Boba Network Is Airdropping $BOBA To OMG Holders

Overview

  • Boba Network is an Ethereum Virtual Machine (EVM) compliant Layer 2 Optimistic Rollup that aids in the scaling of Ethereum smart contracts while providing a comfortable user experience.
  • On L1 and L2, the Boba Network will be airdropping free BOBA to OMG holders.

What is Boba?

Boba Network is an Ethereum Virtual Machine (EVM) compliant Layer 2 Optimistic Rollup that aids in the scaling of Ethereum smart contracts while providing a pleasant user experience. It allows Ethereum developers to create dApps that trigger code running on web-scale infrastructure like AWS Lambda, allowing them to use sophisticated algorithms that would otherwise be impossible to use.

Features of Boba

  1. Governace: 

The Boba DAO will be governed by $BOBA, which will be utilised for community activities and network direction in the future. For every token staked on the network, each $BOBA holder will receive one vote. Token holders will be able to make proposals, vote on proposals, and delegate votes for proposals on the DAO if the governance requirements are followed.

  1. Staking

Through an on-chain distribution regulated by the community, $BOBA tokens placed on the network will also receive a percentage of the network’s transaction fees. After the network has been functioning at a steady state long enough to help decide such details, the time and specifications of the fee-sharing arrangements will be revealed in a governance proposal and subject to a DAO vote.

The Boba Network
Source: Boba Network

Why Boba?

By combining transactions in volume and assuring Ethereum compatibility, Boba lowers gas fees and improves transaction performance. On this network, DeFi and NFT applications that are currently prohibitively expensive on Ethereum become inexpensive. Because of its fast evacuation of crypto assets from this platform to Ethereum, extendable smart contracts, and, shortly, decentralised autonomous organisation (DAO) governance, it stands out among Ethereum Layer 2 alternatives.

Boba optimises for user experience by providing quick exits backed by community-driven liquidity pool. It reduces the withdrawal process from seven days to only a few minutes. The Boba NFT Bridge enables NFTs to be launched on this platfrom at a low cost. It is then transferred to the Ethereum mainchain if necessary. Top-tier NFT projects are all on Ethereum, but gas battles have turned it into a playground for the wealthy. This network allows you to leverage NFTs for micro transactions like gaming while still maintaining the security of Ethereum. This solution combines the best of both worlds: Ethereum-based security and decentralisation, as well as minimal transaction costs and quick execution.3

$BOBA Token

Maximum Supply of $BOBA tokens: 500,000,000

Token Allocation:

Stakeholder:Allocation:
$OMG Token Holders140M
Treasury210M
Current & Future Team Members100M
Strategic Investors50M

About The Airdrop

OMG holders will receive a free airdrop of Boba Network’s governance token “BOBA”. A snapshot of OMG holders who’ve bridged their OMG tokens to Boba Network will be taken on November 12th, 2021.  FTX is currently the sole exchange that has expressed interest in participating in the airdrop.

Step-by-Step Guide:

  1. Boba Network will be airdropping free BOBA to OMG holders on L1 and the Boba Network L2.
  2. A snapshot will be taken on November 12th, 2021.
  3. Users who’re holding OMG in a non-custodial wallet need to bridge their OMG tokens to Boba Network by the snapshot date to be eligible.
  4. Users that move their OMG onto Boba Network, including the L1 liquidity pool, before the snapshot will receive a bonus to their airdrop equal to 5% of their OMG token holdings.
  5. FTX is the only exchange that has currently announced support for the airdrop.
  6. The rewards will be distributed on November 19th, 2021.
  7. Follow their social channels to stay updated regarding the supported exchanges, allocation, etc.
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