On Wednesday, the layer two scaling solution that leverages optimistic rollup technology, Boba Network has revealed it now supports the proof-of-stake (PoS) network Avalanche. According to the Boba Network team, the new Avalanche support will produce “faster transactions and lower fees.”
Boba Network Integrates With the Avalanche PoS Blockchain
Boba Network, the layer two (L2) scaling project introduced Boba AVAX L2 on Wednesday via the team’s Twitter account. “We’re over the slopes to announce our partnership as an official scaling solution for Avalanche,” Boba said. “Avalanche offers blazing fast speeds, low costs, and eco-friendly solutions: Boba AVAX L2 holds true to those values and enhances it further.”
Boba is already connected with the Ethereum (ETH) network and at the time of writing, l2fees.info stats show Boba’s fee to move ether today is $0.17, and to swap tokens the estimated price is $0.30. That is cheaper than the current 34 gwei ($0.96) to send ether onchain, according to etherscan.io’s gas tracking tool. A high-priority decentralized exchange (dex) swap can cost $8.47 per transaction onchain, so Boba’s $0.30 cost to swap, is 96.45% cheaper.
“Faster transactions, lower fees: Boba AVAX L2 is catered for all heavy transactions, throughput-reliant protocols [and] anyone wanting to be part of the next generation,” Boba further declared on Wednesday. The team further explained it is joining partner decentralized applications (dapps) like Sushiswap and Evoverses with the new support. Boba added:
While Sushi will be deploying their Legacy Swap on Boba AVAX L2, Evoverses’ will be joining with their 3D PvP gameplay, powered by the Unreal Engine 5 [and] Hybrid Compute to help the game scale and reach its full potential.
L2 projects like Boba Network have been partnering with a great deal of industry heavyweights and blockchain networks in recent times. Opensea recently detailed the leading NFT marketplace has added Arbitrum support and the NFT market competitor Rarible revealed Immutable X support. Arbitrum, Immutable X, and Boba Network are all L2 projects and other competitors include Loopring, Zksync, Optimism, Metis, Polygon Hermez, and Aztec.
Tags in this story
Arbitrum, Avalanche, Avalanche Blockchain, AVAX, AVAX blockchain, Aztec, Blockchain, Boba, boba network, etherscan.io, Evoverses, Immutable X, L2 fees, L2 Solutions, l2fees.info, Layer two, layer two fees, layer two technology, Loopring, Metis, Optimism, Polygon Hermez, PoS, Sushiswap, technology, Zksync
What do you think about Boba Network adding Avalanche support? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Arbswap Launches The Nova Accelerator To Support Arbitrum’s Ecosystem Growth
PRESS RELEASE. Arbswap, the Arbitrum-native automated market maker decentralized exchange, has seen significant progress over the past months. Following the migration of its contracts to the Arbitrum Nova network, Arbswap has recently launched the Nova Accelerator with support from Old Fashion Research, a multi-strategy blockchain investment fund. By establishing the Accelerator, Arbswap has set out to support the growth of Arbitrum Nova’s ecosystem through investments and advisory services for projects building on the platform. According to Arbswap, the Nova Accelerator aims to invest $10 million in the Arbitrum Nova ecosystem.
About Arbswap and Arbitrum Nova
Arbitrum Nova is an Arbitrum Layer-2 scaling solution that optimizes ultra-low-cost transactions while offering strong security guarantees. Being the first Arbitrum chain built on its AnyTrust technology, Arbitrum Nova is meant to serve applications that handle high volumes of price-sensitive transactions, such as gaming, social and decentralized exchanges.
As a decentralized exchange, Arbswap aims to offer maximum security and affordability to users swapping tokens on its DEX. Arbitrum Nova boasts high security and low transaction costs even at high volumes, so Arbswap’s swift decision to migrate to Nova is sure to serve as a significant first mover advantage over other exchanges with “high” transaction costs of the Arbitrum One chain. Furthermore, the various DeFi tools offered by Arbswap, such as liquidity mining, staking pools, and Dasher, a launchpad product that bootstraps new Arbitrum Nova projects through vested token sales, make Arbswap a very attractive DEX for various market participants.
Combined with Dasher, the Nova Accelerator has allowed Arbswap to position itself as a powerful force in the Arbitrum universe, offering projects building on Arbitrum Nova a way to finance and launch their products through the Arbswap ecosystem.
For all Arbswap-related updates, make sure to follow their social media channels:
Website | Twitter | Telegram | Announcements
Name: Stag Arbswap
Email: [email protected]
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Assessing Optimism’s performance before and after ‘Optimism Quests’
For improved accessibility of its scaling solutions, Optimism on 20 September launched the “Optimism Quests.” Put simply, the initiative is to reward Optimism users with NFTs when they learn about popular applications deployed on the Layer 2 scaling solution and complete the quizzes and tasks that follow.
A day after the launch of Optimism Quests, a surge in daily transactions on the network led to a 53% uptick in daily transactions on Optimism.
According to data from Nansen, the count for everyday transactions on Optimism on 21 September was 348,109. This represented the second-highest daily transactions count on Optimism so far this year.
The L2 scaling solution had, on 1 June, logged a daily transactions count of 487,814 transactions when it announced the airdrop of its native OP tokens.
Optimism so far this month
According to data from Dune Analytics, four million transactions have been completed on Optimism in the last 25 days. The current transactions count represents a 7% decline from the total 4.3 million transactions registered by Optimism in August.
With four days left till the close of the trading month and the sudden surge in daily transactions on the platform in the last few days, one might expect September’s transactions count to exceed that of August.
The total number of addresses that have engaged the use of the L2 scaling solution so far this month stood at 180,200. The daily highest so far was on 23 September (49,400 addresses).
In August, the total number of active addresses on Optimism was 188,400. As a result of its botched airdrop in June, active addresses on the network in the 30-day period totaled 331,800. It has, however, fallen consistently ever since.
The total fees paid to process transactions on the network is at the lowest it has been in five months. So far this month, Optimism has recorded a total transaction fee of 300.96 ETH. In May total fees paid to use the network was 1,700 ETH, as per data from Dune Analytics.
In addition to a fall in transaction fees on the network, the count of smart contracts deployed on Optimism since the beginning of the month was 15,940. Thus, representing a 273% decline from the 59,540 smart contracts deployed in June.
According to data from DefiLlama, Arbitrum remains the largest L2 scaling solution with a total value locked (TVL) of $985.77 million. Optimism comes in second place with a TVL of $842.59 million.
Arbitrum: Here’s what could be the key to Ethereum L2’s organic growth
Ethereum L2s have experienced a resurgence after overcoming past bottoms. Arbitrum is heading this charge after the launch of the Nitro upgrade in September despite a hacking scare.
Fixing the last piece here
Arbitrum managed to possess the largest market share of TVL among L2s. According to l2beat.com, Arbitrum held over $2.50 billion in TVL with a 52.58% market share among other major L2s. The closest competitor stands to be Optimism with $1.55 billion locked in at a 29.05% market share.
Well, Arbitrum has witnessed consistent growth in its total value locked (TVL) since July. From a TVL at $601.72 million, Arbitrum has managed to progress to 935.29 million at press time.
Also, Arbitrum’s daily transaction chart too reiterated a bullish picture. According to the latest data, transaction count reached just under the 270k mark on Arbitrum.
What happens to be more surprising is that Arbitrum does not even have a native token, unlike other competitors. But this might just change now as Arbitrum’s $ARB token is expected to launch soon.
Arbitrum’s $ARB token is expected to launch soon.
According to a research report by Bernstein published on 21st September. And with that said the early user airdrop is imminent…
🧵So here is an updated thread on:
• 6 popular dApps to interact with and strategy.
— Airdrop Official🍥 (@its_airdrop) September 25, 2022
In fact, Arbitrum had the strongest user and transaction momentum among the leading blockchains, Bernstein (a wealth management firm) said in a research report, and with that it stated, “the early user airdrop is imminent…”
Could the drop of a token help the platform? Well, it could, given the past especially, when Arbitrum’s Nitro launch was a success. Daily transactions surged to new all-time highs (breaking their September 2021 and July 2022 records and clocking in 318,777 transactions).
Meanwhile, on 20 September, OpenSea, a leading Web3 marketplace lent support to Arbitrum. A huge range of NFTs, such as dopex, smolverse, and Gmex blueberry club would be available for OpenSea users.
With this development, Arbitrum would get exposed to a large user base that OpenSea possessed. Ergo, helping with Arbitrum’s growth.
At present, Arbitrum does not have a native token. However, market participants may pursue two avenues to gain exposure to the network’s growth, GMX and Dopex.
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