A new unicorn on Ethereum – The network Ethereum faces significant congestion problems. Faced with this congestion, so-called second-layer solutions have multiplied. In practice, they make it possible to improve the scalability of the network by deporting some of the transactions and their processing.
Boba Network Passes Billion Dollar Valuation
Boba Network is a second solution layer having emerged at the beginning of the year 2022. Under the hood, Boba Network is based on the Layer 2 Optimism code.
On Tuesday April 5, the company behind Boba Network announced that it had closed a Series A funding round. In total, the company raised $45 million with various investors. Among them we find Crypto.com, Huobi, BitMart, Kinetic Capital, Infinite Capital, Hack VC, Dreamers VC and M13 Venture.
Thanks to this new fundraising campaign, Boba Network’s Total Valuation Hits $1.5 Billionmaking the network a unicorn of Ethereum.
Alan Chiu, founder of Boba said the funds would be used to fund expansion of the development team. Thus, the latter aims to double the workforce from 30 to 60 employees by the end of the year.
At the same time, Alan Chiu also wants to develop the Boba ecosystem by setting up a subsidy program as well as increasing the marketing budget allocated by the project.
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Boba Network: an L2 like no other
Although Boba Network is a fork of Optimism, Alan Chiu’s teams have made various changes and improvements to the code.
Thus, Boba underwent several processing layer changes (computational layer). Indeed, it has a proprietary hybrid processing layer.
This allows him in particular to overcome the processing limits encountered by Ethereum, as Chiu explained to our colleague from TheBlock:
“We built Boba to meet the computing limitations of Ethereum. Everyone has been busy making Ethereum faster and cheaper, which of course is necessary, but there is another dimension of scalability that has been overlooked: computational complexity. »
Currently, Boba Network sits at #7 in Ethereum’s L2 rankings in terms of TVL. This hosts 170 million dollars, far behind the giant Arbitrum and its 4 billion dollars of TVL.
At the same time, the second layer solution Metis is also being talked about. With its half-billion dollars of TVL, it has seen its TVL explode since the beginning of March.
In the blockchain as in painting, it is better to pass a 2nd coat! This explains the success of solutions like Boba Network. For your cryptocurrency purchases, register without delay on the FTX benchmark crypto exchange platform and benefit from a lifetime reduction on your trading fees (affiliate link, see conditions on official website)