Cryptocurrency

Boba Network Raises $45 Million for Ethereum Scalability

Key Takeaways

  • Boba Network has raised $40 million from 400 firms that participated in its Collection A funding spherical.
  • The funds raised will go towards constructing Boba’s Hybrid Compute platform, which improves on Ethereum’s limitations.
  • Hybrid Compute permits builders to construct Web3 dApps that invoke code executed on Web2 infrastructure.

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Boba Network, a Layer 2 community for the Ethereum blockchain, has accomplished its Collection A funding spherical.

Funding Will Enhance Ethereum’s Limitations

Boba Network has raised $45 million in a Collection A funding spherical, placing its present whole valuation at $1.5 billion.

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The spherical concerned roughly 400 contributors together with Crypto.com, Huobi, Sanctor Capital, and Hypersphere, amongst others. Different contributors embrace founders of well-known crypto trade initiatives reminiscent of The Graph, Origin Protocol and ANKR.

Funds raised can be spent on rising the challenge staff and ecosystem by developer applications such because the Boba Accelerator. Grants, investments, and different funds will even assist the challenge overcome Ethereum’s computational limitations. 

Alan Chiu, the founding father of the challenge, mentioned that the fundraiser “is about constructing a broad-based alliance to construct the Boba ecosystem.”

He added that the assorted contributors concerned within the sale “[reinforce] our perception that what we’re constructing is essential and vital.”

What Is Boba Network?

As a Layer 2 community, Boba offers quicker and cheaper transactions than Ethereum itself.

Boba Network moreover makes use of an method known as Hybrid Compute to work together with programs that exist off-chain. In March, the challenge staff deployed Turing Hybrid Compute to Ethereum’s mainnet, permitting builders to construct Web3 blockchain apps that invoke code executed on Web2 infrastructure.

The challenge can also be behind one of many first bridges permitting the switch of non-fungible tokens (NFTs) from Layer 2 blockchains to Ethereum’s Layer 1 community.

The challenge’s governance token (BOBA) at present has a market cap of $285 mllion. On the time of publication, the token had a value of $1.83, down 77.4% from its all-time excessive of $7.93 in November 2021.

Disclosure: On the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies.

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