Boba Network is a Layer 2 scaling solution for Ethereum based on Optimistic Rollup, developed by the OMG subsidiary in cooperation with the Enya team. The mainnet was officially launched on September 20. The current lock-up volume is $27.40 M, ranking 9th in the second-tier network. In 2021, Boba Network’s TVL once reached 1.3 billion US dollars, ranking second.
Several applications have been deployed on Boba Network. Among them, the lock-up volume of the native DEX OolongSwap on the Boba Network chain has reached $2.09 million, which is the highest among all applications on the chain. OolongSwap supports user swap, stake and farm.
Boba enables developers to have smart contracts involving more complex algorithms that execute off-chain on scalable platforms like AWS and return the results to the smart contract. They can build more interesting DApps with rich ecosystems, such as the ability to call off-chain machine learning models or use advanced data analytics that run off-chain; they are actually expensive and slow algorithms that can not run on-chain. Nevertheless, these can be combined with the help of Boba.
On March 31, Boba Network announced the next version of the WAGMI incentive program – WAGMI v2. WAGMI is Boba Network’s way of improving BOBA liquidity mining and developing the project. Since the launch of the first version of the WAGMI Incentive Program, there has been an explosion of new projects launched on the Boba Network. On the official ecosystem page alone, more than 30 projects are now taking advantage of Boba Network’s ultra-fast transaction speed and low gas fees.
The latest development of the project is that the Boba Network has been extended to Avalanche, and the Avalanche project can utilize Boba’s native NFT bridge, allowing NFTs to be smoothly transferred between L1 and L2.
Although Boba Network has been exceeded by the two giants of the new Layer 2 solution, Arbitrum and Optimism, still the project is backed by OMG. In April 2022, it completed a $45 million Series A financing at a valuation of $1.5 billion, including many well-known crypto companies and investors, so Boba Network still gains a critical position in the field of Layer2.
BOBA network still takes ETH as transaction fees and BOBA is only considered a governance token or token for stake.
The initial circulating supply is 140 million and will steadily increase to 500 million within 4 years.
Airdrop mode: On October 2nd, Boba Network officially announced that BOBA tokens follow the snapshot results on November 12th (those who bridge their OMG holdings to Boba Network in non-custodial wallets (individual investors), airdrop tokens will be obtained at a ratio of 1:1 on the 19th of the same month, which means for every OMG token held, you will receive 1 BOBA token.
How to add Boba Network mainnet and tokens
1）Tap [All Mainnets] and search for Boba, tick it and enter the 6-digit password to complete.
2）Tap “+” to access the page for token adding. Search for BOBA and tick to complete adding. Tap the token to make a deposit or transfer.
We will introduce the 5 applications on Boba Network and their tutorials after mainnets are added.