- Boba Community is launching a token, with an airdrop for OMG holders who use its Layer 2 bridge.
- The token distribution will probably be based mostly 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.
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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 Community 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 a better velocity and decrease price than Ethereum mainnet whereas benefiting from the safety of the bottom chain.
Developed by OMG Basis’s core contributor Enya, it was launched as a mainnet beta final month to compete with different Optimistic Rollup options like Optimism and Arbitrum.
Reasonably than choosing a retroactive drop, that are popularly utilized in different DeFi initiatives, the undertaking will airdrop the token to OMG holders based mostly on a future snapshot.
In keeping with a blog post asserting 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 will probably be rewarded with BOBA. Seemingly, the group is hoping to incentivize customers to purchase OMG and work together with the bridge.
The token, when distributed, will probably be used to manipulate 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 mentioned:
“We’re thrilled by the help of OMG Basis in creating the brand new BOBA token to supply the group the flexibility to take part within the governance and progress of Boba Community.”
In latest weeks, Layer 2 options have acquired loads of consideration throughout the group, helped partly by surging fuel charges on Ethereum. In keeping with information from L2Beat, the overall 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 would additionally help NFT bridging between Layer 1 and Layer 2. With Boba Community asserting 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.
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