The Boba Network, the L2 (layer 2) expansion layer for Ethereum, has announced the launch of what it calls “Wagmi” options as a way to incentivize builders and backers to invest in the project. The incentive programs will be distributed among the different projects in the chain and will be based on different indicators such as active portfolios and the total project specific value (TVL).
Wagmi options to serve as incentives to build on Bupa
Bupa Network, an optimism-based L2 (layer 2) solution for Ethereum, has announce Launching an incentive program using Wagmi Options. These options, according to the Boba team, will be a different solution from what other chains have tried before. With Wagmi’s options, which will depend on network parameters such as Total Locked Value (TVL), or developments of a specific project, the team hopes to keep the momentum going within its network.
In this regard, the Bupa team explained:
Traditional zero-sum mining programs: users come to collect high rewards and are motivated to keep those rewards. WAGMI cultivation turns this paradigm on its head by being a positive sum: users are motivated to preach and encourage behaviors that develop Bubba.
These options will have different versions and will be adopted by many applicable projects for inclusion in the coming weeks.
Many chains have tried to motivate builders and developers to build apps on top of their own. Avalanche, Harmony, Cardano and BSC are just some of the players in the market that have applied this technology to increase activity and bring users into their chains, with different results. booba network Seek To turn this into a “sustainable positive outcome mechanism”.
Launched in September last year, Boba’s main network has managed to rise as one of the leading L2 networks, reaching 2nd place in TVL among them on November 28, behind only Arbitrum. However, since then, the network has lost some ground, dropping to fourth place while being overtaken by Loopring and Dydx, according to information in L2beat, an L2 stats monitor.
The team behind this initiative states that this will be the first time that option cultivation has been implemented in any network and they hope that this initiative will also set direction for other projects to take advantage of options to better distribute incentives.
What do you think of the Boba Network’s Wagmi Incentive Program? Tell us in the comments section below.
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