Funding Will Improve Ethereum’s Limitations
Boba Network has raised $45million in Series A funding rounds, putting it at $1.5 Billion.
Around 400 people participated in the round including Crypto.com and Huobi. Sanctor CapitalHypersphere and Origin Protocol, among others. Other participants include the founders of many well-known crypto industry projects like The Graph, Origin Protocol, and ANKR.
Funds raised will go towards expanding the project team, ecosystem and developer programs like the Boba Accelerator. Grants, investments, and other funds will also help the project overcome Ethereum’s computational limitations.
Alan Chiu, the founder of the project, said that the fundraiser “is about building a broad-based alliance to build the Boba ecosystem.”
He added that the various participants involved in the sale “[reinforce] our belief that what we’re building is important and necessary.”
What is Boba Network?
Boba is a Layer 2 network that allows for faster and more affordable transactions than Ethereum.
Boba Network uses Hybrid Compute as an additional approach to interact with systems off-chain. In March, the project team deployed Turing Hybrid Compute to Ethereum’s mainnet, allowing developers to build Web3 blockchain apps that invoke code executed on Web2 infrastructure.
The project is also behind one of the first bridges allowing the transfer of non-fungible tokens (NFTs) from Layer 2 blockchains to Ethereum’s Layer 1 network.
The project’s governance token (BOBA) currently has a market cap of $285 million. The token’s price was $1.83 at the time of publication. This is down 77.4% compared to its November 2021 all-time high of $7.93.