Poly Network AMA Recap With Boba Network
The L2 Ethereum Layer 2 Optimistic Rollup scaling solution, Boba Network(@bobanetwork), was invited to Poly Network (@PolyNetwork2) AMA, taken place on 10 Feb in the Poly Network Telegram Community. From the Live AMA with Alan, Founder at Boba, this recap fully grasps the information discussed during the AMA.
INTRODUCTION
Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $15 billion USD involving more than 326K cross-chain addresses on different blockchains.
Boba is a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts. Boba offers fast exits backed by community-driven liquidity pools, shrinking the Optimistic Rollup exit period from seven days to only a few minutes, while giving LPs incentivized yield farming opportunities.
Boba’s extensible smart contracts will enable developers across the Ethereum ecosystem to build dApps that invoke code executed on web-scale infrastructure such as AWS Lambda, making it possible to use algorithms that are either too expensive or impossible to execute on-chain.
Boba Network aspires to be the People’s L2 that puts users and developers first. The goal is to build a pragmatic L2 that is the first step towards opening Ethereum to the next billion users.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1: Boba Network launched ‘WAGMI’ Options Incentives with UMA Protocol this month, could you elaborate on “WAGMI Options”for our users?
Alan: Boba Network is the first in the industry to introduce options farming to incentivize positive-sum collective actions. What that means is that the better we do as a community, the more rewards the users receive. For example, the first WAGMI campaign is focused on driving TVL (total value locked) growth. Users receive WAGMI options that can be redeemed for BOBA tokens; the higher the TVL the more BOBA for each WAGMI option, and the more BOBA tokens each user receives. We all win together. WAGMI!
Q2: Why choosing WAGMI Options for the network? Why not just using normal liquidity mining incentives?
Alan: We noticed that traditional liquidity mining programs had become a game for the crypto wealthy to quickly swoosh in to grab the rewards, then leave the network for the next program. Each WAGMI campaign is designed to reward users based on KPI (key performance indicator) measured over the following month, overlapping with the next WAGMI campaign, therefore encouraging users to stick around on the network.
Q3: What kinds of projects will benefit from WAGMI program? And how will WAGMI contribute to their growth?
Alan: Our first cohort consists primarily of DeFi projects such as Oolong, DomFi, Zencha, and Dodo; all of them are contributing their tokens to reward Boba users as well.
The overlapping nature of the WAGMI campaigns will attract stickier TVL for the projects. For example, the value of the February WAGMI options is tied to the TVL on Boba during March, so there’s incentive for the liquidity to stay on the network while farming for the March cohort of WAGMI options. Many other projects have already reached out to join the next WAGMI campaign.
Q4: Why did Boba choose Poly Network among others for partnership?
Alan: Boba and Poly share a common focus on user experience — we always do what’s best for the users. The wide reach of Poly Network allows users to easily move between Boba and wherever they want to be.
We don’t want to lock people in. We want users to come because they enjoy the Boba experience and love the projects built by our amazing partners. It’s been great working with the Poly team. You move fast!
Q5: Any exciting plan for future developments？What shall users expect?
Alan:Expect us to continue optimising for user experience, such as our recently launched multi-token bridge, which lets you bridge multiple assets like BOBA, ETH, and USDC in one transaction. That’s a huge gas saver!
There’s also our NFT bridge, which allows NFTs to be minted on Boba to enjoy the low minting cost, then bridged back to Ethereum if you want to — when gas is lower — to trade on the larger NFT marketplaces there.
In addition we’re cooperating with many new native dapps as well as established projects on other L2s to bring their communities to Boba. We will also be introducing new capabilities that allow developers to build much more interesting dapps — keep an eye out for our talk at ETHDenver next week!
The AMA with Boba Network was ended in high mood. We will have one more AMA coming next week. Please stay tuned!
