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Boba Network Team Announces WAGMI Upgrade to Grow Ethereum Layer 2 Optimistic Rollup Scaling Solution

UTC by Tolu Ajiboye · 3 min read
Boba Network Team Announces WAGMI Upgrade to Grow Ethereum Layer 2 Optimistic Rollup Scaling Solution
Photo: Boba Network

Boba Network looks to continually leverage the WAGMI incentives program via a newly-released V2 upgrade which offers fresh improvements.

The team behind Boba Network, a Layer 2 Ethereum scaling & augmenting solution, recently announced the imminent release of WAGMI v2. The new release is the latest WAGMI incentives program update and officially rolls out today, April 1st 2022.

In a statement, Boba Network founder Alan Chiu enthused:

“We are excited to announce the rollout of WAGMI v2, with which we are implementing goals specific to Boba Network dApps that will ultimately further boost our network’s transaction count.”

In addition, Chiu touched on some notable standouts from the WAGMI network upgrade, explaining that:

“These improvements and upgrades include a massively increased rewards pool, as well as rewards for builders and users of our best dApps, which will be calculated by establishing project-specific KPIs.”

Since its inception, the WAGMI incentives program has been behind the growth of the Boba Network. As it stands, there are more than 30 projects currently being built on the network. Each of these projects makes the most of Boba Network’s ultra-fast transaction times and cheap gas fees. Now with WAGMI v2, the next-generation Ethereum Layer 2 Optimistic Rollup scaling solution will experience even more added perks. Some of these include improvements in BOBA liquidity mining and added boost in ecosystem growth and developer activity.

Insight Into the WAGMI v2 Improvements that The Boba Network Stands to Benefit From

As earlier mentioned, WAGMI v2 features several comparative advantages and improvements over its predecessor WAGMI v1. Some of these include KPIs and range modifications tailored to decentralized apps (dApps). These features allow users to earn rewards, including prizes, airdrops, and other giveaways, via a range of activities and transactions. These activities include providing liquidity, swapping, bridging, as well as trading.

Another specific improvement of WAGMI v2 over WAGMI v1 is the reward of up to $3 million worth of BOBA for pool increase. Of the total, $2 million will go towards liquidity providers, while $1 million remains as a bonus incentive if the April volume on OolongSwap hits $25 million.

Other WAGMI v2 enhancements include a reduction in the redemption period, allowing users to redeem WAGMI tokens in half the number of prescribed days. Instead of 60 days, or approximately two months, a 30-day period is now possible.

Lastly, the WAGMI incentive program also hinted that it had onboarded new partners and collaborators for its latest iteration. The platform will release a comprehensive list sometime in the coming weeks, published on the WAGMI information page. Interested users and developers can start earning rewards by taking action on partner dApps that will be shared on the project’s community channels.

Regarding the inevitable WAGMI v3, the Boba Network community has a front-row role to play. It will most likely share feedback and suggestions for the WAGMI incentive program’s future iteration through Discord.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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