Ethereum Scaling Solution Boba Network has announced that it will distribute its BOBA tokens to OMG token holders.
Boba Network is a Layer-two scaling remedy for Ethereum that follows the Optimistic Rollups model, launched in August 2021. Boba Network assists minimize transaction charges, maximize the amount of transactions and increase good contract processing capability . The task is acquiring a modest TVL of $ 27.88 million, ranking seventh on the record of the greatest Layer-two remedies on Ethereum.
Earlier, in February of this 12 months, the Ethereum OMG Network (OMG) scaling remedy announced a partnership with Enya and designed Boba Network to develop into the core protocol of this platform.
On October one, Boba Network explained it would hold a BOBA token airdop for OMG holders. The task will capture users’ OMG balances on November twelve and hold an airdrop on November 19.
The airdrop will be carried out with a ratio of one BOBA: one OMG, which usually means that for every OMG token held, end users will obtain one BOBA.
– Boba Network ($ OMG) (@bobanetwork) 1 October 2021
For the smoother airdrop course of action, the task advises end users to withdraw OMGs participating in liquidity pools in their wallets to right hold the tokens on obtaining the stability. Additionally, end users can hold OMG on exchanges that assistance airdrop occasions to obtain BOBA.
The complete provide of BOBA will be 500 million tokens, with 140 million BOBAs (28% of the complete provide) that will be passed on to OMG traders. BOBA’s circulating provide at the time of the airdrop will be 160 million tokens, the task and investor tokens will be progressively unlocked more than time.
Boba Network explained the BOBA token will perform a governance purpose in the Boba DAO protocol, offering holders voting rights to make choices on the advancement of the task. Furthermore, end users can also use BOBA to participate in staking.
Following the release of the airdrop announcement, the OMG token value skyrocketed to $ 13.five, near to the $ 15.three ATH peak recorded on May seven, 2021.
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