WAGMI Options FAQ

General

Q: What is an option? What is a WAGMI Option on Boba Network?

A: Generally, options are a contract that give holders the right to claim/buy an underlying asset. WAGMI options are KPI (key performance indicators) options based on metrics relating to Boba Network. WAGMI options are paid out in $BOBA, the native token of Boba Network.

Q: What does it mean for the option to be tied to network performance?

A: WAGMI options are redeemable for a variable amount of $BOBA token. The amount of $BOBA token that can be redeemed is a function of Boba Network metrics, such as monthly active wallets or project specific TVL.

Q: Why are WAGMI Options good for the network? Why not just do normal liquidity mining incentives?

A: WAGMI options are good for the network because they tie incentives directly to long-term network performance and success. Normal liquidity mining is zero-sum: mercenary capital comes to collect high rewards, is incentivized to keep those rewards to themselves, and leaves once rewards taper off. WAGMI options align users, token holders, capital providers, and Boba Network itself to grow sustainably.

Q: What are the ‘cohorts’ of the WAGMI Options? What might future cohorts look like?

A: Cohorts of WAGMI options are monthly incentive programs that involve new KPIs and projects deployed on Boba Network. Future cohorts might involve project specific TVL, number of transactions on the L2, $BOBA price, and more.

Q: What is UMA Protocol and how is it a part of this?

A: UMA is a decentralized financial contracts platform built to enable Universal Market Access. They are pioneers in the concept of options farming (1, 2, 3), and Boba Network will use their optimistic oracle to bring KPIs on chain. More on UMA’s Optimistic Oracle can be found here.

For Network Users

Q: As a user, how do I get WAGMI Options? What can I do with them?

A: Users can accumulate WAGMI Options by using dApps in the current WAGMI cohort. Apps participating in WAGMI will provide instructions to specific actions to perform to attain WAGMI rewards. WAGMI options are redeemable for $BOBA after a 1 month settlement period.

Q: How are WAGMI Options different from normal liquidity mining programs for a user?

A: In traditional liquidity mining, users receive immediate rewards in the form of native protocol tokens in exchange for providing liquidity. With Boba’s WAGMI Options, users receive WAGMI tokens that can be redeemed at a later date for variable quantities of $BOBA depending on network KPIs.

Q: How much are my WAGMI options worth? How can I check?

A: WAGMI options are priced in $BOBA based on KPIs. Users can check the value of WAGMI options on the Boba Gateway at gateway.boba.network/wagmi.

Q: Are all the WAGMI Options the same across every cohort? How can I tell which cohort my options are a part of?

A: No, WAGMI Options may change KPIs and incentivized projects with each monthly cohort. Cohort tokens will be enumerated as $WAGMIv0, $WAGMIv1, $WAGMIv2, and so on.

Q: How long do WAGMI Options last? How do I exercise my options?

A: WAGMI options have 3 stages: accumulation, settlement, and redemption. In the accumulation stage, users have 1 month to earn WAGMI tokens by using dApps participating in the current cohort. In the settlement stage, users will wait 1 month as Boba Network KPIs determine the quantity of $BOBA that WAGMI tokens can be redeemed for. Options can be exercised after the settlement date on the Boba Gateway at gateway.boba.network/wagmi by pressing the “Claim” button.

Q: Can I trade WAGMI Options for other tokens on exchanges? Can I take my WAGMI Options to Ethereum Main Chain?

A: We imagine users will seed WAGMI/BOBA pairs on decentralized exchanges on Boba Network, serving as a prediction market for the redemption price of WAGMI. WAGMI Options will be an L2 only token and cannot be bridged to Main Chain.

Q: How do I redeem my options?

A: Options will be redeemable after the settlement date for each cohort on the Boba Gateway at gateway.boba.network/wagmi by pressing the “Claim” button.

Q: What if I want to sell my WAGMI tokens or swap them for $BOBA before they become redeemable?

A: WAGMI tokens will only be redeemable on the Boba gateway. However, there may be incentivized pools on decentralized exchanges such as Oolong and Zencha 👀.

Q: When will I be able to redeem my WAGMI tokens for $BOBA?

A: After the 1 month settlement period.

Q: Does it cost anything to exercise options?

A: Nope! Although we may experiment with this in future cohorts to increase Boba’s PCV (Protocol Controlled Value) so you can (boba, boba) together.

For Projects

Q: What does it mean for a project to participate in the WAGMI Option incentive program?

A: Projects participating in the WAGMI Option incentive program will receive WAGMI tokens to incentivize their users on Boba Network. We expect that projects distribute the full allocation of WAGMI tokens to their users in the 1 month accumulation period.

Q: What kinds of projects will benefit from this program? How does it help them?

A: Most dApps that deploy on Boba can benefit from the WAGMI incentive program, particularly DeFi, DAOs, and NFTs. The incentive program helps projects provide extra rewards to users in $BOBA to kickstart their adoption on Boba Network.

Q: How much allocation can a project get from the WAGMI pool?

A: TBD, but parameters under consideration include the project’s own token incentives for users, TVL, and focus on Boba Network.

Q: How can projects apply to be a part of the WAGMI program?

A: Projects can apply here: https://bobanetwork.typeform.com/to/g5Uti4H1

Q: Who chooses the projects that are part of the incentive program?

A: Currently just the Boba team, but in the future we will decentralize this to the Boba DAO.