ChainCatcher reported that according to CoinDesk, Ava Protocol (formerly known as OAK Network) has completed a $10 million seed round of financing, with Electric Capital, Taisu Ventures and Polygon founder Sandeep Nailwal participating. The new funds will be used to develop its Eigenlayer AVS for private autonomous transactions on Ethereum.

According to RootData, a Web3 asset data platform, Ava Protocol is an intent-based Eigenlayer AVS that seamlessly supports privacy-driven autonomous transactions for many use cases such as DeFi, NFTs, and games. Ava Protocol is enhancing decentralized applications with features such as regular and periodic payments, stop-loss orders, streaming rewards, etc. Ava Protocol's event-driven execution model triggers cross-chain transactions based on signals such as time, price changes, and smart contract updates. Developers can easily arrange and automate functions across different blockchains (including Ethereum) to ensure efficient and reliable execution without compromising privacy.