WAGMI V2 Usage Mining - A more aggressive user acquisition tool

gm bobarians.

I’ll get straight to the point!

The Problem:

I don’t think its news to anyone that the BOBA network is “dead” in terms of usage at the moment, boba’s etherscan https://bobascan.com/ is showing around 1500 transactions per day (roughly 1 transaction per minute) this is abysmal. We are stuck with a chicken and the egg problem, users don’t use Boba because of the lack of things to do, dapp teams don’t prioritise Boba because of the lack of users.

as it stands, the WAGMI program appears to be a failure. What can we learn from that?

My Proposed Solution:

BOBA should implement a more aggressive program, introducing… Usage Mining!

In a nutshell, BOBA is paid out per transaction.

Lets say the average transaction fee is $0.20, when a user does a transaction they earn $0.21 of BOBA. Once per month users can claim the boba they earned (To avoid endless spam, the protocol doesn’t pay out the BOBA instantly). Additionally, to avoid meaningless transactions we select a handful of contracts which are ‘BOBA worthy’, like using a dex, lending, ect to avoid worthless txs like sending ETH to yourself.

It would cost roughly $500,000 of BOBA per day to pay out an average of 5 transactions per second. So 15 mill to make the BOBA network half as active as Ethereum L1 for a whole month! But the increased traffic has a compounding effect!

  • increases engagement/attention in the network
  • makes arbitrage bots more active
  • gives teams like Uniswap/AAVE/Chainlink a reason to priorities deploying
  • gives liquidity providers some fees to collect (increasing liquidity)

All things which are good for the health of this ecosystem and could give us a break out moment.

The problem of few users I think is these points.

  1. Boba no airdrop, a large number of users are involved in op/arb some other popular L2 track
  2. Boba did not participate in popular activities, such as mission completion projects, Project Galaxy and other projects, resulting in many users do not know Boba
    If my campaign for ambassador is successful, I will suggest the official to participate in more activities to improve the marketing ability

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