- Boba Community is launching a token, with an airdrop for OMG holders who use its Layer 2 bridge.
- The token distribution might be primarily based on a snapshot of Boba Community customers holding OMG of their wallets subsequent month.
- BOBA will decentralize the undertaking’s governance and distribute a portion of the community’s transaction charges to holders.
Share this text
Boba Community, a brand new Layer 2 resolution created by Enya in collaboration with OMG Community, is launching a token.
Boba Community Rewards OMG Holders
Boba Network will distribute a brand new governance token to OMG holders.
Boba Community is a brand new Layer 2 resolution that leverages Optimistic Rollups to assist Ethereum scale. If processes transactions at the next pace and decrease price than Ethereum mainnet whereas benefiting from the safety of the bottom chain.
Reasonably than choosing a retroactive drop, that are popularly utilized in different DeFi tasks, the undertaking will airdrop the token to OMG holders primarily based on a future snapshot.
Based on a blog post saying the airdrop, customers who use the Boba Community bridge to maneuver OMG and maintain the tokens of their wallets earlier than a snapshot date subsequent month might be rewarded with BOBA. Seemingly, the workforce is hoping to incentivize customers to purchase OMG and work together with the bridge.
The token, when distributed, might be used to control the undertaking in a decentralized method and for voting throughout the Boba DAO. Moreover, those that stake BOBA will earn a portion of the Layer 2 community’s transaction charges.
Commenting on the token launch, Enya founder and CEO Alan Chiu stated:
“We’re thrilled by the help of OMG Basis in creating the brand new BOBA token to supply the neighborhood the power to take part within the governance and development of Boba Community.”
In current weeks, Layer 2 options have obtained quite a lot of consideration throughout the neighborhood, helped partly by surging fuel charges on Ethereum. Based on information from L2Beat, the whole worth locked in Ethereum’s Layer 2 has shot as much as $3.6 billion within the final week. Over $2.6 billion is locked in Arbitrum, the present chief within the race to scale Ethereum by way of Optimistic Rollups.
In contrast to different Optimistic Rollups, Boba Community claims to be the one one that may cut back withdrawal instances to only some minutes. It’s going to additionally help NFT bridging between Layer 1 and Layer 2. With Boba Community saying its personal token, a query stays over whether or not different Optimistic Rollup options will observe. Whereas Arbitrum and Optimism are each rumored to launch their very own tokens, neither undertaking has shared any launch plans.
Ethereum Is Getting a New Layer 2 Optimistic Rollup
Enya and OMG Network have released the mainnet beta of a new Layer 2 Optimistic Rollup called Boba Network. Boba Network Goes Live A new Layer 2 solution created by…
Ethereum Layer 2 Arbitrum Soars to $2B in Value Locked
Arbitrum has seen a sudden upswing in total value locked after launching on Aug. 31. Arbitrum Gains Momentum Following its launch on Aug. 31, Arbitrum has topped the charts for…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…