Banking consortium R3 leads a $9 million round in Chainwire’s encrypted Layer 2 on Ethereum


© Reuters Banking Consortium R3 leads $9 million round in encrypted Layer 2 on Ethereum

London, UK, March 15, 2024, Chainwire

TEN, an encrypted Layer 2 network, announces a $9 million funding round led by digital powerhouse R3. TEN by Obscuro Labs is an Ethereum Layer 2 rollup platform that addresses critical encryption and scaling issues in blockchain applications. R3, a consortium of 42 of the world’s largest banks exploring blockchain-based RWA tokenization and CBDC, has been a key supporter of TEN since its inception.

Over half of the TEN leadership team comes from R3, which developed the leading tokenization platform Corda and brings significant experience. In addition to R3, the financing round includes support from well-known investors such as Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs and Magnus Capital.

TEN strikes a balance between Optimistic-based L2s and ZK rollups, providing speed, security, versatility and data protection not currently available in existing Layer 2 solutions. The platform, currently on testnet, is scheduled to launch on mainnet in October and will offer features such as programmable encryption, instant bridges, and secure random number generation.

TEN stands out as a general-purpose L2 on Ethereum and aims to provide comparable efficiency to Optimistic-based L2s while maintaining full encryption. The platform addresses encryption, MEV prevention, scalability and gas efficiency, positioning itself as a unique addition to the Web3 landscape.

To maximize security for its users, the platform leverages the proven security that Ethereum offers while focusing on delivering value through a number of key features such as encryption. With TEN, developers can choose which parts of the smart contract they want to make private and which parts public. This vastly expands the design space and enables the development of a whole new generation of on-chain games, DeFi, RWA and institutional use cases. All of this happens while significantly improving scalability.

As an L2, both speed and cost are very efficient, providing near-instant finality and making TEN the fastest encrypted network in Web3. The responsiveness is so fast that it behaves like a Web2 application. The platform is designed so that development teams can build their dApps using only Solidity and Ethereum-based tools. The structure on TEN is identical to the structure on Ethereum. For users, adding TEN’s secure functionality only takes three clicks, and users don’t even know they are using an encrypted dApp. The experience is completely seamless.

Gavin Thomas, co-founder and CEO of Obscuro Labs, comments: “Layer 2 has always been not just about scaling, but about expanding Ethereum with new features in ways not possible on the mainnet. With TEN, we deliver on that promise by bringing everything we’ve learned from the evolution of encryption from Corda to Ethereum.”

With over 120 partners, TEN leverages the team’s expertise to address important issues in the Ethereum ecosystem. The platform’s name, “TEN,” symbolizes its role as “The Encrypted Network” and its position as a Layer 2 network.

With ongoing testing on Coinlist’s testnet and plans for a mainnet launch in October, TEN is poised to establish itself as the leading Layer 2 in Web3. The platform’s focus on encryption, privacy and efficiency sets the stage for its role in shaping the future of decentralized technologies.

About ten

TEN is a pure EVM encrypted L2 solution for Ethereum, positioned between Optimistic and ZK rollups. With a strong team and the support of R3, TEN aims to provide secure, efficient and decentralized solutions for Web3 applications.

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ContactDan Edelson[email protected]

This article was originally published on Chainwire


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