BOBA Token Can Now Be Used to Pay Gas Fees
The BobaDAO proposed a governance protocol to allow gas fee payments in BOBA tokens earlier in April. As surprising as it may seem, the decision got a whopping million BOBAs voting in favor of it while not a single vote was cast against it. Now, the network has moved forward with the decision after the unanimous support and provided the option for which everyone is eagerly waiting.
Gas fees have long been unaddressed for the second-largest cryptocurrency Ethereum and its billion users. Although the network is reportedly working towards a solution, there has not been a substantial development. So, now the users of Ethereum have resorted to alternatives from the layer-2 solutions.
The Boba Network is one of the layer-2 solutions built to work with the mainnet of Ethereum to address scalability and cost issues. Boba’s Hybrid Compute mechanism can process transactions quickly and bring down the cost by up to 60x. Not only that, but the network also offers smart contracts powered with real-time data and off-chain computing to enlarge the vista of possibilities for developers on Boba.
Boba will now allow users to pay for gas using the network’s native BOBA tokens to make it further beneficial for the users. The governance decision was implemented after the overwhelming response favouring it on the BobaDAO. Reports suggest that using $BOBA tokens can further bring down the gas fees by 25%.
ETH will continue to be the default gas token on the Boba network. However, users can opt for BOBA from the fee drop-down menu before the transaction. Once the Boba option is chosen, future transactions from the account will take BOBA as the default gas coin. Users will also have the option to revert this action any time they want
Users with no ETH for the initial transaction can use the MetaTransaction portal on the layer-2 network. For those opting for this approach, the Boba Network will pay for the transactions with ETH, and the compensation will be received in BOBA tokens from the users.
Currently, BOBA is used for voting and delegating in the BobaDAO, invoking Hybrid Compute and payments. The decision to use it for gas will now give the token a much-needed “utility boost.” Not only that, but this will also increase the trading volume on the network, increase user options, make incentivizing easier, and eliminate any need for bridging ETH and BOBA.
To top it all off, Boba becomes the first layer-2 network to introduce the “dual-token fee option.” Having a second token will also significantly enhance the fundamental operations of the network like security, fraud detection, documentation, message relay, The Graph indexing, wallets, and others.
