Ethereum scaling solution Boba Network has launched single-token gas payments on its blockchain in the form of its native BOBA token.
Boba will also offer a 25% discount for users who choose to pay in BOBA. This would enable the use of BOBA as a fee token for all Boba services. However, users will still have the option to use ETH for gas payments.
Boba Network scales Ethereum with fast transactions and up to 60x lower fees. It previously raised $45 million in a Series A investment with a $1.5 billion valuation.
Layer 2 networks require users to hold two tokens - the native coin and some ETH for paying gas fees during the token bridging process that connects the network to Ethereum. Previously, only ETH was used for gas fees, while BOBA was used for voting and delegating votes in BobaDAO.
"The ability to pay in BOBA and Ethereum is a world first on Layer 2 and a huge win for Boba Network users," Alan Chiu, founder of Boba Network, said in a prepared statement.
"It also scales the native token to another level and adds even more value to the network and the BOBA token. We are not mandating BOBA over ETH - users can choose what suits them," Chiu added.
In case users want to pay for transactions in BOBA but don't hold any Ether on Boba, they can choose the "emergency exchange" option, which allows buying Ether with BOBA at market prices. This allows quick access to the network without a lengthy setup process.