Tomorrow, Ethereum Scaling Solution Boba Network will airdrop BOBA tokens to OMG token holders. Boba Network is a Layer-2 scaling solution for Ethereum following the Optimistic Rollups model, launched in August 2021. Boba Network helps to reduce transaction fees, increase the number of transactions and expand the processing capacity of smart contracts. The project has a modest TVL of 27.88 million USD, ranking 7th in the list of the largest Layer-2 solutions on Ethereum.
“Boba Network is excited to announce that the OMG Foundation is launching a new token to support the network. The Boba token is a governance token for the Boba DAO, and can also be staked for rewards on Boba Network. The $BOBA token will be airdropped to OMG token holders as of the snapshot date of November 12th, 2021 on a 1:1 basis (for every one OMG, token holders will receive one BOBA),“ announces the website, along with a countdown.
According to the website, BOBA will be used for governance of the Boba DAO, which will be used for community initiatives and direction for the network’s future. Each BOBA holder will get one vote for every token that they stake on Boba Network.
For the smoothest airdrop process, the project recommends users to withdraw OMGs participating in liquidity pools to their wallets, so they can hold tokens directly at the time of balance capture.
The total supply of BOBA will be 500 million tokens, with 140 million (28%) being airdropped to OMG investors. The circulating supply of BOBA during the airdrop will be 160 million tokens, and the tokens of the project and investors will be unlocked gradually over time.
The airdrop itself will occur one week after the snapshot date, on November 19th, 2021.
