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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. These investors have been helpful for bringing on talent and opening up communities in regions important to us, such as Korea." The Difference From Polygon: Unlike Polygon (CRYPTO: MATIC), Boba Network isn’t an Ethereum sidechain, the Boba founder said. While both MATIC and Boba strive to scale Ethereum, they do so with completely different technology. Polygon is a sidechain, whereas Boba is a Layer 2 on Ethereum. Even if Boba went down, you would still be able to recover your funds on Ethereum. From a security perspective, Layer 2s are much more secure than sidechains, Chiu said.  Technology is only one factor in a successful network, however. Polygon has seen huge success from its wide adoption on a protocol level; many major Ethereum applications already live on Polygon and have deep liquidity. 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 Crypto.com, Houbi Global, Hypersphere and Infinite Capital. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Until now, Boba had only existed on the Ethereum blockchain. The post Ethereum Layer 2 Boba Network integrates with Fantom and Moonbeam appeared first on The Block.

A leading metaverse company announced a new funding round to take the company to a $1 billion valuation and scale the company’s growth plans. What Happened: Avatar technology company Genies announced a $150 million Series C funding round led by Silver Lake. The funding round values the company at $1 billion. Existing investors BOND, Nea and Tamarack Global also participated in the funding round. Genies last funding round was in May 2021. The company had raised $100 million prior to the latest Series C funding round. Investors in Genies also include NBA Top Shot parent company Dapper Labs and Coinbase Ventures, the investment arm of Coinbase Global Inc (NASDAQ: COIN). Celebrity investors in the company include Camila Cabello, Paris Hilton and Priyanka Chopra. The company has partnerships with several celebrities and leading music companies Universal Music Group and Warner Music Group Corp (NASDAQ: WMG). Genies counts a 99% market share for celebrity avatars and lists creators that include Justin Bieber, Migos, Cardi B and J Balvin. “We’re excited to partner with and support Akash [Nigam], his co-founder Evan [Rosenbaum], and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity,” Silver Lake co-CEO Egon Durban said. Genies uses the Dapper Labs’ blockchain network Flow (CRYPTO: FLOW). Related Link: Former Disney CEO Bob Iger Joins Metaverse Company Genies  Why It’s Important: The funding will help the company with its plan to roll out “avatar creator tools” to help users create their own avatars and avatar fashion collections. The company also said the funding would be used for hiring additional employees. Creators have full ownership and commercialization rights to the avatars they create, which is a key pillar of Genies’ vision. “In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and through our creator tools, we strive to empower their wildest imaginations, ideas and experiences as avatar creators,” Genies CEO Akash Nigam said. Genies recently launched The Warehouse, which is a marketplace for NFTs to buy, sell and trade avatar creations. In March, it was announced that former Walt Disney Co (NYSE: DIS) CEO and Chairman Bob Iger was joining the board of directors of Genies. “I was particularly interested in companies that were using technology for disruptive purposes and, where possible, the intersection between technology and creativity,” Iger told The Wall Street Journal. Iger was attracted to Genies because of the ability for users to create and sell their own virtual goods and compared it to an iconic Disney character. “Imagine, you know, letting someone buy a Mickey Mouse avatar and customizing it in a way that not only would we never allow it before, but it was kind of hard to do in the physical world.” Photo: Courtesy Genies     © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Boba Network, an Ethereum Layer 2 scaling project, has raised $45 million in Series A funding at a $1.5 billion valuation. The post Boba Network raises $45 million at a $1.5 billion valuation appeared first on The Block.

Pocket Network, a Web3 relay infrastructure middleware protocol that provides ample blockchain bandwidth from a globally-distributed network of 40k+ full nodes to apps across 37 blockchains, has today announced the launch of mainnet support for Boba Network. As a next-generation Ethereum Layer 2 Optimistic Rollup scaling solution, Boba Network reduces gas fees, improves transaction throughput, […] The post Blockchain middleware Pocket Network adds support for L2 solution Boba appeared first on CryptoNinjas.