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The developers of the Boba Network (Boba) announced the conclusion of cooperation with blockchain projects Fantom (FTM) and Moonbeam (GLMR). This partnership made Boba the first multi-chain scaling tool for block chains.
Previously, the Boba subnet was an element of the second level (L2) to improve the operation of the Ethereum (L1) algorithm. At the moment, the functionality of the network solution has been adapted to work with two more large independent level 1 blockchains compatible with the Ethereum virtual machine (EVM). The structure of FTM is built on its own unique code, while GLMR is polkadot’s parochial network.
The market capitalization of Fantom’s assets as of June 2, 2022 reached $ 1.1 billion The total offer of Moonbeam’s assets was not inferior in FTM volumes, and amounted to $ 1.25 billion.
Michael Kong, CEO of the Fantom Foundation, commented:
“Boba’s integration is designed to increase the scalability of the Phantom blockchain. In addition to completing the active negotiation phase and concluding cooperation, we are also pleased to announce the launch of a separate tool for the development of decentralized applications (dApps) aimed at use by a wide audience called Hybrid Compute.”
It was about an additional technological development of the Boba Network team to interact with cloud data storages that are outside the network.
The Boba project was launched in August 2021. In April 2022, the company successfully completed a collection of $45 million series A investment.
Earlier, the editors of the Crypto.ru reported that the creators of the crypto startup Size reported on the successful completion of the collection of $ 6 million during Series A. The main investor was the hedge fund Three Arrows.
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