Boba Network Fees Can Now Be Paid in Native BOBA Token for 25% Less Than Using ETH

Using $BOBA for gas fee payments will increase the utility of the BOBA token and unify BOBA usage for all network services

 PALO ALTO, Calif., May 10, 2022 /PRNewswire/ -- Boba Network, the next-generation EVM-equivalent hybrid compute platform and Ethereum scaling solution built on an optimistic rollup architecture, today announces that the native $BOBA token can now be used to pay gas fees — making Boba Network the first Layer-2 to enable a dual token fee option. Boba will also provide a 25% discount for users that opt to pay in $BOBA.

As well as increasing the utility and trading volume of the BOBA token, the move also unifies the usage of BOBA as the fee token for all Boba services. Previously, only ETH was used for gas fees, with BOBA used for voting and delegating votes in the BobaDAO, invoking Turing Hybrid Compute within BOBA smart contracts.

In addition, BOBA gas payments make it easier to incentivize bridging with BOBA airdrops. It will also prevent the need to bridge both ETH and BOBA for network usage.

Allowing users to pay for transaction fees using the same native token they already hold simplifies and streamlines the entire process of using the Boba Network while boosting the utility of the BOBA token and, subsequently, increasing demand. Implementing a two-token system is a major landmark for Boba Network and a first among Ethereum layer-2 networks. Current BOBA holders will benefit from the increased demand placed on BOBA by this new utility, and new users will be exposed to a scaling platform with a simplified user experience across the board.

The Boba Network scales Ethereum with lightning-fast transactions and fees up to 60x lower, attributes that were key factors behind its recent success in attracting $45 million in new Series A investment at a valuation of $1.5 billion.

Alan Chiu, Boba Network Founder, said: "Providing options to pay in BOBA and Ethereum is an L2 world first and a big win for Boba Network users who get a more streamlined user experience. It also scales the native token to another level and adds even more utility to the network and the BOBA token. We're not mandating BOBA over ETH — users can choose what suits them."

In practical terms, Boba users can now switch between BOBA and ETH as the fee token using the Boba Gateway. Users preferring to stick with ETH gas payments do not have to do anything — ETH remains the default gas token — but all users will have the option to change to BOBA for a 25% gas fee discount.

Those who hold both ETH and BOBA on the Boba L2 can select "Switch FeeToken" and approve the wallet transaction. After that, all future transactions will be charged in BOBA. They can change back to ETH at any time.

For users wanting to pay for transactions in BOBA but without ETH on Boba, selecting "emergency swap" will propose a MetaTransaction to receive ETH by paying BOBA at market rates. This means that new users, for example, only need to bridge BOBA to Boba to then use its full range of services, contracts, and decentralized apps (dapps).

The new functionality is live today and can be explored on the Boba Gateway.

For more information, please contact:
Katie Olver
PR for Boba Network
[email protected]

About Boba Network

Boba Network is an Ethereum Layer-2 scaling solution and hybrid compute platform offering lightning-fast transactions and fees up to 60x less than Ethereum.

Boba's Hybrid Compute brings the power of Web2 on-chain for the first time, allowing smart contracts to call any external Web2 API to execute complex algorithms such as machine learning classifiers, pull in real-world or enterprise data in a single atomic transaction, or sync with the latest state of a gaming engine. Leveraging off-chain compute and real-world data, developers and creators can offer an enriched experience unlike anything else on the market today.

Boba Network delivers a faster, cheaper, and smarter experience for Ethereum's next billion users.

More information about Boba Network:

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SOURCE Boba