Ava Protocol raises $10M to boost Web3 automation

Ava Protocol, formerly known as OAK Network, has announced the completion of $10 million in seed funding. This total includes an initial $5.5 million round and a subsequent $4.5 million seed+ round. The funds will support Ava Protocol’s development of an intent-centric, event-driven Eigenlayer AVS to power private autonomous transactions for Ethereum and beyond.

Investors and funding details

The lead investors in the recent seed+ round include Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join earlier seed investors such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.

Chris Li, Founder of Ava Protocol, expressed gratitude to the investors for their belief in the vision of bringing composable autonomous transactions to Web3. Li stated,

Technology and development

Ava Protocol aims to develop core Web3 infrastructure for intent-based private autonomous transactions.

The protocol enables cross-chain smart contract automation, allowing contracts to be triggered when predefined conditions are met based on variables such as time, price, or computation.

This technology has practical applications, from executing limit orders on decentralized exchanges to rebasing elastic supply tokens.

The development of Ava Protocol is progressing as the team works on refining its testnet and expanding its capacity.

Currently, over 10,000 unique wallets use the Ava Protocol testnet, with more than 1,000 automated transactions conducted daily.

Sam Shev, Head of Marketing at Ava Protocol, emphasized the importance of onboarding additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS. Shev noted,

Market potential and future applications

Jerry Chen of Greylock, an early investor, highlighted the potential applications of Ava Protocol’s payment technology in transforming sectors such as DeFi, NFTs, and real-world assets (RWAs).

Chen remarked,