BOBA Token Is Now Used for Gas Fees

Published on: 11.05.2022
BOBA Token Is Now Used for Gas Fees

BOBA token is now used for gas fees on Boba Network. In early April, the BobaDAO debated a governance proposal to enable the use of $BOBA as a gas token on the Boba Network.

The proposal passed with an overwhelmingly positive response, with more than 1 million BOBA voting in favor and not a single BOBA voting against it.

This is a major addition to the utility of the BOBA token and will help increase the adoption and usage of the Boba Network.

ETH remains the default gas token, but all users will have the option to change to BOBA by navigating to gateway.boba.network and selecting BOBA from the Fee Dropdown Menu. Users preferring to stick with ETH gas payments do not have to do anything, but using BOBA will result in a 25% gas fee discount.

Benefits

The BOBA token already has significant utility on the network. This improvement will unify the usage of BOBA as the fee token for all Boba services. Currently, BOBA is used for voting and delegating votes in the BobaDAO. Invoking Hybrid Compute within Boba smart contracts and payment for Boba Straw.

BOBA TOKEN BENEFITS

  • Increased trading volume for BOBA
  • Increased user choice on the network
  • Makes it easier to incentivize bridging since we can airdrop BOBA
  • Eliminates the need to bridge both ETH and BOBA for network usage

What Does This Mean

  • If you want to continue to use ETH to pay for transactions on Boba, you don’t have to do anything.
  • If you want to pay for transactions in BOBA, navigate to gateway.boba.network, select BOBA from the Fee Dropdown Menu and confirm the transaction.
  • Note: if you do not have ETH on Boba L2 to pay for the initial transaction. Continue to follow the process above.
  • Note: you can change your fee choice selection back at any time.

Boba Network is the first Layer-2 to enable a dual token fee option.

Adding a second fee token to a live Mainnet is a major technical lift with many ramifications for security, convenience, documentation, message relay, fraud detection, as well as block explorers. Moreover, The Graph indexing, wallets, the gateway, and overall developer and user experience. In addition, Boba created an opt-in strategy where users can if they wish, pay for fees in BOBA. Changing the fee token requires interacting with this free choice contract.

In addition, to reduce friction points for new users, the second system of contracts was built. It also allows users without ETH on L2 to change their fee setting to BOBA. Using a MetaTransaction, in which Boba Network pays the ETH to change their fee token setting in return. This means new users will only need to bridge BOBA to Boba L2 and then use its full range of services, contracts, as well as dApps.

ABOUT Boba Network
Boba Network is a blockchain Layer-2 scaling solution. It is also aHybrid compute platform offering lightning-fast transactions and fees up to 60x less than Ethereum.

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