Ava Protocol Secures $10M Seed Funding to Boost Autonomous Transactions
Formerly known as OAK Network, Ava Protocol has announced that $10 million in seed investment has been completed. This includes a $5.5 million initial round and a subsequent $4.5 million seed+ round. The funds will go toward helping Ava Protocol develop an Eigenlayer AVS that is intent-centric and event-driven, enabling private autonomous transactions on Ethereum and beyond.
The current seed+ rounds lead investors include BingX Exchange, Taisu Ventures, Electric Capital, Bloccelerate VC, and Shima Capital. They join previous seed investors including Greylock, Foundation Capital, GSR, and Polygon founder Sandeep Nailwal.
Chris Li, Founder of Ava Protocol, said:
Were 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. Were 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 Protocols super-transactions introduce for payment and smart contract data.
Ava Protocol Head of Marketing Sam Shev added:
With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocols Eigenlayer AVS. Were 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, which participated in the seed round, said:
We were impressed with Ava Protocols 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. Theres a myriad of practical applications for Ava Protocols payment technology and we look forward to seeing it transform sectors such as DeFi, NFTs, and RWAs.
The development of fundamental web3 infrastructure for intent-based private autonomous transactions is the aim of Ava Protocol, and the funding will help achieve this objective. Cross-chain smart contract automation is made possible by the Ava Protocol, which enables contracts to be activated when predetermined criteria are satisfied depending on factors like time, price, or computation. This has several practical uses, such as rebasing elastic supply tokens and carrying out limit orders on decentralized exchanges.
Ava Protocol is still developing quickly as its team seeks to improve its testnet and increase its capacity. The Ava Protocol testnet is now being used by over 10,000 unique wallets, and more than 1,000 automated transactions are carried out every day.
The Ava Protocol will enable automatic and recurrent Ethereum super-transactions without the need for bespoke coding. This will provide private automation for every transaction or smart contract function and shorten the time to market for web3 apps. Because of this, developers can concentrate on their core skills and yet enjoy the same level of one-click transaction ease as Stripes payment processing.
Over 30 ecosystem partners have already committed to creating dapps that make use of the private payment technology offered by Ava Protocol. There are already established product partnerships like Polkadot, Moonbeam, and Astar, which provide a strong basis for driving the adoption of the autonomous transactions of the Ava Protocol.
Read more: https://thenewscrypto.com/ava-protocol-secures-10m-seed-funding-to-boost-autonomous-transactions/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
