Ethereum L2 Investment Surges as TEN Secures $9 Million Funding

Ethereum L2 Investment Surges as TEN Secures $9 Million Funding

The Ethereum Layer 2 network, popularly known as TEN (The Encrypted Network), has recently accomplished a significant milestone by raising $9 million in a successful funding round. The round was led by the banking consortium, R3, marking a significant advancement in Ethereum L2 investment in the face of the burgeoning cryptocurrency market. TEN is a unique platform that utilizes the Layer 2 rollup technology, a technological innovation aimed at augmenting encryption, mitigating MEV, improving scalability, and enhancing gas efficiency. This equilibrium is an appealing feature that sets a balance between Optimistic-based L2s and ZK-Rollups. With TEN’s advanced encryption capabilities, developers have the flexibility to determine which components of their smart contracts should be made public or kept private. Moreover, TEN offers instant bridges alongside secure random number generation, an essential feature for developers. The R3 consortium, consisting of 42 major world banks delving into blockchain technology and asset tokenization, played a pivotal role in this funding round. Other notable investors include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital. This step echoes the vision of Gavin Thomas, Co-Founder and CEO of Obscuro Labs, who believes that Layer 2s were not just designed to scale, but also to enrich Ethereum with innovative features that cannot be incorporated into Mainnet. As of now, TEN is undergoing its testnet phase, with the mainnet release planned for October. The successful Ethereum L2 investment in TEN is a testament to the growing interest and trust in cryptocurrency and blockchain technology.

Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!

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