Obscuro Labs' TEN, an encrypted Layer 2 network on Ethereum, secures a $9 million funding round led by R3, a prominent digital entity. TEN, designed as an Ethereum Layer 2 roll-up platform, focuses on enhancing encryption and scalability aspects within blockchain applications. R3, known for its involvement with major banks exploring blockchain initiatives like RWA tokenization and CBDC, has been a key supporter of TEN since its inception.

The core team behind TEN comprises over half of R3's senior members, who bring extensive expertise from developing Corda, a leading tokenization platform. Apart from R3, the funding round sees contributions from notable investors including Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.

TEN differentiates itself by combining features of Optimistic-based L2s and ZK-Rollups to offer a blend of speed, security, versatility, and privacy not commonly found in existing Layer 2 solutions. Positioned as a general-purpose L2 network on Ethereum, TEN prioritizes efficiency akin to Optimistic-based L2s while maintaining robust encryption protocols to address encryption, MEV prevention, scalability, and gas efficiency challenges.

By leveraging Ethereum's proven security features and emphasizing value addition through encryption capabilities, TEN empowers developers to selectively choose the privacy levels of smart contract components. This approach expands design possibilities for on-chain games, DeFi applications, RWA implementations, and institutional use cases while significantly enhancing scalability and user safety.

TEN's operational efficiency as an L2 network is highlighted by its near-immediate finality and cost-effectiveness, positioning it as the fastest encrypted network in Web3. The platform's seamless integration allows developers to build dApps using Solidity and Ethereum-based tools effortlessly. Users can access TEN's secure functionalities with just three clicks, experiencing encrypted dApps without disruptions in their usage.

Gavin Thomas, Co-Founder and CEO of Obscuro Labs, emphasizes the transformative potential of Layer 2 solutions like TEN in enriching Ethereum with advanced features that enhance user experiences beyond scaling. With ongoing testing on Coinlist's testnet and plans for a mainnet launch in October, TEN is poised to redefine the landscape of decentralized technologies through its focus on encryption, privacy protection, and operational efficiency.