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The Ethereum L2 Scene is heating up with Boba Network taking second place in TVL

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Boba Network is a newly released L2 layer for Ethereum. It has quickly moved to second in TVL (total Value Locked) among all expansion layers. Boba, a fork on Optimism that is another L2 layer based upon rollups, has exceeded Optimism to reach more than $1 Billion in TVL. This is likely due to the profitable percentages offered by its first decentralized exchange, Oolongswap, which offers yields of over 1,000%.

Boba Network L2 Gains Popularity

The Boba Network, a recently released L2 layer for Ethereum, has reached second place regarding total value locked (TVL) among L2 solutions, gaining more than 50% in value during the last week. The platform, which is a fork of Optimism, another Optimistic rollup, surpassed its sibling to fall just behind Arbitrum, the leading L2 solution for Ethereum scaling currently.

The scaling problems Ethereum faces have led to the development of this type of solution. It allows users to pay less for gas and still enjoy the security of transactions processed by the Ethereum blockchain.

Boba claims to offer a unique upgrade to fund withdrawals. Boba is faster than other L2 layers, which have withdrawal times of seven days.

Oolongswap Deployed

The rise in TVL for the network can be attributed to Oolongswap’s first native decentralized exchange (dex). The exchange, less than a month old, offers high percentages in yield farming, some going over 1,000%. Profit-seekers have likely used this opportunity to transfer their assets to the Boba Network and deposit them in Oolongswap for the best benefits.

The same phenomenon happened when the now leading L2 Ethereum solution Arbitrum launched. Yield seekers were lured to deposit their funds to Arbinyan, a yield platform that offered high yield percentages to depositors. It was similar to Oolongswap. This movement was also influenced by rumors about an Arbitrum-native token Airdrop.

According to data taken from Defillama, a defi tracking platform, Oolongswap’s TVL is now around $463 million, a little more than a third of the assets currently managed on the Boba Network at the time of writing.

What do you think about the Boba Network and its rise in TVL? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Ethereum

Trump-Tied Company Files for Dual Bitcoin and Ethereum ETF Product

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Ethereum

Bitcoin, Ethereum Hit Hard by Geopolitical Tensions: Binance Funding Rates Signal Deep Bearish Shift

In the early hours of Friday, June 13th, the cryptocurrency market faced intense downward pressure following a surprise military strike by Israel on Iran.

The geopolitical shock sent global risk assets tumbling, with Ethereum (ETH) experiencing a sharp drop below the crucial $2,600 support level.

Geopolitical Shock

According to the latest analysis shared by CryptoQuant, this sudden plunge triggered a cascade of long liquidations on Binance, where data from liquidation heatmaps revealed concentrated wipeouts in the $2,650-$2,430 range.

Many traders had opened long positions at around $2,800, expecting continued upside, only to be caught off guard by the sell-off. As prices fell through key levels, stop-losses and liquidation orders were triggered en masse, which resulted in a rapid flush of overleveraged positions.

Bitcoin also felt the impact, as Binance’s funding rates for BTC perpetual contracts fell to deeply negative levels not seen since June 8. This drop in funding rates reflects a market-wide shift in sentiment, which means that traders are now heavily shorting BTC amid fears of continued downside.

The panic-driven trading behavior suggests extreme caution across crypto markets, and derivatives data are pointing to increased bearish expectations. However, the aggressive liquidation of ETH longs and the return of negative BTC funding rates may indicate an overly pessimistic market stance. Such conditions often precede a potential price rebound, as excessive leverage is cleared out and markets stabilize.

While uncertainty remains high due to the geopolitical backdrop, the removal of speculative build-up could create a healthier setup for recovery.

Flight to Safety Grips Markets

In a note released Friday, QCP Capital also echoed these concerns and stated that the digital asset complex remains tightly tethered to geopolitical tail risks, and markets now appear to be poised to trade “headline to headline.” Bitcoin fell around 3% while Ethereum posted a sharper 9% drop, as risk sentiment evaporated across Asia and safe-haven assets like oil and gold surged.

Interestingly, crypto volatility spiked, with front-end BTC risk reversals flipping decisively in favor of puts, which indicated a sharp rise in demand for downside protection. While over $1 billion in long liquidations rattled major crypto assets, Bitcoin’s relatively muted decline indicated underlying institutional support.

However, the firm warned that any escalation in the Israel-Iran conflict could threaten oil supply corridors and add to inflationary pressure, thereby complicating the Fed’s rate trajectory.

Exacerbating the uncertainty, a widespread internet outage involving Google Cloud and Cloudflare added further stress to equities and tech-linked crypto sentiment. With Tehran’s response pending, the outlook for crypto remains fragile, which is currently not shaped by fundamentals but by geopolitical volatility and macro headline flow.

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