According to BlockBeats, Ava Protocol, formerly known as OAK Network, has successfully raised $10 million in a seed funding round. The funding round saw participation from Electric Capital, Taisu Ventures, and Sandeep Nailwal, the founder of Polygon. The newly acquired funds will be utilized to develop Eigenlayer AVS, a platform for private autonomous trading on Ethereum.
The team at Ava Protocol stated that the funding will support the core Web3 infrastructure. It will enable the implementation of cross-chain smart contract automation for applications like limit orders on decentralized trading platforms. Ava Protocol boasts over 30 partners, including Polkadot and Moonbeam, with the aim to simplify the deployment of Web3 applications.