Dubbed as one of the fertile lands of the DeFi market with a series of decentralized applications proliferating, Ethereum is still quite limit for users when transaction costs are “expensive” and the problem of network congestion makes the cost increase. However, recently, Layer 2 extension solutions were born as a new breeze, the “savior” of Ethreum players.
Boba Network can be considered as one of the market leading Ethereum Layer 2 scaling & upgrading solutions to reduce gas fees, improve transaction throughput and transaction speed. What differentiates Boba from Layer 2 solutions is that the transfer time from Boba to Ethereum has been greatly shortened, from a week to a few minutes.
With such a potential ecosystem, you are still wondering how to convert assets to this ecosystem to catch the new trend, right? In this article, I will provide more information and guide you through the first steps to set foot in the Boba Network ecosystem.
Why convert ETH from Ethereum to Boba Network?
In October 2021, the DeFi community witnessed a spectacular breakout of Boba Network when TVL rose from $100 and hit $24M in less than a month. Launching the Public Mainnet this past September, Boba Network has proven its heat. The above data also shows that the community’s interest is beginning to shift to this ecosystem.
In the near future, when money flow continues flowing into this platform as well as decentralized applications on Ethereum are aggressively looking for a promised land, Boba Network promises to be a suitable choice. If you want to discover more about Boba Network, you definitely need to learn how to set foot in this fertile land.
In addition, Boba Network has issued BOBA token - the network's governance token. Users can use BOBA token to vote on Boba DAO, or stake it to receive a portion of the transaction fees earned by the network through an on-chain distribution governed by the community. One of the most convenient ways to own BOBA, as well as other tokens on the Boba Network, is to use a Cross-chain Bridge to transfer ETH from Layer 1 (Ethereum) to Layer 2 on Boba Network. And then swap ETH for BOBA on a DEX built on Boba Network like OolongSwap.
Where to convert ETH from Ethereum to Boba Network?
Understanding the problems and also wanting to create more favorable conditions for you to skin in the game, Coin98 Supper App has updated many important bridges from Layer1 to Layer2, allowing easy and fast asset conversion without spending time searching, especially shortening complicated and zigzag operations.
You can use the Coin98 Super App to convert assets seamlessly, even if you are a newbie.
Currently, SpaceGate of Coin98 Super App supports cross-chain bridges on the prominent blockchains as follows:
- Ethereum (ETH & ERC20) <> Solana (SOL & SPL).
- Avalanche (C-Chain) <> Avalanche (X-Chain).
- Ethereum <> Boba Network.
- Ethereum <> Optimism.
- Ethereum <> Arbitrum (on Ethereum).
- C98 TomoChain (TRC21) > C98 BNB Smart Chain (BEP20)
How to convert ETH from Ethereum to Boba Network?
Download and install Coin98 Super App:
- iOS: ios.coin98.com
- Android: android.coin98.com
Read the instruction about How to set up Coin98 Super App.
Create a wallet
You must own an Ethereum wallet, a Boba Network wallet, and already store ETH in a wallet.
It is highly recommended to create multi-chain wallet, so that you can manage the wallet of multiple blockchains with one and only Passphrase (every Multi-chain wallet has a Passphrase).
Besides, the bridge from L1/L2 requires the same wallet address on both sides of the bridge. A Multi-chain wallet will meet this requirement and facilitate your cross-chain transaction since all EVM blockchains in the same Multi-chain wallets will have the same address.
In case you already have a Multi-chain wallet, you just need to click on the button Refresh in the "Manage Wallet" section so that the system automatically updates the newly integrated blockchain wallets for you.
How to swap ETH from Ethereum to Boba Network
Step 1: Open Coin98 Super App, choose Swap on the main screen → Select SpaceGate.
Step 2: Select the chain → Select the wallet containing the ETH token you want to convert. Then select the chain → The wallet you want to receive ETH.
Step 3: Slide the bar to select the amount you want to convert or enter the amount.
Read the conversion information carefully before proceeding with the transaction.
- Deposit timeout: Expected conversion time.
- Min/ Max amount: The maximum/lowest number of conversions.
- Gwei: The gas fee you need to prepare for this conversion transaction, you can drag the gas fee slider to adjust the desired gwei level. The default Gwei on Coin98 Super App has been optimized for users to make fast transactions at the most reasonable cost.
Then select Convert → Select Done to confirm the transaction.
From Boba Network to Ethereum
Steps of converting from Boba Network (L2) back to Ethereum (L1), follow the same instructions as above.
Unlike the working mechanisms of Layer 2 in the market, the time to convert from Boba Network to Ethereum will only take a few minutes to process the transaction instead of 7 days (provided that you pay extra and provides a sufficient amount of liquidity). If this condition is not met, the conversion time will still be about 7 days.
After completing the conversion, you can access the Convert History section to review the transaction history.
Cross-chain Bridge is considered a technology that helps blockchains interact and exchange with each other, helping users switch tokens back and forth between completely decentralized chains without having to go to a centralized exchange platform.
Along with the Ethereum <> Boba Network bridge, Coin98 Super App also provides bridges on other popular blockchains such as SPL, Avalanche, etc. as well as on other Layer2 like Optimism, and Arbitrum (on Ethereum). You can experience more when you want to skin in the game and find Retroactive opportunities for yourself.
If you have any questions or concerns, you can contact our Live Chat Support right on Coin98 Super App/ Coin98 Extension or via this link: https://livechat.coin98.com/
See you in the next blogs!