Crypto / Tokens · September 20, 2021 0

Boba Network Launches Ethereum Layer 2 Mainnet

A competitor to Arbitrum (created by the OMG Foundation) has launched their mainnet today, called Boba Network. Similar to Arbitrum, Boba Network is an Optimistic Rollup, with the additional feature of adding the ability to bridge Ethereum NFTs over to the Boba Network!

On top of the mainnet launching today, the OMG Foundation will be releasing a new governance token for the platform; $BOBA. Per the annoucement, $BOBA tokens will be airdropped to existing $OMG token holders who have bridged their $OMG tokens to the Boba Network – a snapshot is expected to be taken in October for the airdrop.

To aid OMG Foundation in the airdrop, FTX Exchange has commited to support the airdrop. This is a great alternative to moving $OMG tokens to Boba Network’s layer2 – saving you on ETH gas fees. Additional exchanges are expected to join, but no word yet on which ones will participate.

After the launch of the $BOBA token, wallets that stake the token on Boba Network’s Layer 2 will also receive a portion of the transaction fees earned by the network.

I’ve decided to move some $OMG over to the Boba Network to see how it goes, and will update via new article when the airdrop goes live.

More information about Boba Network can be found on their blog post.

As always, this is not financial advice, just sharing.

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