BobaBeam: Boba Network Launches First Layer-2 on Moonbeam

[PRESS RELEASE – Palo Alto, CA, 12th October 2022]

Boba Network, the first multichain Layer-2 blockchain and Hybrid Compute platform, deployed its execution layer on Moonbeam to become the first Layer-2 live on Moonbeam. The Moonbeam deployment features Firefly, a DEX and perpetual swap platform as a launch partner dApp.

Boba is the first Layer-2 platform launching on Moonbeam. The new Boba-Moonbeam-enabled environment is called BobaBeam. Moonbeam is a smart contract platform designed for the development of cross-chain interoperable applications on Ethereum, Cosmos, Polkadot, and additional smart contract platforms.

BobaBeam will host Firefly, a Moonbeam-native derivatives DEX. Firefly chose to launch on the BobaBeam Layer-2 network to secure its scalability needs, due to the large demand for block space and transaction throughput of such a platform. In a recent 4-day testing period on testnet, Firefly saw 86,635 unique wallets from over 121 countries and 818,031 trades – 136/minute.

Hybrid Compute is one of Boba’s flagship features and is designed to improve smart contract functionality, to create a seamless, interoperable environment for mainstream Web2 developers to bridge to Web3. By leveraging the power of real-world data and off chain compute, developers have access to a host of Web2 APIs that are designed to create an interoperable computation layer that is unlike anything on the market today. All projects and dApps building on the BobaBeam platform are able to leverage Boba Network’s proprietary Hybrid Compute computation network.

Alan Chiu, the CEO and Founder of Enya Labs (formerly Enya.ai), and the core contributor to Boba Network, notes that: “We’re very excited to launch on Moonbeam and achieve this key expansion milestone. Because of this integration we believe Moonbeam now has more firepower to offer developers one of the most scalable and interoperable smart contract environments in the industry. We’re truly honored to work with our starting dApps to drive adoption to our combined networks.”

“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.”

Zabi Mohebzada, the co-founder of Firefly summarizes the newly developed partnership with Firefly, Moonbeam, and Boba below: “With the BobaBeam Layer-2 integration, we are excited to bring our decentralized perpetual swap marketplace to the Moonbeam and Polkadot ecosystems” “By leveraging the instant finality and performant trade execution provided by Boba’s infrastructure on Moonbeam, Firefly will offer traders a fast, secure and easy user experience.”

About Boba Network

Boba Network is a blockchain-enabled Layer-2 scaling solution and Hybrid Compute platform designed to offer lightning fast transaction times and fees up to 60x less than Ethereum. Our Hybrid Compute brings the power of Web2 on-chain, with smarter, more intuitive 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.

About Moonbeam

Moonbeam is a smart contract platform for building cross-chain connected applications that provides accessibility to users, assets, and services on any blockchain. By uniting functionality from Ethereum, Cosmos, Polkadot and other iterations into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.