PALO ALTO, Calif.--(BUSINESS WIRE)--Boba Network, a next-generation Ethereum scaling solution, is thrilled to announce 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.
In addition to its public mainnet launch, OMG Foundation will be releasing its new $BOBA token to support decentralized governance of the network.
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 support 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.
“From the beginning, our mission has been to create and grow an inclusive, decentralized ecosystem for developers and end users,” said Alan Chiu, Founder and CEO of Enya. “Boba’s mainnet will allow Boba developers to deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum. We are thrilled by the support of OMG Foundation in creating the new $BOBA token to offer the community the ability to participate in the governance and growth of Boba Network.”
Since its beta launch last month, Boba Network has partnered with an array of leading crypto projects, including DODO, Coin98, MEW, Frax, Anyswap, Sake, Band, API3, and Witnet.
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.
The Boba team will be showcasing the Boba Network’s unique product features and recent integrations during Messari Mainnet in New York City from September 20 - September 22, 2021, Booth #301. To build on Boba, visit boba.network.
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.
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.