Airdrop Plan Sparks OMG Price Surge, How Boba Network Boosts L2 Locked Assets

The veteran Ethereum scaling solution team, OMG Network, has become the top gainer among the top 100 cryptocurrencies in the past 30 days, surpassing even the hottest AXS. OMG has integrated its Layer 2 solution, Boba Network, and launched a corresponding BOBA token airdrop program, attracting significant buying interest.

OMG Continues to Surge with Boba Network Airdrop Integration

OMG Network, known for its long-standing Ethereum Layer 2 scaling solution utilizing Plasma technology, has seen significant growth. Its subsidiary, Boba Network, formerly known as OMGX, collaborated with data privacy company Enya earlier this year to focus on a Layer 2 scaling solution based on the popular Optimistic Rollup technology.

Here is a timeline of events:

• In February, Enya became a strategic partner, and in May, they launched the OMGX testnet
• On August 19, Boba Network, a Layer 2 solution based on Optimistic Rollup, announced the launch of its Beta mainnet
• On September 20, Boba Network, based on Optimistic Rollup, announced the mainnet launch and the governance token BOBA airdrop
• On October 1, a tweet detailed the BOBA airdrop

OMG has surged over 200% in the past two months. The announcement of the BOBA governance token airdrop in late September further fueled this growth.

Elevating L2 Asset Volume with Boba Network's Airdrop Strategy

By pre-announcing airdrop rewards, OMG not only boosts L2 locked asset volume but also generates demand for OMG tokens.

OMG Network's approach involves setting criteria wallets must meet to receive the BOBA airdrop:

1. Unlocked Airdrop: Before the snapshot on November 12, those who move their OMG from a non-custodial wallet to Boba Network, including stakers, can receive an equivalent amount of BOBA. Additionally, transferring OMG from Ethereum to Boba Network L2 will result in an extra 5% OMG airdrop.
2. Locked Airdrop: Even after the snapshot day, holders can still receive the BOBA airdrop. To qualify, non-custodial wallets must hold OMG L1 on the snapshot day and transfer it to Boba Network within a year, receiving the airdrop with a 30-day lockup period.
3. Holding on Participating Exchanges: OMG Network is collaborating with FTX exchange. Those holding OMG on these exchanges are eligible for the BOBA airdrop. Negotiations with other major exchanges are reportedly ongoing.

The token airdrop is expected to take place a week after November 12.

OMG tokens have seen significant price increases, and the L2 locked value in Boba Network has also grown substantially:

BOBA Will Not Replace ETH for Fees

As an Ethereum Layer 2 solution, Boba Network will continue to use ETH for network transaction fees. BOBA serves solely as a governance token for staking rewards and incentivizing DeFi ecosystem growth.

OMG itself remains the network fee token for OMG Plasma.