Ethereum scaling solution Boba Network has implemented single-token gas payments on its blockchain in the form of its native BOBA token.
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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