Ethereum has seen a myriad of Layer-2 options creating over time, with the battle to realize prominence endless. Nevertheless, the emergence of Boba Community has challenged some longstanding L2 options to put itself within the #2 spot.
The brand new Ethereum L2 champ?
Layer-2 options have seen some stable domination from Arbitrum, however the second place has been a matter of competitors for some time now.
It was as soon as Optimism’s spot however after October, it was managed by dYdX. And now, its place has been taken by the Boba Community.
L2 rankings | Supply: L2beat
Boba Community’s TVL has been dragging within the $40 million vary for months now. Nevertheless, that modified this month as within the final 10 days, its TVL went from $87 million to $1.4 billion. Merely put, the challenge has hiked by 1,551% over the aforementioned time interval.
Boba Community TVL | Supply: L2beat
The explanation for this robust progress is that protocols started to be constructed and developed on Boba. Particularly – OolongSwap, the primary AMM DEX on Boba Community.
The DEX’s TVL was $9 million 12 days in the past and right now, it’s at $477 million – Accounting for a 5200% hike.
OolongSwap TVL | Supply: DeFi Llama – AMBCrypto
With over 5000 customers in all, the community has over 95,977.21 ETH value virtually $397 million on it.
Though the L2 has solely 5 protocols on it, it has managed to outperform the likes of Optimism which has 9 protocols lively on the community.
The rise of OolongSwap has contributed considerably to Ethereum’s total TVL this week. Particularly since whereas DEXes are the second greatest contributors, their efficiency was horrible the week earlier than, falling by 6.51%.
This week, nonetheless, noticed the identical hike up by 4.08%.
Ethereum TVL distribution | Supply: Coin98
The community additionally launched its personal token on 22 November. It was buying and selling at $7.5 at its peak when it rose by 80% in 4 days earlier than yesterday’s corrections hit and it fell down by 24%. It was buying and selling at $6.05, on the time of this report.
BOBA value motion | Supply: TradingView – AMBCrypto
Boba Community is persistently rising. That could be a good signal because it even crossed the 100k transactions milestone a few days in the past. However, with Ethereum, the excessive fuel charges are an ever regarding situation that would have an effect on Boba’s progress going ahead.