Aave

Boba Network is proposing to deploy Aave v3 on the Boba Network L2 to expand lending to a growing community of users and provide incentives to bootstrap the launch of Aave to a new ecosystem.

Paragraph Summary

Our goal is to accelerate Aave’s expansion in the multi-chain world. 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.

Boba Network invites the Aave community to support this launch by participating in the Aave contracts deployment, enabling the Aave v3 front-end for Boba markets, and adding Boba Network in its recently announced cross-chain governance module roadmap.

Introducing Boba’s WAGMI incentive program for builders and developers, in collaboration with UMAprotocol, we will be distributing WAGMI options on $BOBA tokens to bootstrap initial usage of Aave on Boba Network.

WAGMI options are KPI (key performance indicators) options based on metrics relating to Boba Network, such as monthly active wallets or project specific TVL. Traditional liquidity mining programs are zero-sum: users come to collect high rewards and are incentivized to keep those rewards. WAGMI farming turns this model on its head by being positive sum: users are incentivized to evangelize and encourage behaviors that grow Boba.

In addition to token incentives, we will be investing heavily in co-marketing and educating users through tutorials, videos, and community-led support.

Our overall goal is to use Boba’s $100 million ecosystem fund for growing a deep base of 1,000 dapps and 1mm+ daily transactions.

Motivation

Aave is already planning to go multi-chain and we want to help bring it to the Boba ecosystem, which is growing with the launch of Oolongswap, FRAX, Synapse, Dodo and many other DeFi projects. Aave will be the first major lending protocol on Boba and will add net new users from Boba’s 300,000+ community members. After enabling basic DeFi primitives like AMMs and NFT marketplaces, our community is eagerly awaiting lending markets on Boba.

Specifications

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. 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 LPs incentivized yield farming opportunities.

Boba’s extensible smart contracts will enable developers across the Ethereum ecosystem to build dApps that invoke code executed on web-scale infrastructure such as AWS Lambda, making it possible to use algorithms that are either too expensive or impossible to execute on-chain.

Boba Network aspires to be the People’s L2 that puts users and developers first. The goal is to build a pragmatic L2 that is the first step towards opening Ethereum to the next Billion users. Boba is an L2 Ethereum scaling & augmenting solution built by the Enya team as core contributors to the OMG Foundation.

Boba has grown to ~$350mm in TVL on mainnet since launch and it is fully EVM and Ethereum tooling compatible.

For more details, please read our documentation.

Audience data Twitter: https://twitter.com/bobanetwork (355K) Telegram:https://t.me/bobanetwork (10K) Discord: https://boba.eco/discord (7K)

References Homepage: https://www.boba.network Documentation: https://docs.boba.network Source code: https://github.com/omgnetwork/optimism-v2 Forum: https://https://forum.boba.network Communities: https://twitter.com/bobanetwork

Author: 0xmax (@bobachad)