Guide to transferring coins to Boba Network to find investment opportunities in the early stages of the project along with some notes here.
Guide to Transferring Coins to Boba Network
In this section, I will guide you through depositing and withdrawing tokens via Boba Network using two methods:
- Boba Bridge (PC)
Before you begin, make sure you have enough ETH in your Metamask wallet to approve and submit transactions (around 0.05 ETH).
The process of withdrawing tokens from Boba Network to Ethereum is similar to the process of depositing tokens from Ethereum to Boba Network.
Deposit & Withdraw Tokens using Boba Bridge (PC)
Deposit tokens from Ethereum => Boba Network
First, you can access Boba Bridge and connect your Metamask wallet.
Click “Wallet” on the left navigation bar.
Click “Bridge” next to the token you want to transfer to Boba Network.
Choose “Bridge to L2” or “Fast Bridge to L2.” The Fast Bridge deposits and withdraws faster & saves more on gas fees than the regular Bridge but requires a small fee of 0.1% per deposit or withdrawal. I recommend you choose the Fast Bridge if conditions permit.
Besides that, the Fast Bridge has the limitation of requiring liquidity from users, so sometimes when the Fast Bridge runs out of liquidity, users will only have the option of using the regular Bridge.
After choosing the type of Bridge to use, enter the number of tokens you want to transfer to Boba Network.
Finally, Approve & Confirm Transaction when the Metamask window appears.
Withdrawing tokens from Boba Network to Ethereum
Similar to the process of depositing tokens, you access Boba Bridge.
Connect your Metamask wallet and switch to the Boba Network.
Click on “Wallet” on the left navigation bar and proceed to transfer tokens from Boba Network back to Ethereum. The steps will be similar to the process of transferring tokens from Ethereum to Boba Network.
Some Common Questions about Boba Network
Here are some common issues about Boba Network that you need to be aware of:
Custom RPC Endpoints for Boba Network
You can go to Boba Bridge to automatically switch to Boba Network, or you can manually set Custom RPC Endpoints according to the information below:
Do I need to transfer both ETH & OMG to Boba Network?
Theoretically, you need both ETH and OMG on Boba to withdraw your funds later. Initially, transaction fees on Boba Network are paid in ETH, but after the Boba Network token launch, transaction fees will be paid in BOBA tokens.
However, because Ethereum gas fees are quite high (costing around $150-300 per bridge transaction), those with limited capital do not need to transfer both ETH and OMG.
You can transfer ETH to the Boba Network, then use ETH to buy some OMG for future transaction fees through the two DEXs on Boba Network: Oolongswap or Senpaiswap.
Why transfer ETH to Boba Network in the early stages?
Because initially, transaction fees on Boba Network are paid in ETH.
Read more: Guide to converting ETH from Ethereum to Boba Network.
How much is the gas fee when transferring tokens from Ethereum to Boba Network?
There are 2 types: “Bridge to L2” or “Fast Bridge to L2.” The regular Bridge costs twice as much in gas fees compared to the Fast Bridge.
I used the regular Bridge a few days ago and it cost quite a bit in gas fees ($ETH = $4500, Gwei 128):
- $240 gas fee for the regular Bridge.
- Fast bridge fee = regular Bridge fee / 2.
Are gas fees on Boba Network high?
Currently, gas fees on Boba Network are calculated in ETH. In general, gas fees on Boba are also quite high:
- Approve around $2.
- Send ETH around $0.9 – $1.
- Send ERC20 tokens around $3.5 – $4.
- Swap (on Oolongswap & Senpaiswap) around $9 – $11.
- Supply LP (on Oolongswap & Senpaiswap) around $9 – $11.
Token deposit/withdrawal time on Boba Network?
Depositing tokens from Ethereum to Boba Network:
- Via regular bridge: Instant.
- Via fast bridge: Instant.
Withdrawing tokens from Boba Network to Ethereum:
- Via regular bridge: 7-14 days.
- Via fast bridge: Instant.
Where to find Boba Network ecosystem updates?
Boba Network is in the early stages of development, with only 2 active DEXs at the moment: Oolongswap and Senpaiswap.
Reference: Overview of the Boba Network ecosystem.
Conclusion
I hope this information will help you easily access Boba Network and its ecosystem, as well as find the best ways to optimize your profits.
