The Ethereum L2 scene heats up because the BOBA network takes second place in TVL-Defi

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Boba Network, a recently published L2 layer for Ethereum, jumped in second place in TVL (Total Value Locked) quickly under all expansion layers. Boba, a junction from Optimism, another L2 layer based on rollups, reached TVL of more than $ 1 billion and thus exceeded optimism. This is probably due to the profitable percentages that your first decentralized stock exchange Oolongswap offers that offers returns of over 1,000%.

Boba Network L2 gains popularity

The Boba Network, a recently published L2 layer for Ethereum, has reached second place in relation to the Total Value Locked (TVL) under the L2 solutions and gained more than 50% in the last week. The platform, which is a junction of the optimism, another optimistic rollup, exceeded its siblings fall after Arbitrum , the currently leading L2 solution for scaling Ethereum.

The problems with which Ethereum is faced with the scaling have led to the emergence of this type of solution that offers users the opportunity to pay fewer gas fees, but to enjoy the safety of transactions that are processed by Ethereum Blockchain.

Boba claims to offer a unique upgrade compared to other solutions for money withdrawals. While other L2 levels have payment periods of seven days, Boba users enable users to take money on L2 within minutes.

oolongswap provided

The increase in the TVL of the network is most likely due to the introduction of the first native decentralized stock exchange (Dex) on your OOLongswap platform. The stock exchange, which is less than a month old, offers high percentages in earnings breeding, some of over 1,000%. This has probably caused profit seekers to bridge their assets to the BOBA network and deposit them in Oolongswap to enjoy the advantages.

The same phenomenon L2 ether solution arbitrum came onto the market. Rendes seekers were tempted to bridge their funds and to deposit on a yield platform called Arbinyan, which now offered very high return percentages for inserters in the same way as Oolongswap. Rumors about an arbitrum token-airdrop also contributed to this movement.

according to data from Defillama, a defi tracking platform, TVL. from Oolongswap is now around $ 463 million, just more than a third of the assets that are currently managed in the BOBA network at the time of writing.

What do you think about the Boba Network and his ascent to TVL? Tell us in the comment area below.

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