Why is Boba Network (BOBA) crypto drawing attention?

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Highlights:

  • Boba is a Layer 2 Ethereum scaling and augmenting solution.
  • The token is available on crypto exchanges like MEXC, Bybit, etc.
  • The token saw the highest price of US$1.59 in the last 30 days.

The Boba Network (BOBA) crypto gained traction in the market on Tuesday morning, evidenced by its price surge. The BOBA token was up over 2%, while its volume fell 6% in the last 24 hours.

But before we discuss the possible reasons for its price gains, let's discuss the crypto's details.

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What is Boba Network (BOBA) crypto?

The Boba Network, created by the Enya team, one of the core contributors to the OMG Foundation, is a Layer 2 Ethereum scaling and augmenting solution.

Boba is the next-gen Ethereum L2 optimistic rollup scaling solution that decreases gas fees while improving transaction throughput and extending the abilities of smart contracts.

It provides fast exits supported by community-led liquidity pools while shrinking the optimistic rollup exit period from seven days to only a few minutes. Additionally, it gives the LPs incentivized yield farming opportunities.

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It claims that its extensible smart contracts enable developers across the Ethereum ecosystem to build decentralized applications (DApps) through codes executed on web-scalable infrastructure like AWS Lambda. It helps developers use algorithms that are impossible to execute on-chain at a low cost.

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 every token they stake on Boba Network. Also, holders are eligible for submitting proposals, voting, and delegating votes for proposals on DAO, it said.

The token is available on crypto exchanges like MEXC, Bybit, FTX, etc.

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Why is it drawing attention?

Boba announced that it had executed single-token gas payments in the form of a BOBA token. In addition, it would provide a 25% discount on gas fees for users that choose to pay in BOBA.

This move would widen the BOBA token's use as a fee token for all 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 attracted investors' attention to the project.

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Data Source: CoinMarketCap.com

Bottom line:

The BOBA coin was priced at US$0.6833 at 9:10 am ET on May 10, up 2.71%, while its volume for the last 24 hours declined 6.04% to US$5.31 million. It has a market cap of US$108.61 million, and its fully-diluted market cap is over US$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 decreased by 58.17% in the last 30 days.

The token saw the highest price of US$1.59 and the lowest price of US$0.6388 in the last 30 days.

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