Four Perspectives on Exploring New Opportunities in the Layer 2 Development Track

DeFi之道

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Most Layer2 solutions are still in the bootstrapping phase, and their future direction should continue to be closely tied to the Ethereum mainchain ecosystem.

Original Article Title: "What Insights Does the L2 Upstart "Bobaboo" Bring?"

Original Article Author: @bitouq

Original Source: The Way of DeFi

Today, we summarize an ecosystem that seems not so hot but quite interesting: #BOBA, an ecosystem with its own "Bobaboo" meme. This leads to some reflections on the L2 track, discussed from several angles:

1. How it differs from other L2 solutions;

2. Why it's interesting;

3. Listing a few protocols, welcoming everyone to contribute;

4. Thoughts on the L2 track journey.

The following is not financial advice; use your own judgment.

1. How It Differs from Other L2 Solutions

BobaNetwork uses Optimistic Rollup, which is currently a widely adopted scaling solution. Such L2 solutions usually have a 7-day withdrawal challenge period. Boba has optimized this by enabling fast deposits and withdrawals through an official liquidity pool, provided that there is sufficient liquidity in the pool (which is currently insufficient). Another feature is that Boba supports minting, moving, and selling NFTs between L2 and L1.

2. Some Interesting Points

According to data compiled by @DefiLlama, the total TVL is currently $485 million, but the actual TVL is likely higher. Over 90% of the TVL is locked in OolongSwap, meaning that the native protocols within the ecosystem are quite scarce. Additionally, many projects in this ecosystem have introduced reserve treasuries, POL, PCV, and other concepts from DeFi 2.0, which is unexpectedly "trendy."

3. Listing a Few Protocols

Dex:

@oolongswap is a Dex that holds most of the funds in the ecosystem. Interestingly, it has set up a PCV to lock a portion of the revenue in it, which is then used to buy back and ensure the liquidity of the governance token. It is a simple protocol-owned liquidity mechanism.

@SwapperChan appears to be a fork of Sushiswap, with the special feature being the Boba Waifu.jpg

Machine Gun Pool:

Shared by @bananafarm_io in the morning, reposted by Boba Community, launching today, with auto-compounding. It looks very similar to autofarm, mentioning the concept of a reserve currency. The auto buyback coin will be stored in the treasury and will be used in the future to launch the reserve currency. No details on how this will be achieved were provided.

dex+ohm:

@senpaiswap is a liquidity-providing DEX that uses the bond mechanism in ohm to accumulate liquidity, supporting the DEX. The frontend is also a fork of ohm, with a few large Boba eyes added.

Additionally, multi-chain protocols like Synapse and autofarm have also integrated Boba. Older protocols were not listed. Overall, Boba seems to be a very early L2 project. Many protocols are exploring it, but the mainstream players have not entered yet. Even Boba's own liquidity pool is not very large at the moment.

Thoughts on the 4 L2 Exit Paths

Currently, most of the hottest Gamefi projects in the market have chosen sidechains. DeFi 2.0 is still on the Ethereum mainnet, while Cosmos and Polkadot are also quietly making progress towards becoming more mature. However, most L2 solutions are still going through the tribulation phase. After experiencing the Arbitrum dog days, the enthusiasm for L2 has waned. The future direction should still be closely tied to the Ethereum mainnet ecosystem, with the breakthroughs continuing to focus on innovation. Wearing a more orthodox hat than sidechains, practical actions should be taken.