A layer-2 scaling solution is joining top US crypto exchange Coinbase’s roster of digital assets alongside an exchange stablecoin.
Boba Network utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification than traditional zero-knowledge rollups. Native token BOBA can be used for governance and staking.
The project was developed to empower decentralized applications (DApps) developers building on Ethereum (ETH).
Boba Network has experienced a roller coaster of price action this week, surging 35.2% from a Tuesday low of $0.34 to as high as $0.46 when news of the Coinbase listing first broke.
BOBA has since corrected and is currently down 17.6% on the day and trading for $0.36 at time of writing.
Coinbase will add support for Boba Network (BOBA) and Gemini USD (GUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. pic.twitter.com/jjB92ytYVb
— Coinbase Assets (@CoinbaseAssets) June 29, 2022
Also joining Coinbase is Gemini USD, a stablecoin created by the Gemini cryptocurrency exchange which aims to peg its value to the US dollar.
According to the project website, not only can users trade their dollars 1-to-1 for GUSD, but the altcoin can also be used to swap for other crypto assets on decentralized exchanges (DEXs).
Currently, Gemini Dollar is valued slightly less than a dollar at $0.98.
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