Ava Protocol Expands Capabilities with Openstory Acquisition and Key Appointments

TL;DR

• Ava Protocol strengthens its capabilities by acquiring Openstory, a blockchain data company. This acquisition gives Ava Protocol access to real-time data streaming and analytics, allowing them to significantly improve their automation functionalities.
• Ava Protocol is on the cusp of major milestones. They are set to launch on the Ethereum mainnet within the next three weeks, followed by the introduction of their native token (AP) in 2-3 months.
• Ava Protocol empowers developers to automate various tasks across different blockchains using their intent-based EigenLayer AVS. These tasks can be triggered by a variety of signals, including specific times, price changes, or smart contract activity.
  

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Ava Protocol, a web3 automation platform, has recently made significant strides in its growth trajectory. The company’s acquisition of blockchain data startup Openstory and key appointments signal its commitment to enhancing its capabilities and expanding its reach.

Ava Protocol x Openstory 📈

We're thrilled to announce our acquisition of Openstory, a top data streaming platform for on-chain data and analytics.

This net result of this acquisition will be improved decision-making, scalability, and performance for blockchain apps leveraging… pic.twitter.com/l9uWdoL10d

— Ava Protocol (@ava_protocol) June 25, 2024

Ava Protocol, formerly known as Oak Network, has acquired Openstory, a blockchain data startup. The deal, which was financed through cash and Ava Protocol’s upcoming AP tokens, remains undisclosed in terms of the exact sum.

The Protocol’s Founder and CEO, Chris Li, has officially stated that talks commenced in the third quarter of last year and wrapped up earlier this year. Vinh Nguyen, the founder of Openstory, has now come on board at Ava Protocol as a systems architect.

While the acquisition’s financial details remain private, it appears to be a strategic move aimed at bolstering Ava Protocol’s offerings.

Ava Protocol’s Vision and Current State

Founded in 2021, the Protocol initially focused on developing autonomous transaction infrastructure on the Polkadot blockchain. However, the recent rebranding to Ava Protocol reflects a broader vision—one that encompasses supporting multiple blockchains.

As an EigenLayer actively validated service (AVS), Ava Protocol currently operates on Ethereum’s Holesky testnet, processing over 1,000 automated transactions daily across more than 10,000 unique wallets.

The protocol is set to launch on the Ethereum mainnet as an EigenLayer AVS within the next three weeks. Following this milestone, Ava Protocol’s native AP token will also debut after a 2-3 month period.

Openstory’s Role

Openstory specializes in delivering on-chain data. Ava Protocol’s acquisition of Openstory equips them with real-time data streaming and analytics capabilities to track and analyze Ethereum Virtual Machine (EVM) chains’ behaviors. This merger boosts Ava Protocol’s automation offerings, enhancing their responsiveness and effectiveness.

Ava Protocol’s Use Cases

As an intent-based EigenLayer AVS, Ava Protocol empowers developers to schedule and automate functions across different blockchains. These functions can be triggered by various signals, including time, price changes, and smart contract updates.

Some practical use cases include scheduling future and recurring payments, trustless auto-trading, portfolio rebalancing, executing limit orders on decentralized exchanges, and facilitating token airdrops.

Funding and Investor Support

Ava Protocol has secured significant financial support for its recent accomplishments. The firm revealed that it has received a total of $10 million in funding from investors such as Electric Capital, GSR, and Greylock Partners.

This funding comprises a $5.5 million seed round from 2022 and a $4.5 million seed+ round from 2023, both of which were made public following the company’s rebranding earlier this month.

In summary, Ava Protocol’s acquisition of Openstory and its strategic appointments position the company for continued growth and innovation in the web3 space. As it expands its capabilities, Ava Protocol aims to play a pivotal role in shaping the future of blockchain automation.