Ava Protocol Secures $10M in Seed Funding to Develop Web3 Automation Infrastructure

12 Jun 2024

Ava Protocol, formerly known as OAK Network, has recently completed a total of $10M in seed funding, consisting of an initial $5.5M round and a subsequent $4.5M seed+ round. The company aims to utilize these funds to develop an intent-centric, event-driven Eigenlayer AVS that will enable private autonomous transactions for Ethereum and other blockchain networks. The seed+ round was led by notable investors such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join the ranks of earlier seed investors, including Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.

Ava Protocol's founder, Chris Li, expressed gratitude towards the investors for their belief in the company's vision of introducing composable autonomous transactions to the web3 ecosystem. The funding will support the development of core web3 infrastructure that facilitates intent-based private autonomous transactions, allowing smart contracts to be triggered when predefined conditions are met based on variables like time, price, or computation.

The potential applications of Ava Protocol's technology are vast, ranging from executing limit orders on decentralized exchanges to rebasing elastic supply tokens. By enabling cross-chain smart contract automation, Ava Protocol aims to reduce the time to market for web3 applications and provide private automation for transactions and smart contract functions.

Currently, the Ava Protocol testnet has over 10,000 unique wallets using it, with more than 1,000 automated transactions being conducted daily. The company is working on refining its testnet and expanding its capacity to support the growing demand for its services.

One of the key advantages of Ava Protocol is that it will support recurring and automated "super-transactions" for Ethereum without requiring custom code. This simplifies the process for developers, allowing them to focus on their core competencies while leveraging one-click transaction simplicity similar to Stripe's payment processing.

Ava Protocol has already secured partnerships with over 30 ecosystem partners who have committed to developing dapps utilizing its private payment technology. Additionally, product partnerships with Polkadot, Moonbeam, and Astar have been established, providing a strong foundation for driving the adoption of Ava Protocol's autonomous transactions.

Final Thoughts

Ava Protocol's successful seed funding rounds demonstrate the growing interest in web3 automation infrastructure. By simplifying the process of creating and deploying dapps that leverage autonomous transactions, Ava Protocol is poised to play a significant role in the evolution of the web3 ecosystem. As the company continues to refine its technology and expand its partnerships, it will be interesting to observe how its solutions are adopted and the impact they have on various sectors within the blockchain industry.

In the coming months and years, it will be exciting to see how Ava Protocol's solutions are integrated into various decentralized applications and how they contribute to the evolution of sectors such as DeFi, NFTs, and RWAs. With a strong foundation in place and a clear vision for the future, Ava Protocol is well-positioned to make a significant impact on the web3 landscape and help shape the future of decentralized technologies.

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