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Boba Network to Offer Lower Gas Fees on Ethereum via BOBA Token
The network has implemented single-token gas payments on its blockchain, allowing users to pay 25% less in gas fees if they use BOBA instead of ether.
Updated May 11, 2023, 4:41 p.m. Published May 10, 2022, 12:58 p.m.
Ethereum scaling solution Boba Network has implemented single-token gas payments on its blockchain in the form of its native BOBA token.
Boba will also provide a 25% discount for users that opt to pay in BOBA. This would allow the usage of BOBA as the fee token for all Boba services. Users will still have the option to use ETH for gas payments, however.
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1/ GM frens - we have great news for you: Boba as a fee token is here! 🚀
— Boba Network 🧋 (@bobanetwork) May 10, 2022
You can read the announcement here: https://t.co/wWKZdJwbIr
In early April, the DAO voted to pass $BOBA to be used as a fee in addition to $ETH - what does this mean for the network?👇
Boba Network scales Ethereum with fast transactions and fees up to 60x lower. It previously raised $45 million in a Series A round of funding at a valuation of $1.5 billion.
Layer 2 networks require users to hold two tokens — the native coin, along with some ETH for paying gas, or transaction, fees during the token-bridging process that links the network to Ethereum. Previously, only ETH was used for gas fees, with BOBA used for voting and delegating votes in the BobaDAO.
“Providing options to pay in BOBA and Ethereum is a layer 2 world first and a big win for Boba Network users,” explained Alan Chiu, founder of Boba Network, in a prepared statement.
“It also scales the native token to another level and adds even more utility to the network and the BOBA token. We’re not mandating BOBA over ETH – users can choose what suits them,” Chiu added.
In case users want to pay for transactions in BOBA but do not hold ether on Boba, they can select the “emergency swap” option that would allow for the purchase of ether with BOBA at market rates. This allows for quick access to the network without a lengthy setup process.
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