All news, BSC News

BNB Chain receives major boost as first ever layer-2 scaling solution launches

Posted on by admin
Binance Coin BNB token Burn 702x459 1
02
Nov
  • BNB Chain onboards its first-ever Layer-2 scaling solution bringing lightning-fast transaction speeds and extremely low fees to the network.
  • Boba network promises a multichain future as more blockchain networks pivot away from cross-chain bridges due to heightened risks.

Boba Network, a hybrid computing platform offering lightning-fast transactions has launched on the BNB chain, becoming the first Layer-2 scaling solution to onboard the ecosystem.

According to a Monday release, Boba aims at “opening BNB Chain to the next billion Web3 users” by enhancing scalability and low computation fees. Currently, Boba claims to offer lightning-fast transactions and fees up to 100 times less than most layer 1 networks and 60 times less than Ethereum making it the most advanced and advantageous L2 solution to launch on the BNB Chain.

“While BNB Chain is significantly faster than many other blockchains, it is still a monolithic design that will eventually hit a scalability limit. Scaling through EVM-compatible layer-two systems is the only viable path today, with Boba opening BNB Chain to the next billion Web3 users,” the release read.

Following the launch, BNB Chain developers will now be able to off-load non-critical computation off-chain and interact with it on-chain, which further improves the ecosystem’s scalability potential. Furthermore, thanks to a secure native bridge for BNB and other tokens, transactions on the network can be paid with BNB and BOBA tokens, giving maximum flexibility.

“BNB Chain is one of the most successful chains outside of Ethereum, cementing a rich and innovative DeFi and NFT ecosystem. It is also a key partner for our vision, as it focuses on the average user and aligns with our goals of bringing 1 billion people to Web3,” said Alan Chiu, Founder and CEO of Enya.ai, a core contributor to Boba Network. “We are excited to launch on BNB Chain to help that vision come true and grow the multi-chain Web3 experience.”

Apart from BNB Chain and Ethereum, Boba has launched across other leading chains including Fantom, Avalanche and Moonbeam delivering excellent results that make it a darling among networks that want to go the multi-chain way.

Earlier this year, Ethereum co-founder Vitalik Buterin spearheaded a conversation arguing that “the future is multichain, but not cross-chain”. According to the pundit, with about $2 billion in crypto being stolen from cross-chain bridges in 2021 alone, cross-chain networks were no longer ideal due to the heightened risks of loss during the transfer of assets.

Follow us for the latest crypto news!

BNB Smart Chain, a community-driven and decentralized blockchain powered by BNB has also faced its fair share of incidences for several cross-bridge networks built atop it. Last month, an exploit on the network’s native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC) saw 2 million BNB or about $568 million stolen forcing the BNB chain to be temporarily halted.

Following the attack, BNB chain developers indicated that they had “seen a series of attacks targeting vulnerabilities in cross-chain bridges” promising to “implement more advanced security measures to shore up these vulnerabilities.” While they did not indicate whether they intend to pivot towards multichain-focused networks, the adoption of Boba suggests so.

admin