The Boba Network (BOBA) crypto gained a foothold in the market Tuesday morning as reflected in its price surge. BOBA token is up over 2% while its volume is down 6% in the last 24 hours.
But before discussing the possible reasons behind the price gains, let’s discuss the details of the crypto.
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What is Boba Network (BOBA) crypto?
Created by the Enya team, one of the main contributors to the OMG Foundation, the Boba network is a Layer 2 Ethereum scaling and extension solution.
Boba is the next-generation Ethereum L2 optimistic roll-up scaling solution that lowers gas fees while improving transaction throughput and expanding smart contract capabilities.
It offers fast exits backed by community-led liquidity pools while reducing the optimistic rollup exit period from seven days to just minutes. In addition, it provides the LPs with incentives for yield farming.
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It claims that its extensible smart contracts allow developers across the Ethereum ecosystem to build decentralized applications (DApps) through codes running on web-scalable infrastructure like AWS Lambda. It helps developers use algorithms that cannot be run cheaply on-chain.
BOBA is the governance token of Boba DAO. It is used for various community initiatives.
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The holder of each BOBA token can vote for each token they use on the Boba network. Owners are also allowed to submit suggestions, vote, and delegate votes for suggestions on DAO, it said.
The token is available on crypto exchanges like MEXC, Bybit, FTX, etc.
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Why is it attracting attention?
Boba announced that it has been running single token gas payments in the form of a BOBA token. In addition, it would give a 25% discount on gas fees to users who choose to pay in BOBA.
This move would expand the use of the BOBA token as a fee token for all of its services. However, users can still choose to use ETH for gas payments. It scales the Ethereum network with faster transactions and cheaper fees (up to 60x lower). These developments may have drawn investors’ attention to the project.
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Data source: CoinMarketCap.com
bottom line:
BOBA coin was valued at $0.6833 at 9:10am ET on May 10, up 2.71%, while its volume over the past 24 hours has increased by 6.04% to 5, $31 million declined. It has a market cap of $108.61 million and its fully diluted market cap is over $341.64 million.
The token has a maximum and total supply of 500 million and its current circulating supply is over 158.96 million. Its price is down 58.17% in the last 30 days.
The token has seen its highest price of $1.59 and its lowest price of $0.6388 over the past 30 days.
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