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Ecosystem expansion and $45M funding round boost Boba Network (BOBA) price by 30%

April 5, 2022 Coin Telegraph

Ecosystem expansion and M funding round boost Boba Network (BOBA) price by 30%

BOBA price booked a double-digit gain after a $45 million funding round and developer incentive program lured investors back to the network.

The institutional adoption of cryptocurrencies has been gaining momentum over the past couple of years due to venture capitalists and money managers looking to the crypto market as the next investment class that will offer the greatest return.

The Boba Network (BOBA) is the most recent protocol to benefit from institutional interest and the long search for an Ethereum (ETH) layer-two scaling solution capable of low-cost transactions and fast processing times.

Data from Cointelegraph Markets Pro and TradingView shows that BOBA has gained 50.71% over the past week and a half after climbing from a low of $1.24 on March 27 to a daily high at $1.873 on April 5.

*BOBA/USDT 4-hour chart. Source: TradingView*

Three reasons for the climbing price of BOBA include the completion of a $45 million Series A funding round, the launch of the WAGMI v2 incentives program and the expansion of the launch of new protocols on the network.

Boba gets a boost from a $45 million funding round

The most recent development providing a boost to the Boba Network was the successful completion of a $45 million Series A funding round, which was announced on April 5.

Nearly 400 participants participated in the fundraiser including the venture capitalist firms Infinite Capital, Hypersphere, 10X Capital, Hack VC and Dreamers VC. More crypto-focused projects like The Graph, FEI Labs, Crypto.com and Huobi also participated in the funding round.

The Boba Network currently has a $1.5 billion valuation and the team plans to use the funds to help make cryptocurrencies more accessible to the general public, overcome the computational limitations of Ethereum and provide blockchain developers with the tools needed to build new products.

WAGMI v2 incentive program

Another factor helping to bring increased activity and attention to the Boba Network was the launch of the WAGMI v2 incentive program, which is designed to help improve BOBA liquidity mining, grow the ecosystem and attract developers.

WAGMI offers rewards to active users in the Boba Network ecosystem as a way to help increase the overall transaction count on the network as well as offering application-specific reward pools meant to bring more attention to the best DApps on the network.

This second round of WAGMI began on April 1 and will run through the end of the month and includes up to $3 million worth of BOBA as rewards. Two million dollars of the amount is reserved for liquidity providers and there is a $1 million bonus incentive if the total monthly trading volume on OolongSwap reaches $25 million.

Ecosystem growth boosts TVL

A third factor helping to boost the valuation of the Boba Network has been its expanding ecosystem of protocols and DApps.

This includes nonfungible token projects like Tapioca Town and Turing Town, decentralized finance protocols Symbiosis and Boba Brewery and integrations with the Pocket Network and The Graph.

*Unique Boba bridge users. Source: Dune Analytics*

According to data from Dune Analytics, 5,089 unique wallets have now interacted with the Boba Bridge, which currently has a total value locked at $712 million.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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OMG price crashes by one third after BOBA airdrop snapshot

November 12, 2021 Coin Telegraph

Airdrop

Users have been looking forward to this snapshot for a while but while they'll be getting BOBA tokens later in the month, the value of their OMG tokens crashed by one third today.

The price of OMG Network (OMG) has plunged 33% from a daily high of $19.35 down to around $13 immediately after completion of the snapshot for an airdrop from the Boba Network.

The snapshot of all wallets holding OMG tokens on the Ethereum network and the layer-two Boba Network took place at 12am UTC on Friday. OMG holders at the time of the snapshot will receive BOBA, the governance token for BobaDAO on Nov. 19.

Boba is an Optimistic Rollup layer-two solution that helps to scale Ethereum smart contracts, built by the Enya team as core contributors to the OMG Foundation. BOBA token holders will be eligible to submit and vote on proposals for Boba DAO.

Boba Network tweeted at 12:04am UTC that the snapshot occurred at Ethereum block 13597967, and on Boba Network block 15354.

Around ten minutes later the 100eyes Crypto Scanner account tweeted a “Bizarre activity alert” on the dramatic price plunge which may have been caused by OMG holders trying to get ahead of “sell the news” price action.

Crypto alert:
[#OMG-#BTC] Bizarre Activity alert (15m)
[#OMG-#USDT] Bizarre Activity alert (15m) pic.twitter.com/OnmfSltaGo
— 100eyes Crypto Scanner (@100eyesCrypto) November 12, 2021

Boba Network announced the airdrop on Sep. 20, when OMG was at about $9.50. The airdrop was part of a larger campaign to promote awareness of Boba Network launching its mainnet.

Since then, OMG has seen two significant price spikes between Sep. 29 and Oct. 5 to $16.76, and again more recently on Nov. 5 to a nearly four-year high of $19.35. Analysts had anticipated higher price potential on OMG since the Boba announcement due to the high amount of interest in the airdrop.

Top-10 crypto exchanges including Binance, Crypto.com, Huobi, Gate.io, Bitfinex, Binance.US, and FTX are supporting the BOBA airdrop for its users.

OMG price has been on a slow upward grind since July 21 of this year when price bottomed out at a four-year low of $3.21, according to Coingecko.

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OMG eyes a new all-time high after unveiling its ‘Boba Network’ layer-2 solution

October 1, 2021 Coin Telegraph

Altcoin Watch

Since hitting a bottom below $3 on July 20, OMG price has hiked 380% and now targets a new multi-year high.

In September the frenzy that propelled the nonfungible token (NFT) sector quieted down but a burst of fresh energy emerged as the layer-two sector heated after the successful launch of Ethereum (ETH) scaling solutions like Arbitrum and Optimism.

Another project that has benefited from the sector's transition to layer-1 and layer-2 alternatives is OMG Network (OMG), a non-custodial layer-two protocol that utilizes an optimistic rollup scaling solution to improve Ethereum scalability.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $8.42 on July 20, the price of OMG has climbed 380% to reach a daily high at $13.52 on Oct. 1 on a record $3.37 billion in 24-hour trading volume.

*OMG/USDT 1-day chart. Source:* *TradingView*

Prior to the market-wide pull-back that began in early May, OMG had been performing well in large part thanks to a Coinbase listing. A major development for the protocol came at the beginning of June when the project rebranded from OmiseGO to OMG Foundation as part of its pivot toward layer-two solutions.

Enya and the Boba Network back OMG's progress

A major part of the rebrand was to highlight the network’s partnership with Enya, a company that creates decentralized infrastructure solutions and the creator of the Boba Network.

1/ The Layer 2 space is heating up. @optimismPBC, @arbitrum, @StarkWareLtd and sidechains like @0xPolygon. We now have @bobanetwork The differentiating feature for Boba Network is fast transfers from Boba to #Ethereum mainnet, which is not found in other rollups.
— DeFi Info (@AboutDefi) August 19, 2021

According to the project’s website, the Boba Network is a Ethereum layer-two optimistic rollup scaling solution aimed at reducing gas fees, improving transaction throughput and extending the capabilities of smart contracts.

With Enya building the Boba Network as a core contributor to the OMG Foundation, the OMG token has benefited from its association with the launch of a new layer-two solution

The rollout of the Boba Network, which rebranded from OMGX, began on Aug. 19 and closely tracked the rise in the price of OMG.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OMG on Aug. 16, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. OMG price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for OMG began to pick up on Aug. 16 and climbed to a high of 75 on Aug. 25, around 24 hours before the price began to increase by 100% over the next three weeks.

Omg