Ika Hits $21 Million Funding after Strategic Sui Foundation Funding

Ika has received strategic funding from the Sui Foundation, bringing its funding to $21 million after recently concluding a record-setting 1.4 million SUI NFT art campaign on Sui. Consequently, the worlds fastest parallel MPC network is also set to launch on the Sui blockchain.

Known as the first sub-second MPC network, Ika enables zero-trust interoperability between blockchains at an unprecedented scale, across hundreds of signer nodes with ironclad security. This aligns perfectly with the Sui blockchains core principles of performance, speed, and decentralization.

Ika is expected to bring its unrivaled MPC technology to empower Sui Move smart contract developers with secure interoperability across all of Web3, thus strengthening Suis reputation as the the leading solution for cross-chain DeFi, decentralized custody, Chain Abstraction, AI agent guardrails, native Bitcoin programmability, and more, using the first truly scalable, secure MPC signing solution.

Ikas Efficient Design

Ika has a robust design that sets a benchmark for the crypto industry. It uses the novel 2PC-MPC cryptographic scheme and Suis Mysticeti consensus protocol to solve some of the critical limitations that characterize existing MPC networks.

This performance offers exceptional throughput, as the network can process transactions up to 10,000 times faster than current MPC networks. The network also has lower latency than most MPC networks. With its sub-second speed, it can generate a signature at an incredible speed, enabling real-time applications across multiple chains.

The network is also incredibly scalable, surpassing the typical 4-8 node limit, with 2PC-MPC that can scale to hundreds and potentially even thousands of signers, bolstering decentralization without compromising performance. In terms of security, Ika has zero-trust security, ensuring that user assets are secure under all circumstances with a new standard in decentralized security.

Ikas Use Cases

Due to its efficient design, the Ika network has found a wide range of applications within the blockchain industry. These include DeFi interoperability, where the network enables instant and secure operations across all Web3 ecosystems, bringing liquidity from chains like Bitcoin and Ethereum to the Sui network.

Ika also offers secure, decentralized custody solutions on the Sui blockchain for institutional and individual users, with Aeon and Human Tech set to integrate Ika into their tech. Ikas network also enables chain abstraction, allowing builders on Sui to abstract the complexity of multiple chains for their users, alongside other Sui features such as zkLogin, which delivers a seamless user experience.

With Ika, Sui is now open to new possibilities, including the availability of native Bitcoin through programmable and secure DeFi and custody. In terms of AI, Ika also enhances AI applications on Sui by providing secure MPC guardrails, ensuring AI agents dont have full unchecked power, and safeguarding users assets.

Ika is backed by several top investors in the Web3 space, including Sui Foundation, DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX, and many others.

Having launched the MF Squid Market NFT art campaign, the largest and most successful NFT campaign in Sui history, and received over 1.4 million SUI, Ika intends to launch its native token soon on the Sui blockchain. As the native token for the network, it will play key roles, such as enabling seamless transactions and serving as the means to pay for MPC signing services on the ultra-fast, scalable infrastructure.

Text source: ZyCrypto

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