Ava Protocol Secures $10 Million to Advance Blockchain Automation

Ava Protocol's Funding Milestone

Ava Protocol, previously known as OAK Network, successfully closed a significant seed funding round, securing $10 million to drive its expansion and technological advancements. The financing consisted of an initial $5.5 million round followed by a $4.5 million seed+ round, attracting support from prominent venture capital and cryptocurrency investors. Notable backers include Electric Capital, Taisu Ventures, and Bloccelerate VC, among others.

Advancing Blockchain Technology

The fresh capital will bolster Ava Protocol's mission to develop an intent-centric, event-driven Eigenlayer AVS, facilitating private autonomous transactions across Ethereum and other networks. The core focus this summer includes launching the protocols as an EigenLayer AVS and a Polkadot parachain, alongside the introduction of the AP token.

Innovative Transaction Automation

Ava Protocol pioneers a new technical model that automates transactions by connecting blockchain networks autonomously through a two-stage process: 'trigger' and 'execution.' This model is currently under refinement on their testnet, which already supports over ten thousand unique wallets and conducts more than a thousand automated transactions daily.

Strategic Partnerships and Ecosystem Growth

The protocol's innovative approach is set to revolutionize the Web3 infrastructure by enabling cross-chain smart contract automation. This allows smart contracts to trigger based on specific conditions such as time, price, or computation, fostering recurring and automated "super-transactions" without custom coding on Ethereum.

Future Prospects

Ava Protocol's technology simplifies transaction processes, comparable to Stripe's payment processing, allowing developers to focus on core functions. With over 30 ecosystem partners committed to leveraging its private payment technology, partnerships with Polkadot, Moonbeam, and Astar are already in place, setting the stage for future innovations in DeFi, gaming, insurance, and automated trading.