PALO ALTO, Calif.--(BUSINESS WIRE)--Enya, a leading developer of decentralized infrastructure solutions designed for the next billion users, today announced the launch of mainnet beta of Boba Network, its next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts.
Boba reduces gas fees and improves transaction throughput by aggregating transactions in volume while ensuring compatibility with Ethereum. DeFi and NFT applications that are currently cost prohibitive on Ethereum become affordable on Boba. Boba stands out among Ethereum Layer 2 solutions due to its streamlined exit of crypto assets from Boba to Ethereum, extensible smart contracts, and, soon, decentralized autonomous organization (DAO) governance.
Optimizing for user experience, Boba offers fast exits that are backed by community-driven liquidity pools, shrinking the withdrawal period from the conventional seven days to only a few minutes. In addition, the Boba NFT Bridge allows NFTs to cost-effectively launch on Boba and be brought to Ethereum mainchain if needed. Top quality NFT projects are all on Ethereum, but gas wars make it a playground only for the rich. Boba makes it possible to use NFTs for micro transactions such as in gaming while enjoying the security of Ethereum. This solution offers the best of both worlds: Security and decentralization rooted in Ethereum (no compromise like a multisig bridge wallet) but also low transaction costs and fast execution.
In terms of fundamentally new capabilities for the ecosystem, Boba enables Ethereum developers to create smart contracts that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are either far too expensive, far too slow, or practically impossible to execute on-chain. Finally, the Boba DAO lays the groundwork for decentralized governance by encouraging the community to propose network enhancements and vote on the proposals right on the Boba Network.
“We welcome the entire DeFi and NFT developer community to build on Boba, so that together we deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum,” said Alan Chiu, Founder and CEO of Enya. “Our team is passionate about creating a more inclusive decentralized ecosystem. We are doing this by reducing barriers to adoption for users and developers. The launch of Boba’s mainnet beta today brings us one step closer to realizing that dream.”
To start building on Boba, visit boba.network.
About Enya
Founded by Stanford faculty and alumni, Enya pioneered decentralized privacy and became the largest provider of secure multiparty computation services, serving more than 10 million users across 91 countries. Enya creates decentralized infrastructure solutions that serve the next billion users, leading with Boba Network. Boba is an Ethereum Layer 2 solution that scales and augments Ethereum, helping developers deliver a more delightful and inclusive user experience. Enya is a core contributor to OMG Network. To learn more about Enya, visit enya.ai. To learn more about Boba, visit boba.network.
About Boba
Boba is an Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience. Boba enables Ethereum developers to build dApps that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are either far too expensive, far too slow, or practically impossible to execute on-chain. Learn more at boba.network.
