Boba Network Introduces ‘Wagmi’ Options for Developers and Builders

Boba Network is an optimist-based L2 (layer 2) solution for Ethereum. The launch of an incentive program using Wagmi options has been announced by . According to the Boba team these options will offer a new solution than what other chains have attempted before. The Wagmi options will be determined by network parameters like total value locked (TVL) or project developments. This team hopes to maintain the momentum within its network.

The Boba team provided an explanation:

Traditional liquidity mining programs have zero-sum rewards. Users are incentivized and paid high returns. WAGMI farming is a positive sum model that encourages and rewards people for growing Boba.

These options will be available in different formats and can be adopted by many projects who apply for them over the next few weeks.

Liquidity Incentives

Many chains have attempted to encourage developers and builders to build apps on top their chains. Avalanche and Harmony are just a few of the companies that have used this technique to increase activity in their market and bring more users to their chains. They have had different results. Boba Network aims at making this a ‘positive sum, sustainable mechanism.

Boba’s mainnet launched in September 2013. It rose to the top of L2 networks and reached the second place in TVL on November 28th, only behind Arbitrum. The network fell to fourth place after being overtaken by Loopring, Dydx and according the L2beat L2 statistics monitor.

This initiative will mark the first time options farming has been implemented in any network. The team behind it hopes that this initiative can also be a model for other projects that take advantage of incentives to distribute more effectively.

According to the official, this obligation applies to all taxpayers that made a profit through transactions using cryptocurrencies. This includes investors and operators of crypto mining facility. However, digital asset exchanges will be exempted from the levy.

Profits made from cryptocurrency trading can be considered income subject to Section 40 of Royal Decree amending Revenue Code No. 19 is the explanation in this report. Amid the rapid expansion of the digital asset marketplace in 2021 financial authorities plan to increase their supervision of coin trading activities in the country.

A representative from the industry pointed out that not all aspects of crypto taxation were clear. Akalarp Yimwilai is the co-founder and chief executive at crypto exchange Zipmex. He said that there are many questions about how profits should be calculated. One question is whether price increases that result in a stronger U.S. Dollar are considered profits. He went on to say:

It is important that tax methods and calculations are more simple, clear, and understandable. Many people I know are interested in paying taxes but don’t know how.

He said that Zipmex had been working on a system to allow customers to calculate their profits and losses, but it has proven difficult. He noted that if the Revenue Department has an advanced data analytics system that can accurately calculate gains from cryptocurrency, it would be a huge benefit to share it.

Thailand is a popular tourist destination and authorities have tried to show a friendly attitude towards cryptocurrency users, particularly visitors. The country’s tourism authority declared in September that it wanted to promote a crypto-friendly atmosphere. In November, its governor stressed that Thailand should become a crypto-positive society. Officials from the Bank of Thailand declared last month that crypto payments were not illegal.

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