Ava Protocol, a prominent EigenLayer actively validated service (AVS) specializing in web3 automation, has completed the acquisition of Openstory, a startup focused on blockchain data analytics. The acquisition, financed through a combination of cash and Ava Protocol's upcoming AP tokens, marks a strategic move to enhance Ava Protocol's data monitoring and analytics capabilities within Ethereum Virtual Machine (EVM) chains.

Chris Li, Founder and CEO of Ava Protocol, disclosed that discussions for the acquisition began in the third quarter of last year and finalized earlier this year. Vinh Nguyen, the founder of Openstory, has joined Ava Protocol as a systems architect as part of the acquisition agreement. Although the financial terms were not disclosed, Openstory had previously raised $1 million in an angel round, suggesting a relatively modest transaction size.

Formerly known as Oak Network, Ava Protocol was established in 2021 with a mission to develop autonomous transaction infrastructure primarily on the Polkadot blockchain. The recent rebranding to Ava Protocol reflects its expanded vision to support multiple blockchains, including Ethereum and Polkadot, utilizing EigenLayer AVS technology for enhanced security and functionality.

Currently operational on Ethereum's Holesky testnet, Ava Protocol processes more than 1,000 automated transactions daily across over 10,000 unique wallets. Li confirmed plans to launch Ava Protocol as an EigenLayer AVS on the Ethereum mainnet within the next three weeks, followed by the introduction of the native AP token within 2-3 months post-launch.

The acquisition of Openstory strengthens Ava Protocol's capabilities in real-time data streaming and analytics, crucial for optimizing its automation solutions. This integration will enable Ava Protocol to offer more responsive and efficient automation features, leveraging Openstory's expertise in on-chain data analysis.

Ava Protocol's intent-based EigenLayer AVS empowers developers to automate functions across different blockchains based on predefined signals such as time, price changes, and smart contract updates. Potential use cases include scheduling future and recurring payments, trustless auto-trading, portfolio rebalancing, executing limit orders on decentralized exchanges, and initiating token airdrops.

Recently, Ava Protocol secured a total of $10 million in funding from prominent investors including Electric Capital, GSR, and Greylock Partners. This funding includes a $5.5 million seed round in 2022 and a $4.5 million seed+ round in 2023, with the announcement coinciding with the rebranding to Ava Protocol earlier this month.

The acquisition of Openstory and Ava Protocol's ongoing developments underscore its commitment to advancing blockchain automation and data analytics, positioning it at the forefront of innovation within the decentralized finance (DeFi) ecosystem.