ethereum layer boba networks series

Benzinga asked Chiu about which protocols are adopting Boba’s Layer 2 network.

A recent community proposal passed to bring Aave, the largest lending platform on Ethereum, onto Boba Network, he said.

Boba is in talks with Bancor, an automated market maker with deep liquidity, Chiu said.

While Chiu said he couldn’t disclose all the applications Boba is in talks with, it’s clear applications are interested in using the Layer 2 solution.

The Last Word: Boba Network has grown quickly, and it plans to further its growth through its recent funding round.

Notable investors in Boba’s Series A include, Houbi Global, Hypersphere and Infinite Capital.

© 2022 Benzinga does not provide investment advice.

While Ethereum (CRYPTO: ETH) is the preferred blockchain for most developers, users, and applications, it struggles to scale with user demand. At peak times, transactions on Ethereum can cost hundreds of dollars, as users essentially bid against each other to process their transactions.

Benzinga spoke with Alan Chiu, founder of Boba Network, to learn more about Ethereum scaling.
Boba Network recently raised a $45-million series A funding round to help scale Ethereum.

About Boba Network: As a Layer 2 solution, Boba Network lets users enjoy the security of Ethereum’s blockchain without needing to pay exorbitant gas — transaction — fees, Chiu told Benzinga.

“We raised our Series A with the goal of creating a community of investors who care about Boba’s success.

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Boba can be much faster and more functional on L2 and improve transaction costs while maintaining the security that Vitalik’s behemoth can provide.

What the Network offers

Thanks to the Optimistic Rollup technology, which is also used by Optimism and which Boba integrates, itallows a series of advantages.

In a world that is increasingly struggling for energy resources, the price of key raw materials such as gas has skyrocketed and it is precisely to reduce the price of gas and overcome the price impasse that Boba effectively intervenes.

Another benefit, and probably the most important to the usability of the NFT world, is that it is now possible tocreate, move and sell Non-Fungible Tokens between L1 and L2as seamlessly and intuitively as within L2, making GameFi much more convenient than it used to be.

Hybrid Compute will scale Web3 development, enabling builders to deliver innovative products with greater functionality,” said Alan Chiu, Boba Network Founder.

Participants in the funding round include DeFi Technologies Inc, Hypersphere Infinite Capital, Hack VC, GBV, Sanctor Capital, Shima Capital, Kinetic Capital, Ghaf Capital, LD Capital, Old Fashion Research, Alphanonce, IOST, and ROK Capital. Other notable investors include the Dreamers VC (Will Smith and Keisuke Honda), M13 (Paris Hilton and Carter Reum), Tony Robbins, Joe Montana, and KSHMR amongst others.

While Boba Network’s solutions are somewhat complicated to the layman, they have established a niche of excellence amongst Layer-2 protocols resident on the Ethereum blockchain.

Boba’s token is now trading at €1.72, up 28% from the previous session following the excellent news at the beginning of this article, and is putting in a series of extraordinary performances that are placing the token in the sights.

Not only are the highs within Boba’s reach at €7.00, but some analysts are pushing the envelope, suggesting that highs of €40.00 or €50.00 are possible within the year.

BobaNetwork, which has a market capitalization of €274 million, has recorded a positive change of 37% in the last week and is projecting itself towards a historic future of success that was hitherto unhoped for.

The investments of this group of investors have rekindled the fantasies of investors who now see asolid and concrete project, indeed a revolutionary one that will be a leader in the sector, with substantial returns expected within the current year.

There are hundreds of billions of dollars tied up in the Ethereum blockchain, but while developers and security researchers have plenty of nice things to say about it, it’s no secret that the blockchain as built hasn’t exactly kept up with the times. This is part of the reason you read about layer 1 (L1) and layer 2 (L2) networks so often; VCs are making bets on competing L1 blockchains to take advantage of this deficit and L2 blockchains that sit on top of Ethereum are designed to improve the speed and price of transactions.

Boba is building out a so-called optimistic rollup L2, which essentially processes a number of transactions on the secondary chain while “optimistically” assuming that its outputted list of bundled transactions were all legitimate — while giving skeptical parties time to prove if any of those transactions were fraudulent and reverse them.

Ethereum blockchain that aims to providesecurity, lower gas fees and faster transactions.

What is Boba Network

Boba Network, enables the scaling and augmentation of Ethereum Layer-2. It complements the Optimistic rollup technology and provides new features such as switch-based onramp, fast exit, cross-chain bridging and others.

Boba Network has just raised $45 million in a single tranche of Series A fundingfrom a number of major investors.
The tranche boasts participation from Dreamers VC (Will Smith, Keisuke Honda), M13 (Paris Hilton and her husband Carter Reum), as well as industry backers Quantstamp, Origin Protocol, The Graph,Crypto.comand many others.

The goal of the network is to allow DeFi and NFT dApps to be used on Ethereum, especially those mini-transactions in games that to date were too expensive to be done on Ethereum.

BOBA’s current fully diluted valuation stands lower at about $740 million.

Chiu said the round was closed in the fourth quarter of 2021 “when market conditions were more bullish.” BOBA’s all-time high price was at around $8 in November.

With fresh capital in hand, Boba plans to scale its team and bring more developers to its platform, said Chiu. The current headcount of Boba is over 30 people and Chiu plans to double the team by the end of this year.
As for growing the developer ecosystem, he intends to provide grants, launch an accelerator program and spend more on marketing.

Boba Network was launched in September by Enya, a core contributor of OMG Foundation. The network is built on Optimism, but its computational layer is different, said Chiu.

Boba Network, an Ethereum-based Layer-2 protocol Optimistic Rollup scaling solution, has successfully completed its Series A funding round in which it pulled as much as $45 million from investors covering every aspect of the Web3.0 world.

The Series A funding brings the platform’s valuation to $1.5 billion and the capital is projected to be used in addressing Ethereum’s computational limitations and foster greater functionality for decentralized applications (dApps) through Boba’s Hybrid Compute platform.

“This fundraising is about building a broad-based alliance to build the Boba ecosystem. Having so many amazing investors demonstrate their confidence in our vision and technology reinforces our belief that what we’re building is important and necessary.

OMG Holders

Boba Network will distribute a new governance token to OMG holders.

Boba Network is a new Layer 2 solution that leverages Optimistic Rollups to help Ethereum scale. If processes transactions at a higher speed and lower cost than Ethereum mainnet while benefiting from the security of the base chain.

Developed by OMG Foundation’s core contributor Enya, it was launched as a mainnet beta last month to compete with other Optimistic Rollup solutions like Optimism and Arbitrum.

Rather than opting for a retroactive drop, which are popularly used in other DeFi projects, the project will airdrop the token to OMG holders based on a future snapshot.

According to a blog post announcing the airdrop, users who use the Boba Network bridge to move OMG and hold the tokens in their wallets before a snapshot date next month will be rewarded with BOBA.

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