Jovay Network, a prominent Ethereum Layer 2 (L2) network supported by Ant Digital, a subsidiary of Alibaba, has made headlines recently with its announcement of collaboration with Ethereum on social media.
Although many investors were taken by surprise, Jovay was initially introduced as an Ethereum L2 at the RWA Real Up conference in Dubai back in April.
Jovay prides itself as a financial-grade blockchain infrastructure that specializes in global real-world asset (RWA) tokenization through its “modular Layer2 infrastructure that bridges Web2 and Web3.”
As per the chain’s block explorer, the network currently holds $50 million in total value locked, with only 16,600 total transactions being finalized.
Jovay Explorer
Alibaba Group ($BABA) stands as the 30th-largest company globally in terms of market capitalization, boasting a valuation of $385 billion and ranking as the second-largest company in China.
The company first delved into blockchain technology through Ant in 2019, partnering with Alibaba Cloud to offer blockchain-as-a-service (BaaS) solutions for supply chain management purposes like product traceability.