Boba Network is excited to announce that the OMG Foundation is launching a new token to support the network. The Boba token ($BOBA) 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). The airdrop snapshot will take place at the first Ethereum (L1) block with a timestamp greater than or equal to 2021/11/12 00:00 AM (UTC). The airdrop itself will occur one week after the snapshot date, on November 19th, 2021. We will be confirming participating exchanges over the coming weeks; please check the airdrop section below for updates. If you would like to learn more about the $BOBA token including what they are used for, how to obtain them, and details about the supply and distribution, please read on.
BOBA Token Utility
$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. Token holders will be eligible to submit proposals, vote, and delegate votes for proposals on the DAO in accordance with the governance guidelines.
To participate in the $BOBA DAO, please visit the Boba Gateway and navigate to the DAO section on the left toolbar.
$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. The timing and the specifics of the fee-sharing arrangements will be shared in a Boba DAO governance proposal and subject to a DAO vote after the network has been operating at a steady state long enough to help determine such details.
As we went about planning this airdrop, we wanted to make it fair to all $OMG holders, incentivize use of the Boba Network, and ensure that we reward our active community members. The airdrop was designed with these three principles in mind, in alignment with our goals of becoming an even more community-driven, decentralized project over time.
On November 12th, 2021, a snapshot will be taken of all the wallets holding $OMG on L1 and the Boba Network L2. This snapshot is a record of all the wallet addresses and OMG holdings of the non-custodial wallets and participating exchanges on Layer 1 and the Boba Network Layer 2. This snapshot will determine eligibility for the airdrop. In order to actually receive the airdrop, token holders must do one of the following to qualify:
1. Bridge $OMG in a non-custodial wallet onto Boba Network before the snapshot date.
Anyone who holds $OMG on the Boba Network at the snapshot date will be able to claim $BOBA tokens equivalent to their $OMG holdings anytime on or after the airdrop date. If tokens are staked on L2, they will still qualify for the airdrop. If $OMG is staked in the Boba L1 liquidity pool, the airdrop will still happen automatically, but into the L2 for the corresponding wallet address staking on L1. The $BOBA tokens received this way will be unlocked and immediately available for use. Additionally, users that move their $OMG onto Boba Network, including the L1 liquidity pool, before the snapshot date will receive a bonus to their airdrop equal to 5% of their $OMG token holdings.
2. Bridge $OMG to Boba Network after the snapshot date.
Any $OMG tokens that are bridged from L1 to Boba Network after the snapshot date will still qualify for the $BOBA airdrop if they have not already received the airdrop on a participating exchange and are moved onto L2 for up to one year after the snapshot date. Any tokens that are claimed in this way will automatically be staked on the Boba Network and locked for 30 days. After the lockup period, the $BOBA tokens will be available to be unstaked and used freely. To qualify for this method, the $OMG tokens must be bridged from the wallet address on L1 that held the $OMG on the snapshot date. Any unclaimed $BOBA tokens become part of the $BOBA treasury.
3. Hold $OMG on a participating exchange.
Anyone who holds $OMG on a participating exchange will receive the airdrop automatically to their associated custodial wallet. Any $OMG tokens that are held on exchanges that are not participating will not receive the airdrop. We are currently in conversations with all major exchanges to get support for the airdrop, see the list of confirmed exchanges below:
The following exchanges have agreed to support the BOBA airdrop:
FTX.com (FTX Pro)
This list will be regularly updated until the date of the snapshot, November 12th
Note: The airdrop balance will be determined based on the holdings as of the snapshot date. Any $OMG purchased after the snapshot date will not be eligible for the airdrop. Additionally, once a wallet address (on L1 or L2) has redeemed its balance of $BOBA tokens, it will not be able to receive more tokens from another method. e.g. If you hold $OMG tokens on a participating exchange at the snapshot date, and then bridge them to L2 later, you will not receive the airdrop twice.
Supply and Circulation
The initial circulating supply of $BOBA will be equivalent to that of $OMG, plus 20M from the $BOBA treasury in order to provide liquidity and fund the airdrop bonus (approximately 160M total). The circulating supply will gradually increase over the next four years to reach the maximum supply of 500M. Some of the fees earned by Boba Network will be allocated to purchase $BOBA tokens on behalf of the Boba treasury over time. The treasury will be deployed to fund liquidity mining incentives and build the Boba ecosystem.
Token Allocation Breakdown
Maximum Supply of $BOBA tokens: 500,000,000
$BOBA Token Allocation
$OMG Token Holders
Current & Future Team Members
Q: When $BOBA?
A: The snapshot of $OMG holdings on L1 and L2 will be November 12th, 2021. The airdrop will occur on L2 and participating exchanges one week later, on November 19th, 2021. Any $OMG holders that have not bridged from the wallets by the snapshot date may later move their tokens onto the Boba Network L2 to receive the airdrop anytime prior to November 12th, 2022. As we get closer to the date, we will share the specific snapshot and airdrop block numbers.
Q: Is $BOBA the fee token for Boba Network?
A: No, it is not. The reason for this is that we want to create a great user experience on Boba Network. Most users will have ETH, so keeping ETH as the fee token will ensure that there is less friction for transactions on Boba.
Q: What happens if I’m farming $OMG on Boba and have unclaimed rewards on the snapshot date?
A: The snapshot on L2 will only look at the $OMG tokens associated with your wallet address, so if you’d like any farmed rewards from staking to be a part of the snapshot, you’ll need to harvest them prior to the snapshot date.
Q: If I have $OMG tokens locked in L1 pools (for example, Sushi/Uniswap LPs or CREAM lending), how does the L1 snapshot work?
A: The snapshot would be done on the addresses actually holding $OMG (i.e. the pool’s contract addresses). Therefore the best thing to do is to pull the $OMG out of any DeFi locked pools before the snapshot date to make sure your holdings are recorded.
Q: How do $BOBA tokeonomics differ from $OMG?
A: Ever since $OMG was created in 2017, the crypto industry has evolved massively with many innovations. We have taken these lessons to improve and evolve the tokenomics for $BOBA. The increased supply will be used for various initiatives:
● Staking rewards to bootstrap the network
● Liquidity incentive programs to scale TVL growth and DeFi usage
● Ecosystem development via grants and funding
There will also be tokens reserved for the team, treasury, and future strategic investors.
The release of tokens will be controlled. The initial supply of $BOBA tokens in circulation will be approximately 160M, varying based on the number of tokens airdropped. The remaining tokens will be released over a period of 4 years. The team and investors tokens will begin to unlock after 1 year on a linear, quarterly basis over the following 3 years.
This means that the initial supply of $BOBA at launch will be much closer to the current supply of $OMG than it is the maximum supply.
Q: What happens to $OMG after the airdrop? What will the use of $OMG be?
A: The $OMG token will continue to serve as the fee token for the OMG Plasma network.