Boba Network is like a supercharger for Ethereum. It helps Ethereum work faster and better by reducing fees, making smart contracts even smarter, and handling more transactions at once. The BOBA token, which belongs to Boba Network, reached its highest price ever at $7.93 on November 25, 2021. Keep reading to find out more about Boba Network, how it does its magic, and what the BOBA token can do for people who use it.
What is Boba Network?
Alan Chiu started Boba Network in 2018. It is a special kind of technology that makes Ethereum work better. It's like giving Ethereum a boost. Boba Network uses something called Optimistic Rollup, which is a smart way to make Ethereum faster. It takes transactions from the main Ethereum and puts them on a second layer, sort of like a helper layer. This makes everything work faster and costs less.
Boba Network has cool features, like an easy way to start using it, a quick way to get out, and a way to connect with other blockchains. It wants to make things affordable for apps that use Ethereum, like the ones for DeFi and NFTs. Boba Network also lets you do very small transactions without spending too much money, which is usually a problem on Ethereum. And it makes transactions faster and cheaper, but still safe.
Boba Network is here to help Ethereum work better, just like other scaling solutions such as Polygon, Arbitrum, zkSync, and StarkWare.
The name "Boba" comes from those yummy tapioca pearls used in drinks. It is like when you have a tasty milk tea with boba pearls. Alan Chiu, the founder, said they chose the name because when people drink boba, they feel happy. And that is how they want people to feel when they use Boba Network.
How Boba Network Works
Boba Network was built using Optimism, a technology that helps Ethereum work better. It does this by using Optimistic Rollup, which makes transactions faster and cheaper, and makes smart contracts even more powerful. Boba Network is like a helper for Ethereum, and it gets some of its abilities from Ethereum.
The $BOBA token is important for Boba Network. It is used for something called Boba DAO's governance. This means $BOBA helps make decisions and plans for the future of the network. For every $BOBA that users have, they get one vote. This helps holders have a say in what happens on Boba Network. Holders with $BOBA can also suggest new ideas and let others vote on them. It's all about making the network better based on what people want.
Tokennomics
As of August 2, 2023, the current price of BOBA coin is $0.14, and its market cap is nearly $500 million. There are more than 171 million BOBA coins in circulation out of a total maximum supply of 500 million. 28% of the total BOBA coins, which is 140 million coins, were given to people who had OMG tokens. The treasury got 42% of the coins, which is 210 million. As the Boba Network makes money, some of it will be used to buy back BOBA coins from the treasury. The treasury's job is to make the Boba system better and to give rewards for people who help with liquidity.
Strategic investors were given 10% of the coins, which is 50 million. The current and future team members got 20% of the coins, which is 100 million. The unlocking process began on September 20, 2022, and it will continue every quarter. The last unlocking will be on June 20, 2025. The project's team airdropped BOBA coins to OMG holders as a gift, where for each OMG token, they got 1 BOBA. This happened on November 12, 2021.
Boba Coin Utility
The BOBA coin has various purposes, which include:
Governance: Holders of BOBA coins have the ability to vote, allowing them to take part in the decisions made by the Boba decentralized autonomous organization (DAO). This organization focuses on community projects and determining the network's future direction. For every BOBA coin staked on the Boba Network, holders receive one voting right.
Staking: Individuals who stake BOBA coins earn a portion of the transaction fees generated by users of the network. Additionally, they receive equivalent BOBA coins, which grant the same voting rights within the DAO.
Covering Transaction Fees: BOBA can be used to pay for gas fees associated with transactions on the Boba Network. Users also have the option to pay transaction fees using the native coin of the respective Layer 1 blockchain supported by Boba.
