Boba Network: $70M Funding & FTX Recovery – What's the Deal?

Boba Network scores $70M for AI dApps and resolves its BOBA token situation with FTX Recovery Trust. Big moves in Layer-2!

Boba Network: $70M Funding & FTX Recovery – What's the Deal?

Boba Network is making waves! With fresh funding and a resolution with FTX, things are looking up for this Layer-2 blockchain.

Boba Network Secures $70 Million

Boba Network just landed a hefty $70 million capital commitment from Awaken Foundation and LDA Capital. This isn't just pocket change; it's a serious boost for their plans to become the go-to Layer-2 blockchain for AI-powered decentralized applications (dApps). They're betting big on their HybridCompute technology.

Alan Chiu, CEO of Enya Labs, a core contributor, is stoked. He thinks this funding will speed up the ecosystem's development and attract top talent. The goal? Widespread adoption of Boba Network for AI dApps. Sounds ambitious, right?

Strategic Investment

The cash isn't just about throwing money at the problem. It's a strategic play. Awaken Foundation and LDA Capital aren't just handing over dollars; they're bringing expertise and networks to the table.

Nattaphol Vimolchalao from Awaken Foundation is all about Boba's ability to link smart contracts with off-chain computation, especially AI. Warren Baker at LDA Capital sees Boba as building essential infrastructure for the future of decentralized computation.

FTX Recovery Trust Resolution

Here's a big one: Boba Governance Foundation has struck a deal with FTX Recovery Trust. All the BOBA tokens held by the Trust are now back with the Foundation.

FTX Recovery Trust got the right to buy up to about 29.4M BOBA tokens from Boba Governance Foundation at $0.09 per token within the next 18 months, in addition to other considerations. David Acutt, director of Boba Governance Foundation, calls this a