{"id":23612,"date":"2024-06-26T11:00:42","date_gmt":"2024-06-26T08:00:42","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23612"},"modified":"2024-06-26T10:16:48","modified_gmt":"2024-06-26T07:16:48","slug":"a-new-step-in-the-blockchain-and-web3-ecosystem-ava-protocol-acquires-openstory","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/a-new-step-in-the-blockchain-and-web3-ecosystem-ava-protocol-acquires-openstory\/","title":{"rendered":"A New Step in the Blockchain and Web3 Ecosystem: Ava Protocol Acquires Openstory"},"content":{"rendered":"<p>EigenLayer AVS, known as <strong>Ava Protocol<\/strong>, has acquired the blockchain data initiative <strong>Openstory<\/strong>. The acquisition took place before the mainnet and token launch of Ava Protocol.<\/p>\n<p>EigenLayer, which focuses on Web3 automation and operates as a verified service,<strong> Ava Protocol (AVS),<\/strong> incorporated blockchain data initiative Openstory for an undisclosed fee.<\/p>\n<p><strong>Chris Li, Founder and CEO of Ava Protocol<\/strong>, stated that the deal was financed through both cash and Ava Protocol\u2019s yet-to-be-released AP tokens. Li mentioned that discussions started in the third quarter of last year and concluded earlier this year.<\/p>\n<p>Under the agreement, Openstory\u2019s 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.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/a-new-step-in-the-blockchain-and-web3-ecosystem-ava-protocol-acquires-openstory\/#What_is_Ava_Protocol\" title=\"What is Ava Protocol?\">What is Ava Protocol?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/a-new-step-in-the-blockchain-and-web3-ecosystem-ava-protocol-acquires-openstory\/#Acquisition_of_Openstory\" title=\"Acquisition of Openstory\">Acquisition of Openstory<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Ava_Protocol\"><\/span>What is Ava Protocol?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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&#8217;s broader vision to support multiple blockchains.<\/p>\n<p>Ava Protocol, currently operating as EigenLayer AVS on <strong>Ethereum blockchain and Polkadot<\/strong>, utilizes the security of EigenLayer, an Ethereum restaking protocol.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/vaneck-files-form-8-a-for-spot-ethereum-etf\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: VanEck Files Form 8-A for Spot Ethereum ETF<br \/>\n<\/span><\/em><\/a><\/p>\n<p>Li noted that Ava Protocol is currently deployed on Ethereum\u2019s 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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Acquisition_of_Openstory\"><\/span>Acquisition of Openstory<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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\u2019s automation solutions more responsive and efficient.<\/p>\n<p><strong>Ava<\/strong> 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.<\/p>\n<p>Earlier this month, <strong>Ava Protocol<\/strong> announced that it had raised a total of $10 million in capital from investors including Electric Capital, GSR, and Greylock Partners.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":6,"featured_media":15499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[7018,7019],"class_list":["post-23612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-ava-protocol","tag-opensstory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A New Step in the Blockchain and Web3 Ecosystem: Ava Protocol Acquires Openstory - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/a-new-step-in-the-blockchain-and-web3-ecosystem-ava-protocol-acquires-openstory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A New Step in the Blockchain and Web3 Ecosystem: Ava Protocol Acquires Openstory - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"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. 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