- Ava Protocol, an EigenLayer AVS specializing in web3 automation, has purchased Openstory, a blockchain data startup.
- The purchase takes place prior to the Ava Protocol mainnet and token releases.
Openstory, a blockchain data business, has been purchased by Ava Protocol, an EigenLayer actively verified service (AVS) focused on web3 automation, for an unknown amount.
Cash and Ava Protocol’s upcoming AP tokens were used to fund the transaction, according to Chris Li, founder and CEO of Ava Protocol, who spoke with The Block. According to Li, the negotiations for the sale started in the third quarter of last year and ended early this year.
As per the agreement, Openstory’s founder Vinh Nguyen has joined Ava Protocol as a systems architect. Although the contract amount is unknown, it seems to be a modest transaction. Li announced that an angel round had secured $1 million for Openstory.
Ava Protocol: What Is It?
Originally called Oak Network, Ava Protocol was established in 2021 with the goal of creating autonomous transaction infrastructure for the Polkadot blockchain. Earlier this month, Li stated, the project underwent a rebranding to Ava Protocol in order to better align with its overarching goal of supporting numerous blockchains.
As of right now, Ava Protocol supports Polkadot as a parachain and the Ethereum blockchain as an EigenLayer AVS. EigenLayer AVSs are third-party protocols that rely on the Ethereum restaking protocol EigenLayer for security.
Li claims that Ava Protocol is currently in use on the Holesky testnet of Ethereum, managing over 10,000 unique wallets and over 1,000 automated transactions daily. Li states that the protocol will go live in three weeks on the Ethereum mainnet as an EigenLayer AVS.
He stated that Ava Protocol’s native AP coin will launch in two to three months following the mainnet launch.
The Openstory agreement
Founded in 2021 as well, Openstory offers on-chain data. Li stated that by acquiring Openstory, Ava Protocol will be able to use real-time data streaming and analytics tools to track and examine the actions of Ethereum Virtual Machine (EVM) chains.
He said this will contribute to the automation solutions offered by Ava Protocol being more responsive and effective.
According to Li, Ava Protocol is an intent-based EigenLayer AVS that lets programmers plan and automate tasks across many blockchains in response to signals like time, price fluctuations, and smart contract updates.
According to Li, use cases for the protocol include arranging for future and recurring payments, launching token airdrops, executing limit orders on decentralized exchanges, and trustless auto-trading and portfolio rebalancing.
Ava Protocol declared earlier this month that it had raised a total of $10 million from investors, including Greylock Partners, GSR, and Electric Capital. The entire funding was disclosed earlier this month following the rebranding, Li said, and consists of a $5.5 million seed round raised in 2022 and a $4.5 million seed round raised in 2023.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
