Proposal: Deploy Abracadabra Money on Boba Network L2

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Deploy Abracadabra Money on Boba Network L2

tl;dr Boba Network’s proposal to deploy Abracadabra Money on Boba Network’s Optimistic Rollup L2 on behalf of the community.

Who is the interested party for this application?

Boba Network

About Boba Network

Boba is a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts. Boba offers fast exits backed by community-driven liquidity pools, shrinking the Optimistic Rollup exit period from seven days to only a few minutes, while giving LPs incentivized yield farming opportunities. Its distinguishing features from other L2 solutions are:

  • a chain native 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, and provider.getBalance(address) rather than as WETH

  • being organized as a DAO with a token for platform revenue share and governance

  • native NFT bridging (L1<>L2)

  • automatically relaying classical 7-day exit messages to L1 for you, rather than this being a separate step

Proposal

This is Boba Network’s proposal to Abracadabra Money to deploy to Boba Network Optimistic Rollup chain on behalf of the community.

We believe this is the right moment for Abracadabra to deploy on Boba Network, and for :frog: nation to enjoy the benefits of DeFi on a true layer 2 solution.

Deploying to Boba Network can bring a lot of benefits to the community & ecosystem:

DeFi projects that have so far deployed on Boba Network have experienced a number of significant benefits, some of which we will outline here:

User base growth: Many projects have seen tremendous growth after deploying to Boba Network, namely Oolong Swap, Synapse Protocol, Anyswap, SenpaiSwap and many more.

Huge savings for users: With transaction fees being on average 10x lower than on Ethereum L1, Boba Network enables users to save on gas fees, while still enjoying the security of the Ethereum L1 main chain. One data point to take note of here:

Oolongswap users saved ~$5M+ (1,240ETH) in just one month

Higher user activity: Low fees are encouraging users to interact more with L2 projects; this is the case with almost every Ethereum L1, as well as Boba L2 native protocols that have deployed on Boba Network. Oolongswap is a notable example here; their DEX liquidity grew over 7,000% to over $500M in the first week after launch.

We aspire to be the Peoples’ L2 that puts our users and developers first and therefore have a strong alignment with the vision of Magic Internet Money and :frog: Nation #OccupyDeFi

The goal is to build a pragmatic L2 that is the first step towards opening Ethereum to the next Billion users.

Conclusion

For all the reasons explained above, we believe the synergies between the two projects are obvious and it makes a lot of sense for :frog: Nation to support Abracadabra’s deployment to Boba Network.

Author is part of the Boba Network core team.

The Boba team is looking forward to your questions and feedback.

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