Quick Take
- Boba Network, an Ethereum Layer 2 has gone multi-chain.
- Boba’s Layer 2 offering aims to help scale applications on Fantom and Moonbeam.
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Boba Network, Layer 2 scaling solution on Ethereum, has gone multi-chain by expanding to two other Ethereum-compatible chains: Fantom and Moonbeam.
Boba Network is a Layer 2 solution that leverages Optimistic Rollups, an off-chain computation layer to achieve faster and cheaper transactions for the Layer 1 network.
Until now, Boba had only existed on the Ethereum blockchain. Still, by adding two new networks, it’s decided go multi-chain. Both Fantom and Moonbeam are Layer 1 blockchains compatible with the Ethereum Virtual Machine, and host several smart contract-powered decentralized applications (dApps). Fantom exists as a notable competitor to Ethereum that holds more than $1.6 billion worth of crypto assets, per DeFi Llama. Moonbeam is still an emerging blockchain on Polkadot — a leading interoperability network.
With the expansion, Boba’s Layer 2 aims to help scale applications existing on Fantom and Moonbeam. Furthermore, the Boba Network team plans to give developers on these networks access to an offering called Hybrid Compute. This is a tool that can enable blockchain applications to interact with cloud environments of off-chain data, like those generated by social media platforms.
Speaking on Boba’s launch on Fantom blockchain, Michael Kong, the CEO of Fantom Foundation said: “The integration will help bring increased scalability to Fantom and deliver the resources developers need to design creative, large-scale dApps.”
Boba first launched in August 2021 to compete with other Layer 2 scaling solutions like Optimism and Arbitrum. In April of this year, it raised $45 million in a series A round that gave it a $1.5 billion valuation.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
