Ethereum has seen countless Layer-2 solutions evolve over time, with a never-ending heat-brush war. However, the emergence of Boba Network (BOBA) challenged some of the long-standing Layer-2 solutions and climbed to No.2.
New champ?
Layer-2 solutions have seen solid dominance from Arbitrum, but second place has been a matter of competition for some time.
Optimism used to take second place but after October it was overtaken by dYdX. And now, that position belongs to Boba Network.
Layer-2 Leaderboard | Source: L2beat
Boba Network’s Total Locked Value (TVL) has been hovering around $40 million for months now. However, just in the past 10 days, its TVL has grown from $87 million to $1.4 billion, an increase of 1,551%.
Boba Network’s TVL | Source: L2beat
The reason for this strong development is because protocols began to be built and developed on Boba. Specifically, OolongSwap became the first automated market maker (AMM) DEX on Boba Network.
OolongSwap’s TVL was $9 million 12 days ago and today it’s at $477 million, up 5,200%.
OolongSwap’s TVL | Source: DeFi Llama
With over 5,000 users, OolongSwap has over 95,977.21 ETH, worth nearly $397 million.
Although Boba Network has only 5 active protocols, it performs better than Optimism with 9 protocols.
The rise of OolongSwap contributed significantly to Ethereum’s overall TVL this week.
Especially because while DEXs are the second biggest contributors, their performance was terrible last week, down 6.51%.
However, this week TVL is up 4.08%.
Distribution TVL Ethereum | Source: Coin98
Boba Network also launched its own token on November 22. BOBA token has been trading at a peak (ATH) of $7.5 on an 80% increase in 4 days before yesterday’s correction caused the token to drop 24%, trading at $5.3 at the moment.
Source: TradingView
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