Boba Network (ENYA)

Boba is an L2 Ethereum scaling & augmenting solution built by the Enya team as core contributors to the OMG Foundation. Boba is an Optimistic Rollup forked from Optimism.

Basics

• Based in:
• Started in / Announced on: 19-8-2021
• Testnet release:
• Mainnet release: 9-2021
• From EthHub (28-8-2021):

"Boba Network is a layer 2 optimistic rollup that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts."

History

• Fka OMGX Network or OmisegoX

Audits & Exploits

• Bug bounty program can be found [insert here].
• From L2beat (2-10-2022):

"Funds can be stolen if…

1. an invalid state root is submitted to the system (CRITICAL),
2. a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

Funds can be lost if…

1. there are mistakes in the highly complex OVM implementation.

Funds can be frozen if…

1. the centralized validator goes down. Users cannot produce blocks themselves and exiting the system requires new block production (CRITICAL).

MEV can be extracted if…

1. the operator exploits their centralized position and frontruns user transactions."

Governance

Admin Keys

• Has a centralized validator (2-10-2022):

"The system has a centralized sequencer. While proposing blocks is open to anyone the system employs a privileged sequencer that has priority for submitting transaction batches and ordering transactions. All executed transactions are submitted to an on chain smart contract. The execution of the rollup is based entirely on the submitted transactions, so anyone monitoring the contract can know the correct state of the rollup chain. Because the state of the system is based on transactions submitted on-chain and anyone can submit their transactions there it allows the users to circumvent censorship by interacting with the smart contract directly.

The system uses the following set of permissioned addresses:

1. Owner 0x1f24…a840 (EOA) This address is the owner of the following contracts: OVM_L1CrossDomainMessenger, L1StandardBridge, LibAddressManager. This allows it to censor messages or pause message bridge altogether, upgrade bridge implementation potentially gaining access to all funds stored in a bridge and change the sequencer, state root proposer or any other system component (unlimited upgrade power).
2. Sequencer 0xfa46…c57F (EOA) Central actor allowed to commit L2 transactions to L1.
3. State Root Proposer 0x5558…bE80 (EOA) Central actor to post new L2 state roots to L1."

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here.

Implementations

• Built on: Ethereum, Moonbeam and Fantom in June, 2022 and Avalanche (22-9-2022).
• Consensus mechanism:
• Algorithm:
• Virtual Machine: OVM "Boba Network uses the Optimistic Virtual Machine (OVM) to execute transactions. This is similar to the EVM, but is independent from it and allows fraud proofs to be executed." (2-10-2022)
• Development language:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From L2beat (2-10-2022):

"Ultimately Boba Network will use fraud proofs to enforce state correctness. This feature is currently in development and the system permits invalid state roots. Users have the ability to run a validator software and compute valid state roots locally, but cannot act on them on chain.

All executed transactions are submitted to an on chain smart contract. The execution of the rollup is based entirely on the submitted transactions, so anyone monitoring the contract can know the correct state of the rollup chain."

• From Coindesk (5-4-2022):

“Layer 2s have single instance sequencers that act as block producers,” said Chiu. “So we set off to modify Geth in such a way that smart contracts on Boba can call any external API. Suddenly, you can do machine learning off-chain and have the results come back to your smart contract, atomically, meaning in the same transaction, in the same block. You can write smart contracts that call a Twitter API; if you want to, for example, reward users for performing certain actions on Twitter, and automate that whole verification and rewarding process,” Chiu said. “You can create on-chain assets that are synchronized with your gaming engine that runs off-chain, or with the metaverse that runs off-chain.”

Liquidity Mining

• From Bitcoin.com (7-1-2021):

"Boba has announced the launch of an incentives program using Wagmi options. With Wagmi option will depend on network parameters such as total value locked (TVL), or specific project developments."

Oracle Method

• UMA optimistic oracle went live (5-2-2022).
• Partnered with Band Protocol to bring oracles to their layer-2 optimistic rollup platform (11-9-2021).

Roadmap

• Can be found [Insert link here].
• From L2beat (2-10-2022):

"Fraud proofs are in development: Ultimately Boba Network will use fraud proofs to enforce state correctness. This feature is currently in development and the system permits invalid state roots. Users have the ability to run a validator software and compute valid state roots locally, but cannot act on them on chain."

Usage

• From Bitcoin.com (7-1-2021):

"Boba’s mainnet was launched in September last year, and it managed to rise as one of the leading L2 networks, reaching the second spot in TVL among these on November 28, only behind Arbitrum. However, since then, the network has lost some steam, falling to fourth place while being surpassed by Loopring and Dydx, according to the info at L2beat, an L2 statistics monitor."

Competition

• From L2beat (2-10-2022):

"Amongst other features it adds standard fast withdrawal facility that allows users to remove funds immediately without waiting for the end of the 7-day fraud proof window. This facility is using funds from liquidity providers."

Team, Funding and Partners

Team

• Full team can be found [here].
• Alan Chiu; founder
• Built by the Enya team as core contributors to the OMG Foundation.

Funding

• StableNode says they invested (7-11-2022).
• From Coindesk (5-4-2022):

"Boba Network has raised $45 million from a wide range of investors that included cryptocurrency exchange giants Huobi, Crypto.com and BitMart."

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