Today, Coin98 will show you how to:
- Purchase and store ETH.
- Transfer funds to Boba Network by transferring ETH coins from an exchange (CEX) or using a cross-chain bridge.
- Seek Investment Opportunities on Boba
Let's jump right into the Boba Network!
About Boba Network
Boba Network is an Ethereum Layer-2 scaling & augmenting solution. Built on the basis of Optimism codebase, Boba Network implements the Optimistic Rollup technology in addition to providing various innovative features like swap-based onramp, fast exit, cross-chain bridging and other features.
The vision of Boba Network is to give affordability to DeFi and NFT dApps on Ethereum, especially micro-transactions (which are extremely imperial to Gaming), that are now too costly to use widely on Ethereum. By transferring those to a Layer-2, Boba Network can improve transaction speed and costs while still maintaining the available security from Ethereum.
Because Boba is a layer 2 solution of Ethereum blockchain, to participate in DeFi on the Boba Network, you also need ETH or BOBA to pay a network fee, also known as "gas fee".
So, to make one transactions, you need around 0.03 ETH (~$60) to pay for the gas fee.
Instructions for depositing & withdrawing tokens from Ethereum to Boba Network
There are two methods for transferring tokens to the Boba Network.
- Option 1: Through the Coin98 Super App
- Option 2: Through the Boba Bridge (PC)
To make it easier for you to visualize, I'll walk you through the process for the two methods listed above.
Option 1: Use the Coin98 Super App to transfer tokens to Boba Network
It is necessary to have a non-custodial wallet to store tokens and interact with DeFi. Coin98 Super App might be a suitable choice for you.
First, you should have an Boba Network Wallet to store your tokens, this article will be usefull for you: How to create & use Boba Network Wallet
This is a guide to transferring coins and tokens from the Ethereum mainnet to the Boba Network. You can also follow the same steps if you want to transfer coins and tokens from Ethereum to Arbitrum or Optimism and vice versa with Coin98 Wallet.
Step 1: On the Coin98 Wallet main interface, choose Swap.
Step 2: Select “Space Gate" to start bridging. After that, select the blockchain you want to convert.
Then you need to choose some information below:
- Select the wallet that holds the converting tokens and the receiving wallet on the corresponding blockchain.
- Select the token you want to convert. We will take ETH for this example.
Step 3: Choose the converted amount by sliding the bar. Before the swap, please kindly check the information in the Review Order section:
- Deposit timeout: Estimated conversion time.
- Min/ Max amount: Min/Max number in this transaction.
- Gwei: Gas Price is calculated in Gwei. This is the gas fee you need for this transaction. You can adjust gwei by sliding the bar to the desired gas fee level. The default gas fee on Coin98 Wallet is set at the standard rate for the fastest speed at the most reasonable cost.
Kindly check the information before confirming this transaction. Choose Convert to confirm it and click Done.
Option 2: Use Boba Bridge to transfer tokens (PC)
1. Transfer tokens from Ethereum to Boba Network
Step 1: Head to the Boba Bridge main interface https://gateway.boba.network/
Step 2: Connect your Metamask wallet to the Boba Bridge.
Step 3: Click “Wallet" at the top of the website
Step 4: Choose “Ethereum Wallet", then choose "Bridge' or "Fast Bridge". The fast bridge is faster but charges a 0.1% LP fee. In this case, I will choose "Bridge".
Step 5: Choose the tokens you want to transfer and insert the amount.
Step 6: Finally, click Approve & Confirm Transaction that appear on the Metamask pop-up tab
2. Transfer tokens from Boba Network to Ethereum
Step 1: Similar to the above process, head to the Boba Bridge here: https://gateway.boba.network/
Step 2: Connect your Metamask wallet to the Boba Bridge
Step 3: Click “Wallet" at the top of the website.
Step 4: Choose “Boba Wallet" and choose the tokens you want to transfer to Ethereum.
Step 5: The remaining processes are similar to those when transferring tokens from Ethereum to the Boba Network.
Transfer ETH, ERC20, and ERC721 tokens from Coin98 Super App
This operation works the same on both the Coin98 Super App and Coin98 Extension. Here, I will give an example of how to receive ETH (BOBA) stored in a mobile wallet.
- Step 1: Click on Boba Network wallet.
- Step 2: Choose "Send."
- Step 3: Select the token and enter the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm sending.
In addition, you can also go to the Send section in the main interface, select the Boba Network wallet you want to send from.
- The gas fee for each transaction is paid with ETH, approximately 0.0012 ETH (BOBA)
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
What is Boba Network PRC?
You can go to Boba Bridge to change to Boba Network automatically, or you can change Custom PRC Endpoints manually using the information below:
How much is the gas fee when transferring tokens from Ethereum to Boba Network?
There are 2 types, "Bridge to L2" or "Fast Bridge to L2". The bridge usually costs twice as much in gas fee as compared to the fast bridge.
In the past, I used to use the normal Bridge and spent quite a bit on gas fees (at that time $ETH = 4500$, Gwei 128):
- $240 gas fee for the normal bridge.
- Normal bridge fee / 2 = Fast bridge fee
Why was ETH moved to Boba Network in the early stages?
Because, initially, transaction fees on the Boba Network are paid in ETH.
Token deposit and withdrawal duration via the Boba Network?
From Ethereum to the Boba Network:
- Via normal bridge: Instant.
- Via fast bridge: Instant.
From the Boba Network to Ethereum:
- Via bridge: 7-14 days.
- Via fast bridge: Instant.
If you're interested in learning more about Boba Network and the investment opportunities it offers, I recommend checking out this article. Hopefully, this will be beneficial to you!
I've shown you how to transfer coins to the Boba Network in order to skin in the game.
Hopefully, after reading this article, you will have a better understanding of the DeFi market and find the best ways to maximize your profits.