Hybrid computing platform Boba Network has joined the “crypto unicorn” classification after raising $45 million in series A funding, underscoring the investor appeal of Ethereum’s layer 2 scaling solutions.
The funding round saw the participation of several crypto-focused venture funds, including Tribe Capital, Infinite Capital, Hack VC, GBV, Sanctor Capital, Shima Capital, Kinetic Capital, IOST, and ROK Capital. Also contributing are the Dreamers VC led by Will Smith, Paris Hilton’s M13, and various cryptocurrency industry founders from projects such as Origin Protocol, The Graph, FEI Labs, and exchange giants Crypto.com and Huobi.
Series A valued Boba Network at $1.5 billion, giving the company the unique distinction of being labeled a unicorn.. In the startup world, a unicorn is a company that reaches a valuation of at least $1 billion. The cryptocurrency industry crowned dozens of unicorns in 2021, as venture funds spent more than $25 billion acquiring capital in blockchain startups.
Boba Network was built by Enya, a decentralized infrastructure provider, and launched in 2018. The project largely flew under the radar until the launch of its mainnet and governance token BOBA in September 2021. The BOBA token is intended to fuel the evolution of the network as a decentralized autonomous organization, better known as a DAO.
— Alan Chiu (,) (@alanchiu) September 20, 2021
Boba is described as a next-generation Ethereum layer 2 scaling solution that aims to solve many of Ethereum’s biggest pain points, while also expanding its smart contract capabilities. Boba developers said the funding will go toward expanding internal capacity and investing in ecosystem projects that leverage the expertise of Web3 industry leaders.
Although digital asset prices remain a long way from their previous highs, Ethereum’s layer 2 networks are gaining significant traction. Total value locked, or TVL, on such networks recently surpassed $7.2 billion, marking a new all-time high, according to L2 Beat. The TVL of the sector was less than $1 billion in September 2021. By comparison, the TVL of the DeFi sector has yet to recover its all-time high from November.
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