What Is Boba Network Coin (BOBA)?

Boba Network (BOBA) is a Layer 2 Ethereum augmenting and scaling solution. Layer 2 solutions enable increased throughput and scalability while maintaining the stability and coherency of the Ethereum blockchain. It further allows for transparency, complete decentralization, and security while lessening the carbon footprint, such as less gas or energy. Besides this, the platform is an optimistic rollup. Optimistic rollup resides parallel to the main chain of Ethereum on Layer 2 that offers advancements in scalability as they do not compute by default. 

One of the critical problems identified in the whitepaper is that the gas fees per transaction of Ethereum are high. Thus, Boba Network intends to reduce the costs to levels lower than the Ethereum Network. The Boba Network enables NFTs to bridge and launch to the Ethereum platform cost-effectively. Therefore, Boba Network offers affordability to NFTs and DeFiDApps on Ethereum, particularly microtransactions, which are too costly to employ on the Ethereum network. 

Since the platform uses Ethereum Layer 2, it minimizes gas fees, broadens the abilities of smart contracts, and enhances transaction throughput. Moreover, the platform provides fast exits supported by community-driven liquidity pools1. It implies that it takes a few minutes for the users to transfer money into and out of the network. Moreover, the platform assists in NFT (non-fungible token) bridging, which means that users can trade, move, and mint their NFTs between L1 and L2 without any difficulty. The minting process involves the creation of a new block, verifying information, and storing that information on the blockchain. Also, Boba Network is secured by Ethereum, as it is an optimistic rollup protocol. Furthermore, the extensible smart contracts of the network allow developers on the Ethereum ecosystem to create DApps. 

BOBA is the governance token of the Boba Network. The user can stake the token to receive rewards and participate in the network’s governance. The BOBA holder receives one vote for each token they stake on the network of BOBA. 

History of Boba Network

Alan Chiu is the founder of the platform. Additionally, the platform’s public mainnet launch got announced on September 20, 2021. 

The maximum supply of the BOBA token is 500 million.