OMG PERPs trading at 20% discount ahead of BOBA airdrop
According to a recent announcement, the OMG Network transformed into the OMG Foundation with the BOBA Network as a core contributor to the Foundation. The BOBA token will be airdropped to the holders of the OMG token as of the snapshot date of Nov 12, 2021, on a 1:1 basis.
BOBA airdrop
The new token from OMG Foundation, BOBA, is an Ethereum Layer 2 Optimistic Rollup scaling solution that is faster and with lower gas fees. The BOBA token is the governance token of the BOBA decentralized autonomous organization and can be staked on the Network.According to the statement from the website, the airdrop for the BOBA token will take place "at the first Ethereum (L1) block with a timestamp greater than or equal to 2021/11/12 00:00 AM (UTC)." For every OMG token that a user holds on an exchange like Binance, the user will get 1 BOBA token starting Nov 19.
A snapshot will be taken of all the "wallets holding $OMG on L1 and the Boba Network L2." The wallet addresses will be recorded and will be the sole factor in determining the eligibility for the airdrop.
OMG PERPs at 20% discount
The holders of the OMG want to hold the token in their wallets so that they are eligible for the airdrop. However, they also want to hedge their tokens to be on the more caring side. According to the details of the airdrop, all the unhedged funds will be eligible for the airdrop, and the Margin longs or Margin shorts in OMG/XXX won't be eligible for the same.As a result of this unrest, the OMG PERPs are now trading at a 20% discount. Currently, the OMG spot is at $18.5 while the OMG PERP is at $16.18. The BOBA airdrop news caused people to long the OMG in their spot and short the PERPs, leading to this difference in prices.
Following the popularity of the airdrop, crypto exchanges like BitFinex have announced their support for the airdrop. It seems that this airdrop will lead to a spike in prices as OMG is already up by more than 20%.
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