What Is OMG Network (OMG)?
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What Is OMG Network (OMG)?

2 years ago

OMG Network will soon become Boba Network, with a 1:1 airdrop of BOBA tokens.

What Is OMG Network (OMG)?


OMG Network formerly known as OmiseGo, is a non-guardian layer-two scaling solution for Ethereum. The project is headed by the OMG Foundation, which rebranded and partnered with Enya to build Boba Network, a new Ethereum layer-two optimistic rollup that helps developers scale DApps. The OMG Network as such does not exist anymore — instead, Boba Network inherited the OMG Network community. 

OMG Network was considered to be a dead project with no utility, as other Etherem layer-two scaling solutions like Arbitrum and Polygon were drawing in more demand and managed to build functioning ecosystems. The fusion (or takeover) by Boba Network is an attempt to salvage the project’s community and give it net utility.

To quote Alan Chiu, founder of Boba Network: 

“From a community perspective, we’re lucky to have inherited the OMG network. We have a DAO and a token, so BOBA token holders can participate in the governance of the network. We are also sharing the profits generated from the network with our token holders.”

To reflect the change in governance, OMG Network holders will receive a BOBA airdrop on Nov.19, 2021. All OMG tokens will be replaced 1:1 by BOBA tokens and the airdrop snapshot will take place at the first Ethereum (L1) block with a timestamp greater than or equal to 2021/11/12 00:00 AM (UTC). The takeover by Boba has caused the OMG token to surge more than 140% in the last three months in anticipation of a revival of the project under a different name and leadership.
Boba Network boasts lower gas fees and improved transaction throughput, all the while ensuring compatibility with Ethereum. In doing so, DeFi and NFT applications that are too pricey for retail customers become affordable on Boba Network, the project claims. 
Boba Network also offers fast exits backed by community-driven liquidity pools and a Boba NFT Bridge, which allows NFTs to launch on Boba and bridge to Ethereum cost-effectively. That way, users benefit from the security and decentralization of Ethereum and fast execution at low transaction costs on Boba. 

Boba Network was founded in 2018 by Alan Chiu, who has more than 20 years of experience building and investing in enterprise startups. He was previously a partner at XSeed Capital and led product management at Bycast, a private storage cloud leader. He also serves on the Stanford Graduate School of Business Alumni Board. Jan Liphardt is the network’s co-founder and CTO. He is also an associate professor of bioengineering at Stanford and co-founded the network to referee how sensitive information flows through the internet. 

How Does OMG Network Work?

Boba Network is an optimistic rollup combining the research and development by the Enya team on the swap-based onramp, cross-chain bridging and fast exit with the open-source work by Optimism. Boba Network is a child chain of Ethereum, meaning it benefits from the safety of the parent chain. By using the Boba bridge, you can transfer your assets from Ethereum to Boba, as well as between different second layer blockchains. In this case, users pay a small fee to the liquidity providers backing the swaps.

What Makes OMG Network Unique?

Boba’s key value proposition is multifold. On the one hand, high gas fees on Ethereum are an incentive to build on layer-two solutions like Boba. On the other hand, Boba promises to create an ecosystem fund to incentivize early-stage projects with exciting ideas. Boba chose Optimism since it is easier to stay in sync with the evolution of Ethereum by building on this scaling solution. 

A key advantage of Boba is its Fast Exit solution, providing users with the possibility to withdraw their funds earlier than the usual seven days on Optimism by paying a convenience fee. The network chose to rely on market forces to optimize for efficiency in this case. Boba also offers a bounty program with payouts of up to 100,000 USD depending on the severity of the discovered bug. 

Bridging on Boba aims to be fast and simple and can be done by connecting the user’s Metamask (or any other web wallet) to the network’s bridge and transferring the funds from Ethereum to Boba. However, Ethereum gas fees will still apply for this transaction, which is why users should make sure to have enough funds for the transaction to go through.

OMG Network in the Media

Boba Network joined other scaling solutions like Polygon, Arbitrum, zkSync and StarkWare to try to solve Ethereum’s scalability issues. After the rebrand from OMG Network to Boba Network, CEO Alan Chiu revealed the name was chosen on purpose: “Everyone has a smile when they drink boba [...] that’s how we want our users to feel when they use [Boba network]. It evokes happiness.” 

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