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Ava Protocol, previously known as OAK Network, has successfully completed a $10 million seed funding round. This financing includes an initial $5.5 million round followed by an additional $4.5 million in seed+ funding. The newly acquired funds are designated to further Ava Protocol’s mission of developing an intent-centric, event-driven Eigenlayer AVS to facilitate private autonomous transactions on Ethereum and other platforms.
The recent seed+ funding round saw participation from prominent investors such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join an impressive roster of earlier seed supporters, including Sandeep Nailwal, the founder of Polygon, as well as Greylock, Foundation Capital, and GSR.
Chris Li, the founder of Ava Protocol, expressed gratitude towards the investors: “We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data.”
Strategic Vision and Technological Innovation
Ava Protocol is focused on developing core Web3 infrastructure for intent-based private autonomous transactions. The platform enables cross-chain smart contract automation, allowing contracts to be triggered when predefined conditions are met based on variables such as time, price, or computation. This functionality has a wide range of practical applications, from executing limit orders on decentralized exchanges to rebasing elastic supply tokens.
Sam Shev, Head of Marketing at Ava Protocol, highlighted the importance of the seed investment: “With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS. We’re looking forward to discovering the many ways in which builders harness this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”
Jerry Chen of Greylock, an early seed round participant, commented on Ava Protocol’s innovative approach: “We were impressed with Ava Protocol’s solution for elevating blockchain payments from simple one-time events to sophisticated streams that can accommodate a wide range of use cases while eliminating complexity from the perspective of dApp developers. There’s a myriad of practical applications for Ava Protocol’s payment technology and we look forward to seeing it transform sectors such as DeFi, NFTs, and RWAs.”
Future Prospects and Partnerships
Ava Protocol is already making significant strides with its testnet, which has over 10,000 unique wallets and more than 1,000 automated transactions being conducted daily. This robust activity on the testnet indicates strong interest and engagement from the Web3 community. Moreover, Ava Protocol’s technology supports recurring and automated “super-transactions” for Ethereum without the need for custom code.
This significantly reduces the time to market for Web3 applications and delivers private automation for any transaction or smart contract function. Developers can therefore focus on their core competencies while benefiting from transaction simplicity akin to Stripe’s payment processing. The protocol has garnered commitments from more than 30 ecosystem partners who are developing dApps utilizing Ava Protocol’s private payment technology.
Notable product partnerships with Polkadot, Moonbeam, and Astar further solidify Ava Protocol’s foundation, driving adoption and implementation of its autonomous transactions. Ava Protocol is positioning itself as a key player in the Web3 infrastructure space, providing innovative solutions for cross-chain automation. By enabling composable autonomous transactions, Ava Protocol empowers developers to rapidly deploy powerful dApps, enhancing efficiency and ease of use across the Web3 landscape.
The $10 million seed funding, supported by a diverse array of investors, is set to propel Ava Protocol towards achieving its ambitious goals. As the protocol moves towards its mainnet launch and expands its ecosystem, it stands at the forefront of the next wave of blockchain innovation, driving the evolution of autonomous, intent-based transactions.