Evaluation of Boba Network reaches USD 1.5 billion after $ 45 million

Evaluation of Boba Network reaches USD 1.5 billion after $ 45 million

Ethereum Layer 2-scaling solution Boba Network has collected $ 45 million in a series-A round that evaluates the decentralized autonomous organization (DAO) with $ 1.5 billion.

The capital will remedy the "computing restrictions from Ethereum and promote greater functionality for decentralized applications" by the Hybrid Compute platform from Boba, as the project announced on Tuesday.

"Everyone else focused on making Ethereum faster and cheaper, which is of course necessary, but there is an additional dimension of scalability that has been neglected-the compensation for arithmetic," said Boba Network founder Alan Chiu in an email to block works.

The crypto exchanges crypto.com, Huobi and Bitmart and more than a dozen crypto funds took part in the round. Other investors were Smith, Keisuke Honda, Paris Hilton, Carter Reum, Tony Robbins and Joe Montana.

"Layer-2 innovations are one of the most exciting products developed today in the crypto area, no longer a Boba Network," said Bobby Bao, Managing Director of Crypto.com Capital. "Boba develops industry -leading solutions like Hybrid Compute to scale web3, so we are very happy to be on board."

Developed by OMG Foundation Core Contributor Enya Boba Network aims to offer the next billion ethere users a faster and cheaper experience.

boba network was based on the Optimism codebase to accelerate the market entry, although there are certain differences, said Chiu. This includes the offer of additional cross-chain messaging, the provision of a community fraud detector and the automatic forwarding of 7-day-exit reports to Layer-1, according to his Website .

The Hybrid Compute Protocol from Boba enables developers to use advanced algorithms that are either too expensive or impossible to perform in the chain. After the off-chain calculations have been carried out, the protocol sends the result within the same transaction to the smart contract.

"Smart contracts on Boba can call up any external API so that you can suddenly carry out machine learning outside the chain and the results come back to your smart contract, i.e. in the same transaction in the same block," said Chiu.

Boba also offers a bridge to move funnigible tokens (NFTS) between layer-2 blockchains to Layer-1 from Ethereum.

With the introduction of the Optimistic Rollup in the Mainset in September, the OMG Foundation unveiled the upcoming publication of its Boba token to support the decentralized governance of the network.

Since the introduction, market capitalization has fallen from a maximum of $ 626 million to $ 160 million in early March and is now $ 264 million

The TVL of the network currently amounts to $ 171 million, which, according to Ethereum, is in sixth place among the roll-up-based Layer-2s from Ethereum l2Beat . Optimism - which has no token yet - is in third place, with about the fourfold of the TVL (Total Value Locked).

The risk capital company A16Z and Paradigm carried out a series B financing round of $ 150 million for Optimism last month, which increased the evaluation to $ 1.65 billion.

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