Boba Network, an L2 (layer 2) expansion layer for Ethereum, has announced the launch of what it calls “Wagmi” options as a way of incentivizing builders and supporters to be invested in the project. These incentive programs will be divided among different projects and will depend on indicators like active wallets or project-specific total values locked (TVL).
Wagmi options to serve as incentives for building on Boba
Boba Network (an optimism-based L2 solution for Ethereum layer 2)), has announcedLaunch of incentives using Wagmi options. The Boba team believes these options are a better solution than any other chain has tried. Wagmi options are dependent on specific project developments and network parameters. The team hopes this will help keep momentum alive within the network.
The Boba team provided an explanation:
The traditional liquidity mining program is zero-sum. Participants are incentivized and rewarded with high returns. WAGMI Farming flips this model upside down by offering positive sum. Users are encouraged to promote and support Boba-growing behaviors.
The options are available in different formats and will be accepted by many projects who apply for them over the next few weeks.
Many chains tried to encourage developers and builders to build apps on their chains. Avalanche is just one of many players on the market who have used this strategy to boost activity and bring people to their chains. Boba Network seeks to turn this into a “positive-sum, sustainable mechanism.”
Boba’s mainnet was launched in September last year, and it managed to rise as one of the leading L2 networks, reaching the second spot in TVL among these on November 28, only behind Arbitrum. According to L2beat (an L2 statistics monitoring site), the network fell to fourth, while Dydx and Loopring have taken the top spot.
According to the team behind this initiative, this is the first time options farming has been implemented in any network. They also hope that it will set an example for other projects that can take advantage of opportunities to more efficiently distribute incentives.
What do you think about Boba Network’s Wagmi incentives program? Leave a comment below.
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