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BOBA Token Receives Utility Boost, 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!

As of today, the BOBA token can be used to pay gas fees on the Boba Network. This is a major addition to the utility of the BOBA token, and will help increase 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!

Go to gateway.boba.network to change your gas fee token

Benefits

The BOBA token already has significant utility on the network, and this improvement will unify usage of BOBA as the fees 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.

Making BOBA available in this way is expected to provide additional 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 for Me?

  • 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. After that, all future transactions will be charged in BOBA.
  • Note: if you do not have ETH on Boba L2 to pay for the initial transaction, continue to follow the process above. We have created a MetaTransaction approach in which Boba Network pays the ETH to complete the transaction in return for BOBA from the user.
  • Note: you can change your fee choice selection back at any time.

How-To

Technical Details

Boba Network 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, block-explorers, The Graph indexing, wallets, the gateway, and overall developer and user experience. We created an opt-in strategy where users can, if they wish, pay for fees in BOBA. This fee choice is recorded in an L2 contract. Changing the fee token requires interacting with this feeChoice contract.

To reduce friction points for new users, a second system of contracts was built that 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 for BOBA from the user. This means that for new users, they will only need to bridge BOBA to Boba L2 to then use its full range of services, contracts, and dApps.

About Boba Network

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

Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.

We’re delivering a faster, cheaper, smarter experience for Ethereum’s next billion users.

Website | Telegram | Twitter | Discord | Medium

BOBA Token Receives Utility Boost, 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!

As of today, the BOBA token can be used to pay gas fees on the Boba Network. This is a major addition to the utility of the BOBA token, and will help increase 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!

Go to gateway.boba.network to change your gas fee token

Benefits

The BOBA token already has significant utility on the network, and this improvement will unify usage of BOBA as the fees 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.

Making BOBA available in this way is expected to provide additional 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 for Me?

  • 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. After that, all future transactions will be charged in BOBA.
  • Note: if you do not have ETH on Boba L2 to pay for the initial transaction, continue to follow the process above. We have created a MetaTransaction approach in which Boba Network pays the ETH to complete the transaction in return for BOBA from the user.
  • Note: you can change your fee choice selection back at any time.

How-To

Technical Details

Boba Network 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, block-explorers, The Graph indexing, wallets, the gateway, and overall developer and user experience. We created an opt-in strategy where users can, if they wish, pay for fees in BOBA. This fee choice is recorded in an L2 contract. Changing the fee token requires interacting with this feeChoice contract.

To reduce friction points for new users, a second system of contracts was built that 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 for BOBA from the user. This means that for new users, they will only need to bridge BOBA to Boba L2 to then use its full range of services, contracts, and dApps.

About Boba Network

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

Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.

We’re delivering a faster, cheaper, smarter experience for Ethereum’s next billion users.

Website | Telegram | Twitter | Discord | Medium