Boba Network Critical Gas Reduction Vote Precedes 35% Price Rally

Key Points:

• Boba Network plans to lower gas fees and introduce Account Abstraction for simpler blockchain use.
• Originating from Enya Labs in 2021, Boba Network enhances Ethereum’s scalability with Optimistic Rollups and Hybrid Compute technology​.
• Recent developments have pushed the BOBA token price to $1.12.

YEREVAN (CoinChapter.com) — Boba Network may reduce gas costs for its transactions following a governance vote this week. Moreover, it has teased “Account Abstraction,” a feature that aims to make user accounts function like smart contracts.

In turn, these updates can potentially result in more flexible transactions and simplify user interaction without the nooks and crannies of blockchain complexity. These updates are expected to be implemented by April 2024 after a community-wide vote that ends on March 20. Boba Network states that this news will mark a pivotal moment in the evolution of the network.

What is Boba Network Anyway?

Boba traces its origin to Enya Labs, which initiated the network on Ethereum in August 2021. It presents itself as a Layer 2 scaling solution to prop up Ethereum’s scalability by using Optimistic Rollups. Additionally, Boba uses Hybrid Compute technology, which gives developers the potential to incorporate complex off-chain computations within their smart contracts.

The introduction of lower gas fees and Account Abstraction on Boba aims to attract a wider audience of users and developers, boosting inclusivity and visibility within the ecosystem. These enhancements, which aim to reduce costs and simplify access, may drive adoption.

Boba Price Rallies ~35% in 24 Hours

The recent price of the BOBA token saw interesting activity. As of the latest updates, the BOBA token price stands at $1.12, marking an impressive increase of 33.56% in the last 24 hours​​. This recent surge has contributed to a market capitalization of approximately $192M USD.