Ava Protocol, formerly known as Oak Network, has announced the acquisition of Openstory, a blockchain data startup, in a move that aims to bolster the company’s web3 automation capabilities.
Also Read: Bitcoin Jitters: Investors Pull Over $1 Billion from ETFs as Price Tumbles
Key Takeaways:
- Ava Protocol, an EigenLayer AVS, supports the Ethereum blockchain and Polkadot as a parachain, enabling developers to automate functions across different chains.
- The acquisition of Openstory will provide Ava Protocol with real-time data streaming and analytics tools to enhance the responsiveness and efficiency of its automation solutions.
- The protocol’s native AP token is set to launch 2-3 months after the company’s planned Ethereum mainnet debut in the coming weeks.
- The protocol has already processed over 1,000 automated transactions daily across more than 10,000 unique wallets on its Ethereum testnet.
Ava Protocol Acquires Openstory
According to Ava Protocol founder and CEO Chris Li, the deal was financed through a combination of cash and the company’s yet-to-launch AP tokens. Openstory founder Vinh Nguyen has joined Ava Protocol as a systems architect, further strengthening the team’s expertise in the field of blockchain data and analytics.
“This acquisition will help make Ava Protocol’s automation solutions more responsive and efficient,” Li said. “By leveraging Openstory’s data capabilities, we can better monitor and analyze Ethereum Virtual Machine (EVM) chain activities, enabling our users to make more informed decisions and automate their workflows more effectively.”
Oak Network’s rebrand earlier this month, is an intent-based EigenLayer AVS that allows developers to schedule and automate functions across different blockchains based on various signals, such as time, price changes, and smart contract updates.
“The potential use cases for Ava Protocol’s technology are vast, ranging from scheduling future and recurring payments to trustless auto-trading and portfolio rebalancing,” Li added. “By integrating Openstory’s data capabilities, we’re poised to deliver even more powerful and sophisticated automation solutions to the web3 ecosystem.”
The acquisition comes on the heels of Ava Protocol’s recent $10 million funding round, which included investments from prominent firms like Electric Capital, GSR, and Greylock Partners. The company is set to launch its Ethereum mainnet deployment in the coming weeks, followed by the release of its native AP token 2-3 months later.
