Ava Protocol, formerly known as OAK Network, has closed a substantial $10 million seed funding round aimed at expanding its operations and advancing its technology stack. This funding, consisting of an initial $5.5 million followed by an additional $4.5 million seed+ round, was backed by prominent names in venture capital and cryptocurrency circles. Investors include Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, Shima Capital, as well as earlier supporters like Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR
Developing Advanced Blockchain Infrastructure
The influx of capital will fuel Ava Protocol’s development of an intent-centric, event-driven Eigenlayer AVS designed to facilitate private autonomous transactions across Ethereum and beyond. By summer, the protocol aims to launch its EigenLayer AVS and integrate as a Polkadot parachain, while introducing the AP token
Automating Blockchain Transactions
Ava Protocol distinguishes itself with a unique technical model that automates transaction processes across all blockchain networks. This is achieved through a sophisticated two-stage operation: triggering and execution. Currently, the platform’s testnet hosts over ten thousand unique wallets, facilitating more than a thousand automated transactions daily.
“We’re grateful to our investors for believing in our vision to revolutionize Web3 with autonomous transactions,” said Ava Protocol founder Chris Li. The focus now shifts to preparing for the mainnet launch and expanding partnerships to showcase the efficiency of Ava Protocol’s super-transactions in real-world applications.
With support from its seed investors, Ava Protocol aims to onboard additional partners to leverage its advanced Eigenlayer AVS across diverse sectors including DeFi, gaming, insurance, and automated trading
In conclusion, Ava Protocol’s latest funding round marks a significant step towards enhancing Web3 infrastructure, empowering developers to streamline transaction processes and unlock new possibilities in blockchain technology.
