BOBA Network Becomes First Multichain Execution Layer, Partners With Moonbeam and Fantom
Boba’s blockchain scaling solutions now work with all Layer-1 EVM-compatible blockchains to build out the multi-chain landscape
Palo Alto, CA – 2 June 2022 – Boba Network, the blockchain scaling solution and Hybrid Compute platform, today announces its expansion to become the first multichain execution layer in the crypto industry. Launching its new multichain approach, Boba Network has partnered with Moonbeam, the top destination for multi-chain applications on Polkadot, and Fantom, an open-source decentralized Layer-1 blockchain and smart contract platform for decentralized applications (dApps) and digital assets.
Boba’s expansion moves it beyond the scope of a traditional Layer-2 into that of an execution layer, combining its existing mass-level performance scalability with an additional feature set and offering developers smarter tools to build more dynamic dApps. Traditional Layer-2’s typically prioritize cost and throughput performance alone and currently only work with Ethereum L1.
Chief among Boba’s advanced tooling is its Hybrid Compute protocol, a multi-purpose pipe which directly connects decentralized computers to Web2 APIs via smart contracts, enabling novel use cases that are far too expensive, slow, or otherwise practically impossible to execute on-chain. In practice, Hybrid Compute makes it easy for dApp developers to incorporate the power and depth of Web2 computation and data sources into their projects, such as machine learning and artificial intelligence systems, advanced financial modeling tools, state-of-the-art gaming engines, or social media integrations.
A key feature of Hybrid Compute is atomic transactions, with data called and returned in the same block, opening the door for projects that require more immediate data availability with no callback. Hybrid Compute works seamlessly with custom endpoints, such as AWS Lambda, hosted by projects individually. These Lambda functions return the results in a smart contract readable format, allowing the data to be used on-chain and bridging the gap between Web2 and Web3 services.
Alan Chiu, Founder and CEO of Boba Network said: “Making Hybrid Compute available to more developers is a critical milestone as we pursue a future where Web3 is truly interoperable with Web2, and Boba is the best place to facilitate that.”
Moonbeam and Fantom’s adoption of Boba Network as an execution layer and scaling solution will allow developers to create dApps with massive throughput requirements and more advanced capabilities. By delivering tried-and-tested scaling techniques to other Layer-1 blockchains, Boba is leading the way towards a truly scalable and interoperable multichain landscape.
“Moonbeam’s vision is to allow developers to combine functionality from multiple specialized blockchains to help projects scale and improve user experiences,” said Derek Yoo, Founder of Moonbeam. “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. This combination is a critical capability to enable large scale defi and gaming use cases on Moonbeam.”
Fantom CEO Michael Kong said: “We’re delighted to integrate Boba Network as a scaling protocol and look forward to seeing our developers benefit from its innovative features and functionality. The integration will help bring increased scalability to Fantom and deliver the resources developers need to design creative, large-scale dApps.”
Recently, Boba completed a network upgrade enabling the use of the BOBA token for gas fee payments, adding to ETH which remains the default gas token. This change, which was unanimously approved by the BobaDAO, made Boba the first Layer-2 to enable a dual token fee option. With the multichain expansion, gas fees on Boba Network can continue to be paid in BOBA or ETH, while settlement layer fees will be paid in the L1’s native currency. On Bobabeam, the Moonbeam L2 powered by Boba, gas will be paid in BOBA.
Chains that connect with Boba Network will also benefit from its novel NFT bridging feature, where NFTs can be transferred easily between disparate Layer-1 and Layer-2 blockchains. Typically, NFTs created on a given network often remain stuck on that blockchain, resulting in a situation where tokens are limited by arbitrary exclusivity, reducing accessibility and liquidity.
In April, Boba Network announced it raised $45 million from more than 400 investors inside and outside the crypto space, placing a $1.5 billion valuation on the project. The Series A investment round attracted participation from industry stalwarts like Crypto.com, M13, Huobi, alongside a star-studded list that included prominent crypto funds and mainstream celebrities.
About Boba Network
Boba Network is a blockchain Layer-2 scaling solution and hybrid compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.
We’re delivering a faster, cheaper, smarter experience for Ethereum’s next billion users.
About Moonbeam
Moonbeam is the top destination for multi-chain applications on the Polkadot network. Its complete Ethereum compatibility allows developers to deploy existing Solidity smart contracts and dApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building dApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot. Learn more: https://moonbeam.network/.
About Fantom
Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in 1 second and cost just a few cents. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use cases.
Website | Docs | Research papers | Discord | Telegram | Blog | Twitter | Reddit | Github
BOBA Network Becomes First Multichain Execution Layer, Partners With Moonbeam and Fantom
Boba’s blockchain scaling solutions now work with all Layer-1 EVM-compatible blockchains to build out the multi-chain landscape
Palo Alto, CA – 2 June 2022 – Boba Network, the blockchain scaling solution and Hybrid Compute platform, today announces its expansion to become the first multichain execution layer in the crypto industry. Launching its new multichain approach, Boba Network has partnered with Moonbeam, the top destination for multi-chain applications on Polkadot, and Fantom, an open-source decentralized Layer-1 blockchain and smart contract platform for decentralized applications (dApps) and digital assets.
Boba’s expansion moves it beyond the scope of a traditional Layer-2 into that of an execution layer, combining its existing mass-level performance scalability with an additional feature set and offering developers smarter tools to build more dynamic dApps. Traditional Layer-2’s typically prioritize cost and throughput performance alone and currently only work with Ethereum L1.
Chief among Boba’s advanced tooling is its Hybrid Compute protocol, a multi-purpose pipe which directly connects decentralized computers to Web2 APIs via smart contracts, enabling novel use cases that are far too expensive, slow, or otherwise practically impossible to execute on-chain. In practice, Hybrid Compute makes it easy for dApp developers to incorporate the power and depth of Web2 computation and data sources into their projects, such as machine learning and artificial intelligence systems, advanced financial modeling tools, state-of-the-art gaming engines, or social media integrations.
A key feature of Hybrid Compute is atomic transactions, with data called and returned in the same block, opening the door for projects that require more immediate data availability with no callback. Hybrid Compute works seamlessly with custom endpoints, such as AWS Lambda, hosted by projects individually. These Lambda functions return the results in a smart contract readable format, allowing the data to be used on-chain and bridging the gap between Web2 and Web3 services.
Alan Chiu, Founder and CEO of Boba Network said: “Making Hybrid Compute available to more developers is a critical milestone as we pursue a future where Web3 is truly interoperable with Web2, and Boba is the best place to facilitate that.”
Moonbeam and Fantom’s adoption of Boba Network as an execution layer and scaling solution will allow developers to create dApps with massive throughput requirements and more advanced capabilities. By delivering tried-and-tested scaling techniques to other Layer-1 blockchains, Boba is leading the way towards a truly scalable and interoperable multichain landscape.
“Moonbeam’s vision is to allow developers to combine functionality from multiple specialized blockchains to help projects scale and improve user experiences,” said Derek Yoo, Founder of Moonbeam. “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. This combination is a critical capability to enable large scale defi and gaming use cases on Moonbeam.”
Fantom CEO Michael Kong said: “We’re delighted to integrate Boba Network as a scaling protocol and look forward to seeing our developers benefit from its innovative features and functionality. The integration will help bring increased scalability to Fantom and deliver the resources developers need to design creative, large-scale dApps.”
Recently, Boba completed a network upgrade enabling the use of the BOBA token for gas fee payments, adding to ETH which remains the default gas token. This change, which was unanimously approved by the BobaDAO, made Boba the first Layer-2 to enable a dual token fee option. With the multichain expansion, gas fees on Boba Network can continue to be paid in BOBA or ETH, while settlement layer fees will be paid in the L1’s native currency. On Bobabeam, the Moonbeam L2 powered by Boba, gas will be paid in BOBA.
Chains that connect with Boba Network will also benefit from its novel NFT bridging feature, where NFTs can be transferred easily between disparate Layer-1 and Layer-2 blockchains. Typically, NFTs created on a given network often remain stuck on that blockchain, resulting in a situation where tokens are limited by arbitrary exclusivity, reducing accessibility and liquidity.
In April, Boba Network announced it raised $45 million from more than 400 investors inside and outside the crypto space, placing a $1.5 billion valuation on the project. The Series A investment round attracted participation from industry stalwarts like Crypto.com, M13, Huobi, alongside a star-studded list that included prominent crypto funds and mainstream celebrities.
About Boba Network
Boba Network is a blockchain Layer-2 scaling solution and hybrid compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.
We’re delivering a faster, cheaper, smarter experience for Ethereum’s next billion users.
About Moonbeam
Moonbeam is the top destination for multi-chain applications on the Polkadot network. Its complete Ethereum compatibility allows developers to deploy existing Solidity smart contracts and dApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building dApps and protocols on the network. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain and integrations with other chains that are connected to Polkadot. Learn more: https://moonbeam.network/.
About Fantom
Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in 1 second and cost just a few cents. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use cases.
Website | Docs | Research papers | Discord | Telegram | Blog | Twitter | Reddit | Github
