Boba Network records nearly 10,000% increase in transactions despite slowdown in the crypto industry

Ethereum blockchain startup Boba Network saw a massive increase in the number of transactions on its BnB Chain network despite the ongoing slowdown in the crypto industry. The company said an astounding increase of 9883.46% in transactions and the addition of nearly 13,000 wallets since January 2023, the company told Tech Startups in a statement.

The news comes after the successful launch of its Boba BNB Layer 2 Solution on Avalanche last year, becoming the first-ever L2 on Avalanche which also reinforced Boba’s status as a preeminent L2 for scaling blockchain networks while providing Avalanche developers with another low-fee environment for feature-rich applications.

Boba Network’s success didn’t end there. In March alone, a record of 587,127 transactions was recorded on the Boba BNB layer 2, bringing the total wallet addresses to 12,716. The integration with Binance’s BNB Chain allows Web3 developers to build dApps or games with the benefits offered by Binance and its BNB Chain.

To date, Boba BNB L2, powered by Boba Network, is the first and only L2 on BNB that allows users and developers to deploy EVM Compliant dApps and benefit from quicker transaction speeds and cheaper costs. Furthermore, BNB Chain developers may use Boba’s Hybrid Compute technology, which brings the power of Web2 on-chain and enables smart contracts to access off-chain computing and real-world data to create improved experiences for decentralized apps.

Boba BNB’s rapid expansion has been fueled by two significant projects: Rovi Network and MegaWorld. Rovi Network is a Web3 powerhouse whose Crypto Super App platform promises to introduce crypto into the daily lives of billions of people. Since 2018, MegaWorld has been a huge multiplayer Web3 city-building strategy game with a real economy powered by smart contracts.

“The current run rate in terms of the number of on-chain transactions on Boba BNB is more than a million transactions/month and this is scaling up fast,” said Nitin Gupta, CEO of ROVI Network. “We needed a partner which could handle scale and still be secure & cost effective. Boba Network is matching our ambitions.”

“We are thrilled to see the astounding growth and adoption on Boba BNB thanks to Rovi Network and MegaWorld,” said a core contributor to Boba Network. “The integration with Binance’s BNB Chain marked a new chapter for Boba Network, and we are excited to see the innovations and continued growth that Web3 developers will bring to Boba BNB.”

Founded in 2017 by Alan Chiu, Boba is a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that enables users to develop decentralized apps on the Ethereum blockchain with more features and at lower fees and also transfers non-fungible tokens (NFTs) across ethereum’s different layers.