State of Boba Network Q2 2024

Key Insights

Financial Overview

Market Cap and Revenue

In Q2’24, the total crypto market cap experienced a pullback after two straight quarters of growth, largely driven by positive capital inflows to spot BTC ETFs. Amidst this backdrop, BOBA’s circulating market cap decreased 57% QoQ from $219.1 million to $94.1 million.

Usage

Average daily transactions across both implementations increased 18% QoQ from 45,800 to 54,000. Boba Ethereum accounted for more transactional activity for the first time since Boba BNB first went live in Q4’22. Due to the decreased onchain costs for transactions as a result of EIP-4844 and Anchorage, Boba Ethereum increases its average daily transaction count by 7,973% QoQ, from 451 to 36,400.

Average daily active addresses across both implementations increased 35% QoQ from 78 to 106. This was the second quarter in a row where there was a QoQ increase in average daily active addresses.

Transaction fees on Boba Ethereum are paid in ETH, while transaction fees on Boba BNB are paid in BOBA. The average transaction fee on Boba Ethereum in Q2 decreased 88% QoQ from $0.39 to $0.05. However, after the Anchorage update went live, the average transaction fee was $0.00077, a 99% decrease from Q1’s average transaction fee.

DeFi

Boba Network TVL denominated in USD decreased from $7.7 million in Q1 to $5.8 million in Q2, a 25% QoQ decrease. Boba Ethereum continues to represent the majority of TVL (93%) on Boba Network. Boba Ethereum TVL decreased 25% QoQ from $7.2 million to $5.4 million. Boba BNB TVL reached an all-time high in Q1

The top three protocols by TVL on Boba Ethereum continued to grow their share in Q2. Uniswap

Unlike contract calls, average daily unique contract calls have remained relatively flat since Q2’23. In total, average daily unique contract calls were down 26% QoQ from 48 to 36. Furthermore, the average daily unique contract calls decreased across both Boba implementations. Boba Ethereum was down 35% QoQ to 21, while Boba BNB was down 12% QoQ to 14.

Despite the decrease in average daily unique contract calls, average daily unique contract callers increased, up 40% QoQ from 72 to 101. The majority of unique contract callers are on Boba Ethereum (up 65% QoQ to 77). Similarly to active addresses, the last two weeks in June saw a substantial increase in unique contact callers. As for Boba BNB, average daily unique contract callers were down 10% QoQ to 23.

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