$70M Committed to Boba Network as Foundation Concludes BOBA Token Agreement with FTX Recovery Trust
The $70 million capital infusion will serve as a catalyst for Boba Network's ambitious growth plans. The funding will be strategically allocated to bolster the network's core infrastructure, expand its developer ecosystem, and foster the creation of innovative decentralized applications (dApps) on the platform, with a particular focus on enabling AI-powered dApps.
"This funding will accelerate the development of the Boba Network ecosystem, attract top-tier talent, and drive the widespread adoption of Boba Network as a premier Layer-2 solution for AI-powered dApps. We are excited to collaborate with Boba Network partners to shape the future of the AI-powered, decentralized web," said Alan Chiu, CEO of Enya Labs, a core contributor to Boba Network."
"This substantial capital commitment from Awaken Foundation and LDA Capital is a testament to the transformative potential of Boba Network," said David Acutt, director of Boba Governance Foundation.
Awaken Foundation, a key advocate for decentralized infrastructure and digital sovereignty, sees Boba Network as a critical component in the next phase of Web3 evolution.
'We are thrilled to support the Boba Governance Foundation in its pursuit of open innovation,'said Nattaphol Vimolchalao, Director at Awaken Foundation. 'Boba's ability to connect smart contracts with off-chain computation—especially AI—unlocks enormous potential across industries.'
LDA Capital, known for backing high-growth tech ventures and digital asset ecosystems, echoed that sentiment.
'Boba Network is building essential infrastructure for the future of decentralized computation,' said Warren Baker, Managing Partner at LDA Capital. 'We believe Boba will play a pivotal role in scaling the next generation of intelligent dApps, and we're proud to support their mission as they push the boundaries of what's possible in blockchain technology.'
The strategic partnership with Awaken Foundation and LDA Capital goes far beyond financial support. It represents a powerful alignment of vision, expertise, and global reach. Leveraging deep industry knowledge, business development capabilities, and an extensive network of strategic partners, both firms are uniquely positioned to accelerate Boba Network's growth. This collaboration is set to strengthen Boba's leadership in blockchain innovation and drive its next phase of global expansion. In addition, LDA Capital offers differentiated value through LDA Velocity, its institutional-grade liquidity and market-making platform that supports healthy, scalable token ecosystems across global exchanges.
Key Areas of Investment
Infrastructure Enhancement: The funding will be used to strengthen Boba Network's infrastructure, ensuring high throughput, low latency, and robust security for users and developers.
Ecosystem Expansion: A portion of the capital will be dedicated to expanding the Boba Network ecosystem by attracting developers, projects, and users through grants and educational initiatives.
dApp Development: The funding will support the creation of innovative dApps on Boba Network, with a strong emphasis on AI-powered dApps, ranging from decentralized finance (DeFi) protocols to real-world assets (RWA) applications.
Community Engagement: Boba Governance Foundation will continue to foster a vibrant and engaged community by providing resources, support, and opportunities for collaboration.
Resolution with FTX Recovery Trust
In addition, Boba Governance Foundation has executed an agreement with FTX Recovery Trust whereby all the BOBA tokens held by the Trust have been transferred to the Foundation. FTX Recovery Trust, in addition to other consideration and mutual release of claims, received the right to purchase up to approximately 29.4M BOBA tokens from Boba Governance Foundation at $0.09 per token within the next 18 months.
'This agreement represents a momentous milestone for Boba Network, as it removes a major source of uncertainty over the BOBA token and strengthens the Foundation's ability to support the continued development of Boba Network and its ecosystem,' said Acutt.
About Boba Governance Foundation
Boba Governance Foundation is a non-profit organization dedicated to the advancement and growth of Boba Network. It supports the development of the network's technology, fosters community engagement, and promotes the adoption of Boba Network across various industries. Boba Network is the leading Layer-2 blockchain for AI-powered decentralized applications (dApps), enabled by its unique HybridCompute technology.
About Awaken Foundation
Awaken Foundation is a private investment firm founded by seasoned crypto, venture capital, and public market investors. The firm seeks to invest in established blockchain protocols to help further develop its technology. Awaken provides strategic capital, accelerated business development, and engineered exits for protocols that Awaken believes have a promising future in the modern economy.
Users can visit awakenfoundation.xyz for more info.
LDA Capital is a global alternative investment group with expertise in cross-border transactions worldwide. The team has collectively executed over 350 transactions in both the public and private middle markets across 43 countries with aggregate transaction values of over USD $11 billion. LDA's investment activities across Web3 include 27+ transactions totaling $400m+ in capital commitments.
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