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Boba Network successfully raised $ 45 million, raising its valuation to $ 1.5 billion

Boba Network, a Layer 2 scaling solution aimed at improving the transaction capacity of Ethereum, has raised $45 million from multiple investors, including crypto exchange giants like Huobi, Crypto.com and BitMart.

Through this Series A funding round, Boba Network’s current valuation has reached 1.5 billion USD, giving the company a huge distinction with the title of “unicorn“. In the startup world, the term unicorn refers to companies that reach a valuation of at least $1 billion.

A great deal of attention is focused on ignoring the latency and transaction costs of the Ethereum blockchain. Boba Network, which bills itself as the “next generation aggregated scaling solution”, not only improves Ethereum’s throughput by pooling and marshalling transactions off the main chain, but also solves computational limitations blockchain math.

Boba Network founder Alan Chiu said that the inability of Ethereum smart contracts to handle things like complex machine learning algorithms is the trade-off the layer 1 network makes in favor of decentralization.

“Most efforts at scaling Ethereum are focused on making ETH faster and cheaper, but we really wanted to focus on an additional aspect of scalability that has been overlooked. ignored and those are the computational limitations of Ether.”

Boba Network currently has a TVL of about $170 million, ranking 7th on the list of the largest Layer 2 solutions on Ethereum.