By
Chimamanda U. Martha
April 18th, 2024
Boba said its users on BNB Chain are saving around 80% on transaction fees by using its network.
Boba Network said today its Layer-2 scaling solution had achieved mass adoption on Binance’s BNB Chain, with its transaction volume more than quadrupling in April compared to the previous month.
The network’s developers revealed that Boba processed 2,863,240 transactions throughout April, averaging around 100,000 per day. The network handled 585,818 transactions in March, up from just 99,362 in February. What’s driving this transaction growth is the rate at which BobaBNB attracts new users, with more than 45,000 wallets created on the network at the end of the month.
This fact demonstrates Boba Network’s multichain focus. Whereas a lot of Layer-2 platforms are geared towards a specific blockchain, Boba supports multiple chains, including BNB Chain, Ethereum, Avalanche, and Fantom.
L2s have emerged as a critical aspect of the Web3 economy. Boba Network allows users’ transactions to be processed off-chain, helping ease the burden on the main network. By doing this, it can process transactions much faster and with lower costs as it reduces the amount of data stored directly on the blockchain.
Boba Network employs optimistic rollups, which bundle hundreds of transactions into a single batch and then submit them to the main network for finalization as one. It works by assuming those transactions are valid unless challenged. Should a transaction be challenged, it allows for them to be checked and verified using fraud computations.
Several projects building on BNB Chain such as ROVI Network and MegaWorld already use Boba’s features. ROVI is the creator of a Crypto Super App platform that includes payments, games, and Web3 infrastructure services and is committed to onboarding millions of users to the world of crypto. Meanwhile, MegaWorld is a popular multiplayer “play-to-earn” game that’s modeled on the classic title “The Sims”.
Boba said its users on BNB Chain are saving around 80% on transaction fees by using its network.
The network also provides developers with new opportunities. With Hybrid Compute, developers can connect their decentralized applications to Web2 systems via smart contracts. This allows them to access real-world data such as the weather, sports results, financial markets, etc.
According to Boba, its growth on BNB Chain is an important milestone as it’s the first time that any L2 scaling platform has reached such a significant transaction volume on a blockchain that isn’t Ethereum. Wider adoption of the network promises to benefit users, as it means more revenue for Boba that will then be used to fund and accelerate its development.
“BNB Chain provides a significant opportunity for Boba Network as the only multichain layer 2 as it has more active addresses than any other blockchain,” a core contributor to Boba Network said.
BNB Chain Head of Marketing & Dev Relations Zoe Wei also commented on this news. “We are glad to see the growing adoption of BobaBNB with these remarkable transaction volumes,” she added.