In addition to its public mainnet launch, OMG Foundation will be releasing its new $BOBA token to support decentralized governance of the network.
Boba’s mainnet launch is only the beginning of the community’s efforts to expand the Ethereum ecosystem by reducing gas fees, improving throughput, and extending the capabilities of decentralized finance and NFT projects through Hybrid Compute. Boba’s extensible smart contracts enable developers across the Ethereum ecosystem to build decentralized applications that trigger code executed on web-scale infrastructure, making it possible to use algorithms that are either too expensive or impossible to execute on-chain. As this technology matures, Boba’s Hybrid Compute will enable developers to build dApps that make use of the world’s most powerful algorithms, from cutting-edge cryptography to machine learning classifiers.
In support of the Boba mainnet, OMG Foundation is releasing a new governance token for the platform, $BOBA. $BOBA tokens will be airdropped to existing $OMG token holders who have bridged their $OMG tokens to Boba Network by a snapshot date later next month. FTX
, one of the largest crypto exchanges, has already committed to support the airdrop, with additional exchanges to follow suit. This new token will be the basis for voting on the Boba DAO, the next natural step of Boba’s focus on users, the community, and decentralization. $BOBA tokens staked on Boba Network will also receive a portion of the transaction fees earned by the network through an on-chain distribution governed by the community.
“From the beginning, our mission has been to create and grow an inclusive, decentralized ecosystem for developers and end users,” said Alan Chiu, Founder and CEO of Enya. “Boba’s mainnet will allow Boba developers to deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum. We are thrilled by the support of OMG Foundation in creating the new $BOBA token to offer the community the ability to participate in the governance and growth of Boba Network.”
Since its beta launch last month, Boba Network has partnered with an array of leading crypto projects, including DODO, Coin98, MEW, Frax, Anyswap, Sake, Band, API3, and Witnet.
Boba has a vision of expanding and democratizing the Ethereum ecosystem, and its L2 is the first step towards bringing that vision to life. Boba and its large, diverse community will focus on creating a great experience for developers and users by offering a native fast exit bridge, NFT bridging between L2 and L1, and leveraging Ethereum for security.
The Boba team will be showcasing the Boba Network’s unique product features and recent integrations during Messari Mainnet in New York City from September 20 - September 22, 2021, Booth #301. To build on Boba, visit boba.network