Ava Protocol, formerly known as OAK Network, has successfully completed a $10 million seed investment, consisting of a $5.5 million initial round and a subsequent $4.5 million seed+ round. This funding will support the development of Eigenlayer AVS by Ava Protocol, which focuses on intent-centric and event-driven private autonomous transactions on Ethereum and beyond.
Leading investors in the current seed+ round include BingX Exchange, Taisu Ventures, Electric Capital, Bloccelerate VC, and Shima Capital. They are joined by previous seed investors such as Greylock, Foundation Capital, GSR, and Polygon founder Sandeep Nailwal.
Founder of Ava Protocol, Chris Li, stated:
Head of Marketing at Ava Protocol, Sam Shev, added:
Jerry Chen from Greylock, a participant in the seed round, commented:
The primary goal of Ava Protocol is to develop fundamental web3 infrastructure for intent-based private autonomous transactions, with the funding playing a crucial role in achieving this objective. The protocol enables cross-chain smart contract automation, allowing contracts to be triggered based on predetermined criteria like time, price, or computation. This technology has various practical applications, including managing elastic supply tokens and executing limit orders on decentralized exchanges.
Ava Protocol continues to rapidly develop, focusing on enhancing its testnet and expanding its capacity. The testnet is currently being utilized by over 10,000 unique wallets, with more than 1,000 automated transactions processed daily.
Ava Protocol will facilitate automatic and recurring Ethereum “super-transactions” without the need for custom coding, streamlining private automation for all transactions and smart contract functions. This will reduce the time to market for web3 apps, allowing developers to focus on their core skills while benefiting from one-click transaction ease similar to Stripe’s payment processing.
Over 30 ecosystem partners have committed to developing dapps utilizing Ava Protocol’s private payment technology. Established product partnerships with platforms like Polkadot, Moonbeam, and Astar provide a solid foundation for driving the adoption of Ava Protocol’s autonomous transactions.
