The institutional adoption of cryptocurrencies has been gaining momentum over the past couple of years due to venture capitalists and money managers looking to the crypto market as the next investment class that will offer the greatest return.
The Boba Network (BOBA) is the most recent protocol to benefit from institutional interest and the long search for an Ethereum (ETH) layer-two scaling solution capable of low-cost transactions and fast processing times.
Data from Cointelegraph Markets Pro and TradingView shows that BOBA has gained 50.71% over the past week and a half after climbing from a low of $1.24 on March 27 to a daily high at $1.873 on April 5.
BOBA/USDT 4-hour chart. Source: TradingView
Three reasons for the climbing price of BOBA include the completion of a $45 million Series A funding round, the launch of the WAGMI v2 incentives program and the expansion of the launch of new protocols on the network.
Boba gets a boost from a $45 million funding round
The most recent development providing a boost to the Boba Network was the successful completion of a $45 million Series A funding round, which was announced on April 5.
Nearly 400 participants participated in the fundraiser including the venture capitalist firms Infinite Capital, Hypersphere, 10X Capital, Hack VC and Dreamers VC. More crypto-focused projects like The Graph, FEI Labs, Crypto.com and Huobi also participated in the funding round.
The Boba Network currently has a $1.5 billion valuation and the team plans to use the funds to help make cryptocurrencies more accessible to the general public, overcome the computational limitations of Ethereum and provide blockchain developers with the tools needed to build new products.
WAGMI v2 incentive program
Another factor helping to bring increased activity and attention to the Boba Network was the launch of the WAGMI v2 incentive program, which is designed to help improve BOBA liquidity mining, grow the ecosystem and attract developers.
WAGMI offers rewards to active users in the Boba Network ecosystem…
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