TLDR
- Ava Protocol (formerly OAK Network) raised $10 million in seed funding to develop its “super transactions” technology
- The funding includes $5.5 million in an initial seed round and $4.5 million in a seed+ round
- Major investors include Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, Shima Capital, and others
- Ava Protocol is building an “intent-centric, event-driven Eigenlayer AVS” to enable private autonomous transactions across blockchains
- The technology allows smart contracts to automatically execute based on predefined conditions like time, price, or computation
Ava Protocol, formerly known as OAK Network, has raised $10 million in seed funding to develop its innovative “super transactions” technology for decentralized finance (DeFi) and Web3 applications. The funding comprised a $5.5 million seed round and a $4.5 million seed+ round.
Notable investors in the seed+ round included Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital, joining earlier backers like Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.
Central to Ava Protocol’s efforts is developing an “intent-centric, event-driven Eigenlayer AVS” designed to enable private autonomous transactions across blockchains like Ethereum.
This system allows smart contracts to automatically trigger and execute based on predefined conditions like time, price, or computation.
A key advantage is simplifying automated transaction and smart contract execution management. Developers can focus on core competencies while using Ava Protocol’s “one-click transaction simplicity,” akin to Stripe’s seamless payment processing.
Potential use cases are wide-ranging, including executing limit orders on decentralized exchanges or rebasing elastic supply tokens based on conditions. Founder Chris Li is confident investors’ faith will be rewarded as Ava Protocol nears mainnet launch and onboards more partners.
Development is progressing, with the team refining its testnet where over 10,000 wallets conduct over 1,000 daily automated transactions, signaling strong Web3 community engagement.
Head of Marketing Sam Shev highlighted onboarding partners to first leverage Ava Protocol’s Eigenlayer AVS, stating,
“We’re looking forward to…unlocking new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”
Over 30 ecosystem partners have committed to developing decentralized apps utilizing Ava Protocol’s private payment tech. Partnerships with Polkadot, Moonbeam, and Astar further solidify adoption.
As Ava Protocol refines its cross-chain automation technology and expands partnerships, it aims to provide innovative Web3 infrastructure solutions for composable autonomous transactions.
