Ten

Ten (formerly Obscuro) is an encrypted Ethereum Layer 2 developed by Obscuro Labs, founded by former R3 executives. Its journey includes a rebrand from Obscuro to TEN in November 2023, signaling a broader vision for confidential smart contracts. In March 2024, the project raised $9 million in a tranched round led by R3, with participation from Republic Crypto, KuCoin Labs, and others, bringing its fully diluted token valuation to $30 million. Technically, TEN differentiates itself by using Secure Enclaves (trusted execution environments) rather than zero-knowledge proofs or fully homomorphic encryption, aiming to combine confidentiality with EVM compatibility. The project launched its testnet and achieved over 3.4 million daily interactions by May 2024, demonstrating network stability under stress. TEN plans to launch its mainnet in October 2024 and its native token in June 2024, with a total supply of 1 billion tokens. The project's long-term significance lies in its focus on eliminating MEV through encrypted transaction ordering, its institutional pedigree from R3's Corda blockchain, and its ambition to enable private DeFi, RWA tokenization, and confidential AI applications on Ethereum.