Obscuro Labs Raises $9 Million in Funding Round Led by R3
Obscuro Labs, the developer of the Ethereum Layer 2 network TEN (โThe Encrypted Networkโ), has announced that it raised $9 million in a funding round. The round was led by enterprise blockchain firm R3, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital, and DWF Labs.
The funding round occurred in three tranches over the past two years, with the latest batch of nearly $3 million closing in December 2021. All tranches were structured as simple agreements for future equity (SAFE) with token warrants. This funding brings Obscuroโs fully diluted token valuation to $30 million.
Obscuro was founded in 2022 by former R3 executive Gavin Thomas to develop TEN, an encrypted Ethereum Layer 2 network. More than half of Obscuroโs team members previously worked at R3 and developed R3โs permissioned blockchain, Corda.
R3 has been supporting TEN since its inception, with R3 co-founder Todd McDonald leading Obscuroโs funding round.
DWF Labs, a controversial firm, is also an investor in Obscuro. However, Thomas clarified that DWF Labs invested before any controversy surfaced and that they are one of the smallest investors in Obscuro.
What is TEN?
TEN is an Ethereum Layer 2 network that focuses on encryption. It allows developers to choose which parts of smart contracts they want to keep private and which parts should be public.
TEN utilizes secure enclaves, which provide robust confidentiality guarantees and allow the Ethereum Virtual Machine to run in an encrypted space. This enables smart contracts, decentralization, scalability, and encryption.
TEN generates โconfidentialโ roll-ups and aims to provide efficiency similar to Optimistic-based Layer 2 networks while maintaining full encryption.
Compared to other privacy-focused networks like Aztec and Fhenix, TEN takes a different technical approach by using secure enclaves. This approach offers performance benefits, minimal friction for users and developers, and strong institutional support.
Obscuro Labs believes that TEN will open up new possibilities for on-chain games, decentralized finance, real-world assets, and institutional use cases.
TEN Mainnet and Token Launch
TEN is currently in testnet mode and is expected to launch its mainnet in October. The native token of TEN will be launched in June.
The decision to launch the token before the mainnet is driven by the desire to decentralize key decisions as much as possible leading up to the mainnet launch. One important decision is the duration of the revelation period, which is the maximum period in which transactions are revealed for regulatory compliance.
Obscuro Labs also plans to implement a whitelist where specific decentralized applications (dApps) can be exempt from the revelation period requirement if they have their own safeguards in place. The community will be invited to engage in determining which dApps should be included in this whitelist.
Hot Take: Obscuro Labs Secures $9 Million Funding Round Led by R3 ๐
Obscuro Labs has successfully raised $9 million in a funding round led by R3, with participation from other notable investors. This funding will further support the development of TEN, an encrypted Ethereum Layer 2 network focused on privacy and scalability.
The use of secure enclaves sets TEN apart from other privacy-focused networks, providing a unique approach that combines confidentiality guarantees with efficient performance. With the upcoming mainnet launch and token release, Obscuro Labs aims to revolutionize the blockchain industry by enabling a new generation of applications and use cases.
Stay tuned for more updates from Obscuro Labs as they continue to make strides in the development of TEN and shape the future of decentralized finance and beyond.
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