Boba Network, the next-generation Ethereum scaling solution, today announced the launch of the second layer Optimistic Rollup on the main network.Developed by OMG Foundation The core contributor Enya, based on the publicly available open source Optimism code base, Boba Network aims to provide a faster, cheaper, and more seamless experience for the next billion users of Ethereum.
In addition to the release of the public mainnet, the OMG Foundation will also release its new $BOBA token to support the decentralized governance of the network.
The launch of Boba’s mainnet is just the beginning of the community’s efforts to expand the Ethereum ecosystem by reducing gas costs, increasing throughput, and expanding the capabilities of decentralized finance and NFT projects through hybrid computing.
Boba’s scalable smart contracts enable developers across the Ethereum ecosystem to build decentralized applications that trigger code that executes on network-scale infrastructure, so that algorithms that are too expensive or cannot be executed on the chain can be used. As this technology matures, Boba’s hybrid computing will enable developers to build dApps that use the world’s most powerful algorithms, from cutting-edge cryptography to machine learning classifiers.
BOBA token
In order to support the Boba mainnet, the OMG Foundation is releasing a new governance token $BOBA for the platform. The $BOBA tokens will be airdropped to existing $OMG token holders who will bridge their $OMG tokens to the Boba Network before the snapshot date later next month. FTX is one of the largest cryptocurrency exchanges and has pledged to support airdrops, and other exchanges will follow suit.
This new token will become the basis for voting on Boba DAO, which is the next natural step for Boba to focus on users, communities, and decentralization. The $BOBA tokens pledged on the network will also receive part of the fees earned by the network through on-chain distribution managed by the community.
“From the very beginning, our mission was to create and develop an inclusive and decentralized ecosystem for developers and end users. Boba’s mainnet will enable Boba developers to provide more for the next billion users of Ethereum. Faster, cheaper, and more enjoyable experience. We are very pleased that the OMG Foundation supports the creation of a new $BOBA token to provide the community with the ability to participate in the governance and development of the Boba Network.”
– Alan Chiu, founder and CEO of Enya
Since launching the beta version last month, Boba Network has partnered with a series of leading encryption projects, including DODO, Coin98, MEW, Frax, Anyswap, Sake, Band, API3, and Witnet.
Boba’s vision is to expand and democratize the Ethereum ecosystem, and its L2 is the first step to realize this vision. Boba and its large and diverse community will focus on creating a great experience for developers and users by providing local fast exit bridges, NFT bridging between L2 and L1, and leveraging the security of Ethereum.
