- BobaNetwork’s BobaBeam becomes the first live Layer-2 scaling solution in Moonbeam.
- Hybrid Compute is a feature that enables developers to leverage off-chain data and computing power.
- Firefly, a Moonbeam-exclusive derivative DEX, averaged more than 142 transactions per minute during its 4-day testing period.
Boba Network, the market’s first multi-chain Hybrid Compute and Layer-2 blockchain, deployed the execution layer to Moonbeam to become the first live Layer-2 in the Moonbeam ecosystem. Moonbeam deployment, which includes Firefly, the platform that also offers perpetual swaps as a launch partner dApp, has named the Boba-Moonbeam enabled environment as BobaBeam.
What is Hybrid Compute?
Moonbeam, a Polkadot parachain, is a platform for the development of interoperable dApps on Polkadot, Ethereum, Cosmos, and additional smart contract platforms. Hybrid Compute was developed as one of the flagship features of Boba. Bridging the way mainstream Web2 developers can migrate to Web3, the platform is designed to enhance the functionality of smart contracts.
Developers can harness the power of off-chain computing and real-world data, accessing this previously unavailable set of Web3 APIs to create interoperable computation layers. All dApp and other projects developed in BobaBeam can benefit from Boba Network’s proprietary Hybrid Compute computing network.
BobaBeam will also host Firefly, the derivative DEX exclusive to Moonbeam. Firefly was launched on the highly scalable BobaBeam Layer-2 network to improve transaction efficiency and meet its huge demand for block space. Firefly processed 818,031 transactions by 86,635 unique wallets from 121 different countries during the 4-day test period. This means that an average of more than 142 transactions per minute were processed during the testing period.
Alan Chiu, CEO and Founder of Enya Labs (formerly Enya.ai) and core contributor to Boba Network, said:
“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 founder Derek Yoo echoed Chiu’s sentiments and added that Moonbeam’s vision is to enable devs to combine features from different blockchain to help teams “scale and improve users experiences.” Yoo went on to say:
“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.”
More about Moonbeam
Moonbeam is a smart contract platform that makes it possible to build dApps with cross-chain synchronized connectivity, providing full accessibility to assets, users, and services across all blockchains. Having managed to combine the useful functions of Ethereum, Polkadot, Cosmos and other blockchains in a single platform, Moonbeam has provided interoperability by developing a solution to the current problem of blockchains.
Allowing developers to create smart contracts that can access services on different blockchains, with its integrated cross-chain messaging management, Moonbeam has also facilitated application development. Moonbeam’s wide tool support for developers, developer-friendly EVM platform and modern Substrate architecture create a good environment for developing connected applications.
More about Boba Network
As a blockchain-enabled Layer-2 scaling solution and Hybrid Compute platform, Boba Network offers up to 60x lower transaction fees and instant transaction processing than Ethereum.
Hybrid Compute is enriched with intuitive smart contracts to enable creators and developers to leverage the power of Web2 on-chain. Leveraging real-world data and having off-chain computing capability gives developers a development experience not found on any other platform on the market.
Adnan is a crypto enthusiast who is always keeping an eye on the latest developments in the crypto ecosystem. He is an environmental engineer working on his MBA and has been following innovations in FinTech for several years. Adnan produces written content to review crypto projects and support the crypto community.