Ava Protocol, an EigenLayer AVS focused on web3 automation, has acquired blockchain data startup Openstory.
Ava Protocol, an EigenLayer actively validated service focused on web3 automation, has acquired Openstory, a blockchain data startup, for an undisclosed sum. The deal was financed via cash and Ava Protocol's yet-to-launch AP tokens, Ava Protocol Founder and CEO Chris Li told The Block.
The deal talks began in the third quarter of last year and closed earlier this year, Li said. As part of the deal, Openstory founder Vinh Nguyen has joined Ava Protocol as a systems architect. While the deal size hasn't been disclosed, it appears to be a small transaction. Li said Openstory had raised $1 million in an angel round.Ava Protocol, formerly known as Oak Network, was founded in 2021 to develop autonomous transaction infrastructure on the Polkadot blockchain. The rebranding to Ava Protocol took place earlier this month to reflect the project's broader vision of supporting multiple blockchains, Li said. Ava Protocol currently supports the Ethereum blockchain as an EigenLayer AVS and Polkadot as a parachain. EigenLayer AVSs are third-party protocols that derive security from EigenLayer, an Ethereum restaking protocol. Ava Protocol is currently deployed on Ethereum's Holesky testnet and processes over 1,000 automated transactions daily across more than 10,000 unique wallets, Li said. The protocol is planned to launch on the Ethereum mainnet as an EigenLayer AVS in three weeks, Li added. Following the mainnet launch, Ava Protocol's native AP token will also launch after 2-3 months, he said.Openstory, also founded in 2021, provides on-chain data. Li said Ava Protocol's acquisition of Openstory will help it monitor and analyze Ethereum Virtual Machine chains' activities with real-time data streaming and analytics tools.As an intent-based EigenLayer AVS, Ava Protocol enables developers to schedule and automate functions across different blockchains based on signals such as time, price changes and smart contract updates, Li said. Use cases of the protocol include scheduling future and recurring payments, trustless auto-trading and portfolio rebalancing, executing limit orders on decentralized exchanges and triggering token airdrops, Li added. Earlier this month, Ava Protocol announced it had raised $10 million in total capital from investors, including Electric Capital, GSR and Greylock Partners. The total funding includes a $5.5 million seed round raised in 2022 and a $4.5 million seed+ round raised in 2023, but announced earlier this month after the rebranding, Li said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Deals Defi Infrastructure Layer 1S Mergers &Amp Acquisitions Developer Tools Exclusive Private Company M&Amp Restaking Tokens
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum validator P2P.org enables ETH restaking on EigenLayerEthereum validator P2P.org has integrated an automated restaking API, allowing users to restake Ether on protocols like EigenLayer.
Read more »
A closer look at EigenLayer daily flows since EIGEN airdropNow that EigenLayer has launched its mainnet, it's in a position to pass on that extra yield to depositors that it had promised before.
Read more »
NodeOps secures $5M seed round to revolutionize node orchestration layerAs the first permissionless Infrastructure Marketplace on EigenLayer, NodeOps is transforming AI, DePIN, and DeFi protocol infrastructure
Read more »
EigenLayer's total value locked surpasses $20 billion for the first timeEigenLayer’s TVL has increased to $20.09 billion, marking it as the second-largest DeFi protocol behind Lido.
Read more »
Avalanche Journal: Assessing potential options for Colorado’s No. 24 pick, an “unreal asset”Avs need to leave Las Vegas with a potential impact player or immediate help
Read more »
EigenLayer enhances EigenDA security to combat Sybil attacksEigenLayer has implemented ECDSA authentication for EigenDA on the Ethereum mainnet to prevent Sybil and DDoS attacks.
Read more »