What is Boba Network (BOBA)? All you need to know about BOBA Token

Crypto has long been famous for its permissionless property, which means that everyone can create their own tokens in whichever kind they like. This is the reason why we have seen numerous coins like Doge, Shiba Inu, Ape, Samo, Grape,...

Today, let me introduce you to Boba Network - a product named after Boba, or in other words Bubble Tea, a super famous drink originating from Taiwan. 

Familiar as it may seem, but what is Boba Network actually? How does Boba Network work? After reading this article, you will thoroughly understand those matters. Now, let’s begin!

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What is 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 Etherum. By transferring those to a Layer-2, Boba Network can improve transactions’ speed and costs while still maintaining the available security from Ethereum.

What is BOBA Token?

To support the network, BOBA was created. The Boba Token (BOBA) is the governance token of the Boba DAO, which can also be staked to earn rewards on Boba Network.

How does Boba Network work?

Boba Network was developed based on the source code of Optimism, hence working in a pretty similar way to Optimism as they both provide the Optimistic Rollup technology. Some exceptional features of Boba Network can be seen as:

• Save Gas: As an Ethereum Layer-2, tackling the problem of high gas fees is the top priority. Undoubtedly, Boba Network does this in the most efficient way.
• Fast Exit: Users can transfer their money in and out of the network in a matter of minutes. Compared to conventional Layer-2 solutions, this process usually takes from 45 minutes to 3 hours.
• NFT Bridging: Users can mint, move, and sell their NFT assets between L1 & L2, or even between different L2, at ease. This has made the development of NFT in general and GameFi in particular, become easier and more convenient.
• Hybrid Compute: Boba Network makes it possible for Ethereum developers to run codes on web-scale infrastructure like AWS Lambda, therefore being able to implement sophisticated algorithms that were practically impossible to perform on-chain.
• Secured by Ethereum: As an Optimistic Rollup Layer-2, Boba Network completely inherits the security of Ethereum. As long as Ethereum maintains its high security, Boba Network will be well protected.

Detailed information about BOBA Token

BOBA Price Today

Currently, there have been no circulating BOBA tokens on the market, so we cannot track its price yet. We will update you as soon as possible.

BOBA Key Metrics

• Name: Boba Network.
• Ticker: BOBA.
• Token standard: ERC-20.
• Token type: Governance.
• Max supply: 500,000,000 BOBA.
• Circulating Supply: 327,062,518
• Contract address:
  • Boba Network: 0xa18bF3994C0Cc6E3b63ac420308E5383f53120D7
  • Ethereum: 0x42bbfa2e77757c645eeaad1655e0911a7553efbc

BOBA Token Allocation

• Treasury: 42%
• $OMG Token Holders: 28%
• Current & Future Team: 20%
• Strategic Investors: 10%

BOBA Token Sale

Updating...

BOBA Token Release Schedule

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BOBA Token Use Cases

Currently, the BOBA token is used to develop Boba Network. There are 3 key use cases:

• Governance in Boba DAO.
• Stake to receive rewards on Boba Network.
• Gas fees

How to get BOBA Token

Currently, you can buy in some exchanges: KuCoin, Coinbase, Gate io, Huobi, Coin98 Wallet..

How to store BOBA Token

In the future, Coin98 Wallet will support storing the BOBA token. I will keep you updated in this article.

Boba Network Roadmap

On September 20th, 2021, Boba Network announced its Public Mainnet Launch. However, details on future plans have not been revealed.

Team, Investors and Partners

Team

• Enya: Founded by Stanford faculty and alumni, Enya pioneered decentralized privacy and became the largest provider of secure multiparty computation services, serving more than 10 million users across 91 countries.

Investors

Boba Network has announced "Closes $45M Series A Round at $1.5b Valuation" in April 5, 2022. There are 400 participants, including crypto exchanges, crypto founders & VCs: Crypto. com, Huobi, LD Capital, GBV, Alliance DAO, The Venture City, Tony Robbins, Joe Montana, Quantstamp, Origin Protocol, The Graph, Fractional Art, Highstreet, Hanbitco, ANKR, UMA..

Partners

Boba Network has partnered with multiple names, including Coin98 Wallet, DODO, API3, Band Protocol, Anyswap,...

Is Boba Network (BOBA) a good investment?

I hope that with the aforementioned information, you have understood what Boba Network is and how Boba Network works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. 

However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.

• Boba Network is an Ethereum Layer-2 solution, which develops alongside the growth of Ethereum. As Ethereum slowly reveals its apparent weaknesses and problems, Boba Network will become more needed, hence becoming more widely adopted.
• In terms of TVL (Total Value Locked), the TVL within the network increased from 0 to more than $40M in just 2 weeks. However, ever since then, there have not been any significant changes in the TVL. We need to keep track of this statistic as it indicates how Boba Network and their inside protocols are performing.

• Based on its partners, we can say that the project has carefully prepared for its future growth as they have integrated with big names like Coin98 Wallet, API3, Band Protocol, or Anyswap.
• Since the BOBA token has not been released, it is difficult to tell if the token is valuable or not. However, participating in its airdrop can help you earn free tokens, which can possibly turn out to be incredibly profitable. Therefore, I highly recommend you “skin in the game” via its airdrop event.

Conclusion

You’ve been through an article about Boba Network and the BOBA token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.

If you want to know further about Boba Network (BOBA), please feel free to leave a comment below and join Coin98 Community for further discussions!