Bringing UST to Boba Ethereum L2

Governance & Proposals
1

Hello, Zuko here.

I’m leading strategy at Boba Network, an L2 Ethereum scaling & augmenting solution. 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 through hybrid compute. 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 liquidity providers yield farming opportunities.
‍
Boba is built by the Enya AI team. We’re an international team that’s been in crypto for years, and passionate about making the web3 vision a reality.

We’re building Boba in a way that puts our users and developers first. Our goal is to build a pragmatic L2 that is the first step towards opening Ethereum to reach billions of users. We’ve already announced partnerships with Dodo and Coin98 Wallet (note the initial focus on Asian markets), and have many of the best DeFi projects coming our way (alpha leak).

We’re long-time fans of both the Terra ecosystem and team, and would love to be able to grow the ecosystem with our efforts. We believe in a multi-chain future and growing the pie by making crypto accessible to all. Boba Network would be thrilled to see major UST adoption on our L2. As my uncle Iroh might say (Avatar reference to those unfamiliar), we’d like to invite the Terrans and Lunatics to a nice bubble tea :slight_smile:

A few ideas we had are:

This would only be the start - we see Terra and TeFi as a cornerstone within crypto for decades to come, and want to start building the relationship between our communities now.

Thanks for taking the time to read my proposal! Feedback encouraged.

6 Likes
2

Oh god please no

4

please post this in Christmas special format, thx

1 Like
5

A great way to combine strengths.

4 Likes
6

Is it april fools already?

7

Sounds like a great partnership idea. Terra and Boba have similar interests I’m all for it :+1:

5 Likes
8

Big fan of Terra since day 1! We’d love to have UST native on the Boba Network and ready to support any engineering efforts anytime :slight_smile:

5 Likes
9

Hi all, Alan here from Enya.ai, the team behind Boba Network. Both my cofounder and I come from the Stanford community and have built products used by 10M+ users. Our goals for Boba aren’t limited to making Ethereum faster and cheaper, but to grow the entire decentralized web3 world to serve billions of users. We have a lot of admiration for the Terra team and the community, and see this proposal as the first step in bringing the best of both worlds together. Would love to hear your feedback on how to make this proposal stronger!

5 Likes
10

Nice proposal! Beneficial for both communities. I’d be all for it.

4 Likes
11

Lets make this happen!

3 Likes
12

Lots of new accounts commenting on this thread with not much value-add-> not sure how I feel about it.

I have a few questions regarding Boba as I don’t have any background regarding it and its literally the first time I’m hearing about this:

  1. When was the mainnet?
  2. Any big backers/investors of the protocol?
  3. What is the stage of development of the ecosystem? Is there some material that we can look at to see what other projects on it are at the moment?
  4. Our Mercurial proposal was a 50:50 split between Luna and Mercurial. Given the much smaller scale of Boba/new stableswap partner, I feel the split should be more advantagous to Luna in this situation.

[EDIT]

I also noticed, that the chain is pretty much new/and not active at the moment. Only 62 transactions as of this writing, and the block production doesn’t seem to be active with first block produced 16 days ago.

It’s quite clear that Boba is quite new (unless im reading your blockexplorer wrongly). Based on this, I can’t say it makes sense to use community incentives to support this → there are a lot of larger, more established and consequential chains that we should focus on.

https://blockexplorer.boba.network/

image
image2856×1298 216 KB

image
image2856×484 43.2 KB

2 Likes
13

Agreed. No reason to spend funds if there is 0 traction and nothing unique or special otherwise about it.

Your “alpha leak” is not even linking to anything related to your L2.

14

Hello,

I am also new to this forum. I am from the boba community, you can find me on the boba network telegram group (Mitchell Unknown). Let me try to answer your questions.

Boba network is an optimistic rollup (L2) build on Ethereum, with the same security as the main Ethereum chain. In December 2020 Genesis Block Ventures (GBV) took over the OMG Network team. That team was working on scaling Ethereum with plasma. At the moment Enya.ai is leading the project, founded by stanford faculty’s that specializes in decentralized privacy. They are focused on bringing EVM (i.e. smartcontract capabilities) to their layer 2 network with the ability to fast exit funds in minutes, incentivize users to provide liquidity to earn % apr, developers to use hybrid compute on AWS Lambda, mint NFT’s, has a token and an DAO function build into the gateway. And i am pretty sure i am forgetting some features. Their mission is make it as easy as possible to use Ethereum for the next billion users.

https://www.enya.ai

To answer your questions
First question
They are currently working around the clock with a team of 26 people to fully launch the network. About twee weeks ago they launched the mainnet contracts to Ethereum, also called mainnet beta.

https://cryptobriefing.com/ethereum-is-getting-a-new-layer-2-optimistic-rollup/

Blockexplorer:
The explorer only has 61 blocks, because you only can deposit funds. At the moment partners are already deployed on the rinkeby testnet, with over 22,000 blocks. You can see that here:

https://blockexplorer.rinkeby.boba.network

Second question:
At the moment GBV is backing up the project, but it had an 25 million ICO funding in 2017 and the token is called $OMG. Since the take over by Enya in 2021 and 8 months of coding and testing, we are at the stage where we are launching dapps onto the boba network and adding new features to the main gateway (i.e. a dashboard that let you interact with the boba network, governance, staking and much more.)

Third question:
About a dozen projects, mostly defi are waiting to integrate/ announce to launch on boba mainnet. Most recent partnerships/ launchpartners are:

https://twitter.com/breederdodo/status/1430176207186931724?s=21

https://twitter.com/coin98_wallet/status/1430924614142619649?s=21

https://twitter.com/anyswapnetwork/status/1432569837516062720?s=21

Fourth question:
I can’t really answer this, but i agree with the scale part. This is only a proposal and it would be nice if the two teams can have a chat about how we can help each other.

Your edit part:
You are referring to the mainnet beta explorer where interaction of dapps are not yet available. So we are in the progress of bringing volume and onboarding partners. The coming weeks will be more clear for users/investors. A lot of things are in motion behind the scenes. Hope this helps you a bit.

3 Likes
15

Look at who the tweet is written by and the thread preceding it :slight_smile: . Boba was previously named OMGX for context.

1 Like
16

Thanks for your thoughtful response here, really appreciate it. We wrote this proposal to open dialogue and have the Terra community also propose ideas - again we’re huge fans of the community and ecosystem.

  1. Mainnet is coming soon. We can’t share the details publicly yet, but we’ve chatted personally with the TFL team.
  2. We have many large crypto investors involved, also can’t share publicly yet. MitchellUnknown provided good context on our relationship with GBV, and you can view some of the early investors in Enya here.
  3. The ecosystem is in mainnet beta. You can view the recent announcement and our progress on Github. There are many advantages of the Boba L2, which you can see on our landing page.
  4. We’re open to different splits so long as they’re advantageous to both communities. That said, with all due respect to the Mercurial team, Boba and our stableswap partner are at a much larger scale. Boba uses the $OMG token which has a $900M market cap currently and tremendous liquidity and trading activity. Our stableswap partner (who I won’t spell out directly, but read the alpha leak) is a foundational DeFi DEX and a top 70 token by market cap. We’re both projects with long time engagement and community. Huge fan of Mercurial and again no disrespect to them - just saying to suggest us or our stable swap partner are smaller scale projects with no traction isn’t accurate.
3 Likes
18

Hi guys, thanks for posting here.

In general, our community is very open to collaborations with other L1/L2s, as our goal is for our stablecoins to be widely distributed. A couple of considerations:

  1. Would love to see a launched product first. For mercurial / saber, we partnered with them after they had a live product for several weeks, which gave us a better understanding of how to structure incentives

  2. Would love some thoughts on your plans for $UST in your ecosystem. Again for Mercurial & Saber, these were the only projects we’ve done any type of LM incentives for. Part of why our community thought this made sense was because of their intent to make UST a core stablecoin on their protocol. There have been many protocols / partners that have supported UST without explicit incentives from our treasury, so would like to understand your goals + plans a bit more

2 Likes
19

Thanks @jkuan , appreciate your comments. We’ll flesh this out more. In the meantime, we’ve added $UST to be shown natively as one of the tokens for the Boba Network bridge to start having $UST as a native stablecoin for Boba :slight_smile: