Boba Community Raises $45 Million for Ethereum Scalability

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Key Takeaways

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

Funding Will Enhance Ethereum’s Limitations

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

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

Funds raised shall be spent on rising the undertaking workforce and ecosystem by developer packages such because the Boba Accelerator. Grants, investments, and different funds will even assist the undertaking overcome Ethereum’s computational limitations. 

Alan Chiu, the founding father of the undertaking, stated 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 vital and obligatory.”

What Is Boba Community?

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

Boba Community moreover makes use of an strategy referred to as Hybrid Compute to work together with methods that exist off-chain. In March, the undertaking workforce deployed Turing Hybrid Compute to Ethereum’s mainnet, permitting builders to construct Web3 blockchain apps that invoke code executed on Web2 infrastructure.

The undertaking 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 undertaking’s governance token (BOBA) at the moment has a market cap of $285 mllion. On the time of publication, the token had a worth 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 a number of other different cryptocurrencies.

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