The OpenOcean-Boba Collaboration
It is common knowledge within the DeFi space that strategic partnerships are essential and ensures growth of a protocol. OpenOcean fully understands this therefore, alongside carrying out regular upgrades, the protocol strives to enter into collaboration with other projects which have the same end goal in sight.
How the Collaboration with Boba Network, will Add to OpenOcean’s Ethereum Scaling Solution
Ethereum being the parent chain of DeFi, is plagued with an almost permanent state of congestion due to several thousand protocols deploying their services at the same time upon the same network. This results in expensive gas fees and slow transaction time which is not workaround solution for blockchain applications and users. These difficulties have led to the introduction of Ethereum L2 solutions, built upon the Ethereum network in a bid to uphold protocol security and maintain decentralization.
Understanding Boba Network
As a protocol, Boba is a next –generation Ethereum Layer 2 Optimistic Rollup scaling solution which reduces gas fees and increases transaction throughput extending smart contract capabilities. The protocol presents several benefits for its users, from giving Liquidity Providers yield farming opportunities to offering fast exits backed by community-driven liquidity pools, and shrinking the optimistic rollup exit period from seven days to only a few minutes.
The possession of extensible smart contracts by the protocol will enable developers build dApps across the Ethereum ecosystem. These dApps will invoke code executed on web-scale infrastructure such as AWS Lambda, thus making it possible to use algorithms which are either too expensive or impossible to execute on-chain.
OpenOcean being the world’s first DeFi and CeFi full aggregator has had its footprint on Ethereum from the onset of the project launch and has since aggregated several Ethereum scaling solutions and added farms/vaults to its one-stop trading platform.
The co-founder dropped a remark which expressed OpenOcean’s excitement in light of the collaboration.
“We are excited to see the growth and innovations of L2 across the Ethereum ecosystem and will continuously support and integrate with leading scaling solutions such as Boba Network”
Cindy Wu — Co-founder of OpenOcean
OpenOcean believes that this collaboration will be essential in facilitating ease of transactions for users who primarily carryout transactions upon the Ethereum network.
OpenOcean ANNs: https://t.me/OOFinanceAnn