Celebrating with Sushi: let us welcome liquidity mining!
Today we are excited to announce a new liquidity mining incentive to celebrate and build upon Boba’s successful partnership with Sushi.
Sushi and Boba Network liquidity mining incentive details
Starting today at 12pm PST, liquidity providers will get a little extra for supporting and contributing to the development of Boba and Sushi.
This will include $250K in liquidity mining rewards (for liquidity providers (LPs)) that will be given to participants using Sushi onthe Boba Ethereum Layer 2. These rewards will be distributed as follows:
- 20% of the total $250K in rewards to contributors to the BOBA/ETH pool
- 40% of the total $250K in rewards to contributors to the USDC/ETH pool
- 40% of the total $250K in rewards to contributors to the WBTC/ETH pool
The $250K in BOBA tokens will be evenly distributed over the next 12 months, with over $20K per month divided amongst all liquidity providers.
Rewards will be distributed to all liquidity providers in proportion to the total size of their contributions compared to the total liquidity throughout the 12 month time span.
Sushi will highlight this initiative and its ongoing collaboration with the Boba Network on their upcoming forum. Sushi’s forums take place every Thursday 5pm UTC) on Discord so we hope to see you there!
Introduction to Sushi and Boba Network
Sushi initially began as a decentralized exchange (DEX) but since its release over the past 2+ years has become a mainstay in the DeFi arena by continuing to iterate its ever expanding product and service offerings. Sushi was created by Sushi Chef Nomi during 2020’s DeFi summer and continues to be well-respected and well-used since inception. Apart from its main DeFi products, Sushi offers payments, a token launchpad, an NFT platform, lending and borrowing services, and more.
Boba Network is an optimistic rollup Layer-2 scaling solution for gaming, NFTs, metaverse, DeFi, and more. It’s main features include multichain scaling (currently deployed on Ethereum, Avalanche, Moonbeam, and Fantom), a dual fee token structure, NFT bridging (minting and sending NFTs between chains), and enhanced smart contact functionality through its proprietary Hybrid Compute framework that merges Web2 with Web3 and blockchain. Boba Network’s main purpose is to dramatically increase Layer-1 mainchain transaction speeds and throughput, while significantly lowering network gas fees.
Sushi (formerly SushiSwap) was built as a money market and automated market maker (AMM) since its launch in summer 2020, but has since expanded to develop a comprehensive DeFi ecosystem that includes leverage & margin trading, a token launchpad, an NFT artist platform, and much more.
About Enya Labs
Enya’s mission is to extend the benefits of a permissionless economic system to everyone on the planet. Enya is a core contributor to Boba Network, the only multichain Layer-2 blockchain scaling solution and the only smart contract platform that enables Web3-Web2 interoperability. Boba Network improves the performance and lowers the transaction cost of base-layer blockchains by 40x-100x. Its unique Hybrid Compute technology allows smart contracts to call any off-chain API, giving developers the best of both the Web3 and the Web2 worlds to build the most compelling decentralized applications possible.
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 blockchain’s next billion users.
More Information about Boba Network: