In addition to its public mainnet launch, OMG Foundation will be releasing its new $BOBA token to support decentralized governance of the network.
Boba Network Announces Public Mainnet Launch of Layer 2 Optimistic Rollup
Boba Network, a next-generation Ethereum scaling solution, announces the mainnet launch of its Layer 2 Optimistic Rollup. Developed by OMG Foundation core contributor Enya, and based on the publicly available, open-sourced Optimism codebase, Boba Network aims to deliver a faster, cheaper, more seamless experience for the next billion users of Ethereum.
Boba’s mainnet launch is only the beginning of the community’s efforts to expand the Ethereum ecosystem by reducing gas fees, improving throughput, and extending the capabilities of decentralized finance and NFT projects through Hybrid Compute. Boba’s extensible smart contracts enable developers across the Ethereum ecosystem to build decentralized applications that trigger code executed on web-scale infrastructure, making it possible to use algorithms that are either too expensive or impossible to execute on-chain. As this technology matures, Boba’s Hybrid Compute will enable developers to build dApps that make use of the world’s most powerful algorithms, from cutting-edge cryptography to machine learning classifiers.
In support of the Boba mainnet, OMG Foundation is releasing a new governance token for the platform, $BOBA. $BOBA tokens will be airdropped to existing $OMG token holders who have bridged their $OMG tokens to Boba Network by a snapshot date later next month. FTX, one of the largest crypto exchanges, has already committed to supporting the airdrop, with additional exchanges to follow suit. This new token will be the basis for voting on the Boba DAO, the next natural step of Boba’s focus on users, the community, and decentralization. $BOBA tokens staked on Boba Network will also receive a portion of the transaction fees earned by the network through an on-chain distribution governed by the community.
Boba has a vision of expanding and democratizing the Ethereum ecosystem, and its L2 is the first step towards bringing that vision to life. Boba and its large, diverse community will focus on creating a great experience for developers and users by offering a native fast exit bridge, NFT bridging between L2 and L1, and leveraging Ethereum for security.
About Boba
Boba is an Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience. Boba enables Ethereum developers to build dApps that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are far too expensive, far too slow, or otherwise practically impossible to execute on-chain. Learn more at boba.network.
About 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. Enya creates decentralized infrastructure solutions that serve the next billion users, leading with Boba Network. Boba is an Ethereum Layer 2 solution that scales and augments Ethereum, helping developers deliver a more delightful and inclusive user experience. Enya is a core contributor to OMG Foundation.
About OMG Foundation
OMG Foundation is a non-profit organization dedicated to expanding the Ethereum ecosystem to encompass as many developers and users as possible in order to bring the ideals of the Web3 movement into reality. The Foundation currently supports the development of Boba Network, an EVM-compatible Ethereum L2 platform with capabilities for advanced computations, and OMG Plasma Network, a high-throughput token transfer network on Ethereum.
