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Boba Network Becomes First L2 on Moonbeam: Details

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Wed, 12/10/2022 - 15:41
Boba Network Becomes First L2 on Moonbeam: Details
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Boba Network, one of the fastest and most resource-efficient second-layer solutions for Ethereum (ETH), expands its offering to a new ecosystem.

Boba Network launches BobaBeam, a first L2 on Moonbeam

According to the official statement shared by Boba Network on its social media channels, its multi-chain scaling solution is now deployed to Moonbeam, a cross-chain smart contract platform.

As such, Boba Network becomes the first-ever L2 platform to go live on Moonbeam. This release is of particular importance for Ethereum (ETH), Cosmos (ATOM) and the Polkadot (DOT) ecosystem.

The new development (dubbed BobaBeam) will leverage Boba Network's proprietary technology Hybrid Compute as the technical basis for its dApps.

Alan Chiu, CEO and founder at Enya Labs — who is also a core contributor to the Boba Network — highlighted the importance of this announcement for the global Web3 ecosystem:

We're very excited to launch on Moonbeam and achieve this key expansion milestone. Because of this integration we believe Moonbeam now has more firepower to offer developers one of the most scalable and interoperable smart contract environments in the industry. We're truly honored to work with our starting dApps to drive adoption to our combined networks.

Over 86,000 wallets joined Firefly testing

Moonbeam CEO and founder Derek Yoo is impressed by the speed and throughput of the new protocol that pioneered Layer 2 development on his platform:

Moonbeam's vision is to allow developers to combine functionality from multiple specialized blockchains to help projects scale and improve user experiences. Boba provides an excellent solution for teams that require high transaction throughput and fast block times. By integrating Boba and Moonbeam, developers now have access to both the scalability and throughput that Boba provides, combined with the interoperability that Moonbeam natively supports.

As a launch partner, BobaBeam will host Firefly, a decentralized cryptocurrency exchange (DEX) and perpetuals trading platform, on Moonbeam.

In a recent limited beta campaign, 86,635 unique wallets from over 121 countries joined the process of Firefly stress testing; 136 trades per minute were executed in testnet.

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