The Ethereum L2 scene heats up, and Boba Network ranks second in TVL – Defi Bitcoin News

Boba Network is the recently released Ethereum L2 layer. Among all the expansion layers, it quickly jumped to the second place in TVL (total value lock). Boba is a branch of Optimism, and the other L2 layer based on rollup has reached more than $1 billion on TVL, surpassing Optimism. This may be due to the profit percentage provided by its first decentralized exchange Oolongswap, which has a yield of over 1,000%.

Boba Network L2 popular

Boba Network is the recently released L2 layer for Ethereum. It has reached second place in terms of total value lock (TVL) in the L2 solution, and gained more than 50% of the value last week. This platform is a branch of Optimism, another Optimistic rollup, Exceed Its siblings followed arbiter, The current leading Ethereum expansion L2 solution.

The problems that Ethereum faces in terms of scaling have led to the rise of this solution, which provides users with the possibility to pay less gas fees while enjoying the security of transactions processed by the Ethereum blockchain.

However, Boba claims to provide a unique upgrade compared to the withdrawal of funds provided by other solutions. Although other L2 tiers provide a 7-day withdrawal period, Boba allows users to withdraw money on L2 within a few minutes.

Oolongswap deployed

The rise of the network’s TVL is likely due to the launch of the first local decentralized exchange (dex) on its platform Oolongswap. The exchange was established less than a month ago and provides a high percentage of agricultural production, some over 1,000%. This may cause profit seekers to connect their assets to the Boba Network and deposit these assets in Oolongswap to enjoy the benefits.

The same phenomenon happened When the leading L2 Ethereum solution Arbitrum was launched. Income seekers are tempted to bridge their funds and deposit them into an income platform called Arbinyan, which, like what Oolongswap does now, offers depositors a very high percentage of income. In addition, rumors about the airdrop of Arbitrum’s native token also contributed to this movement.

According to data from defillama, a defi tracking platform, TVL of Oolongswap It is now approximately $463 million, which is a little over one-third of the assets currently under management on the Boba Network at the time of writing.

What do you think of Boba Network and its rise in TVL? Tell us in the comments section below.

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