Boba Network, a Layer-2 blockchain specializing in AI-powered decentralized apps (dApps), just received a major financial injection.
Big Money for Boba
The Boba Governance Foundation announced securing $70 million in funding from Awaken Foundation and LDA Capital. This cash infusion will fuel Boba Network’s growth, focusing on infrastructure improvements, developer support, and creating more AI-powered dApps.
Alan Chiu, CEO of Enya Labs (a key Boba contributor), stated the funding will speed up development, attract top talent, and boost Boba’s adoption as a leading Layer-2 solution for AI dApps. David Acutt, director of the Boba Governance Foundation, added that the investment highlights Boba Network’s potential to transform the Web3 landscape.
Both Awaken Foundation and LDA Capital see Boba as a key player in the future of decentralized technology. Awaken emphasized Boba’s unique ability to combine smart contracts with off-chain AI computation, while LDA highlighted Boba’s role in scaling next-gen intelligent dApps. The partnership extends beyond funding, encompassing shared vision, expertise, and global networks to accelerate Boba’s growth. LDA Capital will also leverage its liquidity platform, LDA Velocity, to support Boba’s token ecosystem.
Investment Highlights
The $70 million will be used for:
- Infrastructure Upgrades: Improving network speed, security, and reliability.
- Ecosystem Growth: Attracting developers and users through grants and educational programs.
- dApp Development: Supporting the creation of innovative, AI-focused dApps, including DeFi and real-world asset applications.
- Community Building: Continuing to foster a strong and engaged community.
FTX Settlement
The Foundation also announced a deal with the FTX Recovery Trust. All BOBA tokens held by the Trust have been transferred to the Foundation. In return, the FTX Recovery Trust gained the option to buy up to 29.4 million BOBA tokens at $0.09 per token within the next 18 months. Acutt described this agreement as a significant step, removing uncertainty around the BOBA token and strengthening the Foundation’s ability to support Boba Network’s development.
About the Players
- Boba Governance Foundation: A non-profit dedicated to Boba Network’s growth and development.
- Awaken Foundation: A private investment firm focused on established blockchain protocols.
- LDA Capital: A global alternative investment group with extensive experience in Web3.
This information is for informational purposes only and should not be considered investment advice. Always conduct your own thorough research before investing in any cryptocurrency or blockchain project.