Jovay Network, an Ethereum Layer 2 (L2) network backed by Alibaba subsidiary Ant Digital, has been gaining attention today after announcing its collaboration with Ethereum on social media.
The news surprised many investors, but Jovay was originally unveiled as Ethereum L2 at the RWA Real Up conference in Dubai in April.
Jovay touts itself as a financial-grade blockchain infrastructure, focused on tokenizing global real-world assets (RWA) through a “modular Layer2 infrastructure that bridges Web2 and Web3.”
According to the chain’s block explorer, the network currently hosts a total of $50 million locked, but only 16,600 total transactions have been completed.
Jovay Explorer
Alibaba Group ($BABA) is the 30th largest company in the world by market capitalization, valued at $385 billion, and the second largest company in China.
The company first began exploring blockchain through Ant in 2019 with Alibaba Cloud, a blockchain-as-a-service (BaaS) platform for supply chain management tasks such as product traceability.
