Ava Protocol, formerly recognized as OAK Network, triumphantly secured $10 million in seed funding. This sum comprises an initial $5.5 million round succeeded by an additional $4.5 million in seed+ funding. The freshly garnered capital will propel Ava Protocol’s mission to craft an intent-centric, event-driven Eigenlayer AVS, fostering private autonomous transactions on Ethereum and beyond.

Esteemed Backers and Strategic Collaborators

The recent seed+ funding attracted investments from notable entities including Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These join a prestigious lineup of earlier investors such as Sandeep Nailwal, Polygon’s founder, alongside Greylock, Foundation Capital, and GSR.

Chris Li, Ava Protocol’s founder, voiced appreciation towards the investors: “We’re indebted to our seed and seed+ investors for their belief in our vision of bringing composable autonomous transactions to Web3. Their trust emboldens us as we approach our mainnet launch and engage more ecosystem partners, proving the efficacy of Ava Protocol’s super-transactions in streamlining payments and smart contract data.”

Visionary Approach and Technological Advancements

Ava Protocol is dedicated to pioneering core Web3 infrastructure for intent-based private autonomous transactions. The platform’s ability to automate cross-chain smart contracts triggers transactions when predefined conditions such as time, price, or computation are met. This technology has diverse applications, from executing limit orders on decentralized exchanges to adjusting elastic supply tokens.

Sam Shev, Head of Marketing at Ava Protocol, underscored the seed investment’s significance: “Thanks to our seed investors, we’re positioned to onboard partners eager to leverage Ava Protocol’s Eigenlayer AVS. We anticipate the myriad innovative uses builders will discover for this technology, spanning DeFi, gaming, insurance, automated trading, and beyond.”

Jerry Chen from Greylock, an early investor, remarked on Ava Protocol’s groundbreaking solutions: “Ava Protocol’s approach elevates blockchain payments from isolated events to sophisticated, continuous processes. This innovation simplifies development for dApp creators and has vast potential across DeFi, NFTs, and RWAs.”

Forward-Looking Strategies and Collaborative Efforts

Ava Protocol’s testnet is already witnessing significant activity, with over 10,000 unique wallets and more than 1,000 daily automated transactions. This active engagement reflects strong interest from the Web3 community. Additionally, Ava Protocol’s technology facilitates recurring and automated “super-transactions” on Ethereum without necessitating custom code.

This advancement drastically reduces the time to market for Web3 applications, delivering private automation for any transaction or smart contract function. Developers can thus concentrate on their core strengths while benefiting from transaction simplicity akin to Stripe’s payment processing. The protocol has secured commitments from over 30 ecosystem partners developing dApps using Ava Protocol’s private payment technology.

Noteworthy collaborations with Polkadot, Moonbeam, and Astar enhance Ava Protocol’s foundation, promoting the adoption and implementation of its autonomous transactions. Ava Protocol is carving out a crucial role in the Web3 infrastructure arena, offering innovative solutions for cross-chain automation. By enabling composable autonomous transactions, Ava Protocol empowers developers to rapidly deploy potent dApps, boosting efficiency and usability across the Web3 ecosystem.

The $10 million seed funding, backed by a diverse group of investors, is set to propel Ava Protocol towards its ambitious objectives. As the protocol advances towards its mainnet launch and broadens its ecosystem, it positions itself at the vanguard of blockchain innovation, steering the evolution of autonomous, intent-based transactions.