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A New Step in the Blockchain and Web3 Ecosystem: Ava Protocol Acquires Openstory

Eigenlayer

EigenLayer AVS, known as Ava Protocol, has acquired the blockchain data initiative Openstory. The acquisition took place before the mainnet and token launch of Ava Protocol.

EigenLayer, which focuses on Web3 automation and operates as a verified service, Ava Protocol (AVS), incorporated blockchain data initiative Openstory for an undisclosed fee.

Chris Li, Founder and CEO of Ava Protocol, stated that the deal was financed through both cash and Ava Protocol’s yet-to-be-released AP tokens. Li mentioned that discussions started in the third quarter of last year and concluded earlier this year.

Under the agreement, Openstory’s founder Vinh Nguyen joined Ava Protocol as a systems architect. While the acquisition fee was not disclosed, the transaction is believed to be small-scale. Li also added that Openstory had raised $1 million in an angel investment round.

What is Ava Protocol?

Established in 2021 to develop an autonomous transaction infrastructure on the Polkadot blockchain and formerly known as Oak Network, Ava Protocol rebranded earlier this month. This rebranding reflects the project’s broader vision to support multiple blockchains.

Ava Protocol, currently operating as EigenLayer AVS on Ethereum blockchain and Polkadot, utilizes the security of EigenLayer, an Ethereum restaking protocol.

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Li noted that Ava Protocol is currently deployed on Ethereum’s Holesky testnet and conducts over 1,000 automated transactions daily across more than 10,000 unique wallets. The mainnet launch is planned within three weeks, followed by the release of the AP token in 2-3 months.

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Acquisition of Openstory

Founded in 2021, Openstory is an initiative that provides on-chain data. Li stated that the acquisition of Openstory will grant Ava Protocol the ability to monitor and analyze the operations of Ethereum Virtual Machine (EVM) chains with real-time data streaming and analysis tools. This will contribute to making Ava Protocol’s automation solutions more responsive and efficient.

Ava Protocol serves as an EigenLayer AVS that allows developers to schedule and automate functions across different blockchains based on signals such as time, price changes, and smart contract updates. Li highlighted use cases of the protocol including scheduling future and recurring payments, trustless automated trading and portfolio rebalancing, implementing limit orders on decentralized exchanges, and triggering token airdrops.

Earlier this month, Ava Protocol announced that it had raised a total of $10 million in capital from investors including Electric Capital, GSR, and Greylock Partners.

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