Boba Network
The Boba Network is an Ethereum-scaling solution, launched by the OMG Foundation in Sept. 2021 and is based on the publicly available, open-sourced Optimism codebase [1]. The project introduced a governance token ($BOBA) with the launch, which will be the basis for voting on the Boba DAO.
Moreover, "BOBA tokens staked on Boba Network will also receive a portion of the transaction fees earned by the network through an on-chain distribution governed by the community." [1]
After its peak in Dec 2021 with over $600m TVL, these numbers have been crushed with TVL currently sitting at roughly $60m. The actual numbers can be found here [2].
How does Boba Network work?
The Boba Network is build on the Optimistic Rollup solution and "lives inside of Ethereum as a series of smart contracts that are capable of executing Ethereum transactions." [3]
While Boba Network is built upon Optimism, there are still some key differences [4]:
providing additional cross-chain messaging such as a
message-relayer-fastusing different gas pricing logic
providing a swap-based system for rapid L2->L1 exits (without the 7 day delay)
providing a community fraud-detector that allows transactions to be independently verified by anyone
interacting with L2 ETH using the normal ETH methods (
msg.value,send eth_sendTransaction, andprovider.getBalance(address)rather than as WETHbeing organized as a DAO
native NFT bridging
automatically relaying classical 7-day exit messages to L1 for you, rather than this being a separate step
How to use Boba Network?
As Boba is EVM-compatible, it is possible to use the chain directly through a decentralized application like Autofarm. Nevertheless, you need to move funds to the Boba network first, either by using the Boba bridge or a third party solution like Across Protocol or Connext.
Chain Info
The core information about the Arbitrum chain can be derived from the Boba Developer Docs:
Name: BOBA L2
ChainID: 288
Currency Symbol: ETH
Public RPC Endpoints:
Boba Mainnet: https://mainnet.boba.network
Block explorer: https://blockexplorer.boba.network/
Token Info
Smart Contract address: 0x42bBFa2e77757C645eeaAd1655E0911a7553Efbc [5]
Risk Summary
Our friends from L2beat offer a great summary of the associated risks of the Boba project [6]:
Funds can be stolen if…
an invalid state root is submitted to the system (CRITICAL),
a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).
Funds can be lost if…
there are mistakes in the highly complex OVM implementation.
Funds can be frozen if…
the centralized validator goes down. Users cannot produce blocks themselves and exiting the system requires new block production (CRITICAL).
MEV can be extracted if…
the operator exploits their centralized position and frontruns user transactions.
References
Boba Network, https://boba.network/public-mainnet/
Defillama, https://defillama.com/chain/Boba
Boba Developer Docs, https://docs.boba.network/faq
Boba Developer Docs, https://docs.boba.network/
Contributors
| Discord Handle | ETH Address | Reward | Comments |
|---|---|---|---|
Matt | CMK#9019 | mattropolis.eth | 0 $CMK (internal) | Create |
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