only a few minutes, providing LPs with the opportunity to incentivize high-yield planting.

Boba data performance

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 Footprint Analytics:Boba Network TVL

According to Footprint Analytics, Boba's TVL increased 1,500% from $87 million to a peak of over $1.4 billion in 2 weeks. There are two reasons for the surge:

• Boba's technological innovation solves the problems of transaction congestion and high gas fees in Ethereum applications, and thus is more widely adopted.

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Footprint Analytics:Boba Protocols TVL

Screenshot source: Oolongswap official website

However, Boba’s TVL has not risen but has fallen in recent days. As of now, it is 915 million US dollars. It is suspected to have a lot to do with Boba’s disabling of fraud proofs. Users can run the validator software locally and calculate the effective state root (representing the Rollup state Merkle root, state content includes account balance in Rollup, contract code, etc.), but it cannot be operated on the chain. There is still uncertainty in Boba's ability to continue to maintain a surge.

2. The trading volume of Boba has increased significantly, and the price of Token has risen from $1 issued to a peak of $7.71

In order to support the Boba network, Token BOBA was created on November 19th as the governance token of Boba DAO, which can be rewarded by staking on Boba.

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Footprint Analytics: Boba volume and price trends

andTerraEtc Token(SOL and LUNA), BOBA still has a lot of room for growth.

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Footprint Analytics:Layer 2 Top 10 Protocol

Among the top 10 Layer 2 and networks, there are mainly three expansion solutions, namely Optimistic Rollup, ZK Rollup and Validium. Next, Boba and Optimism are used to analyze the expansion technical solutions of Optimistic Rollup.

Boba is developed based on the source code of Optimism, and both Boba and Optimism have similarities:

• Adopt Optimistic Rollup expansion technology solution. It can easily support general-purpose computing, but there are limitations in expanding NFT, which is mainly reflected in the fact that Optimistic Rollup cannot quickly exit NFT and is easier to become an attack target;

• Save on gas fees. As the second layer of Ethereum, solving the problem of high gas fees is the top priority. Boba and Optimism have solved the problem of high gas fees in the most effective way;

• Support dozens of times the throughput. Increase transaction speed.

  The difference between Boba and Optimism is relatively obvious.




• Fully EVM compatible (it inherits the security guarantees and decentralization of the network it runs on). Boba is a smart contract fully compatible with EVM, and its core is based on OVM 2.0, which makes it very easy for them to migrate existing Ethereum smart contracts to Boba; and Optimism is basically compatible with EVM;

• Exit from the second layer cycle. Boba users can transfer funds in and out of the network in minutes, which usually takes 45 minutes to 3 hours compared with traditional layer 2 solutions; while Optimism takes 7 days to exit the layer 2 cycle, compared to Boba, the cycle is shorter long.

Summarize

Summarize

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According to the statistics of Boba's partners according to the news

Then, we will evaluate whether Boba deserves investors' long-term attention from two perspectives.

In the short term, Boba Network is built on the basis of the Optimism code base and is a branch of Optimism. The Optimism PBC team was established in early 2020. It has a certain degree of research in the expansion solution and attaches great importance to user experience, which shows that it is guaranteed in terms of technology, and in In just 2 weeks, Boba’s TVL can reach a peak value of 1.4 billion US dollars from 87 million US dollars, which is achieved by very few teams, and has an objective rate of return when the most attention is paid. Of course, investing in a considerable return still requires Long-term research and observation, risk self-control.

In the long run, Boba Network is an emerging project. It has not been on the mainnet for a long time. Whether it can continue to maintain a high amount of locked positions depends on what kind of development strategy the team gives, grasps the trends in the encryption field, and constantly updates and iterates. Changes in the market pace, so as to quickly change the strategy.

Footprint Analytics is a one-stop visual blockchain data analysis platform. Footprint assisted in solving the problem of data cleaning and integration on the chain, allowing users to enjoy a zero-threshold blockchain data analysis experience for free. Provide more than a thousand tabulation templates and a drag-and-drop drawing experience, anyone can create their own personalized data chart within 10 seconds, easily gain insight into the data on the chain, and understand the story behind the data.

The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there are obvious understanding or data errors, feedback is welcome.

Footprint Analytics official website: https://www.footprint.network/

Discord community: https://discord.gg/3HYaR6USM7

WeChat public account: Footprint Blockchain Analysis (FootprintDeFi)

About Footprint Analytics:

Footprint Analytics is a one-stop visual blockchain data analysis platform. Footprint assisted in solving the problem of data cleaning and integration on the chain, allowing users to enjoy a zero-threshold blockchain data analysis experience for free. Provide more than a thousand tabulation templates and a drag-and-drop drawing experience, anyone can create their own personalized data chart within 10 seconds, easily gain insight into the data on the chain, and understand the story behind the data.