Ava Protocol Purchases Openstory Blockchain Data Startup

In a strategic move, Ava Protocol has purchased the blockchain data startup company Openstory to provide insights into EVM chain activities.

The latter is a blockchain data startup primarily recognized for its industry-leading data broadcasting platform for on-chain data and analytics. The acquisition is intended to enhance Ava Protocol’s capacity to offer precise and expeditious insights into the activities of the Ethereum Virtual Machine (EVM) chain, as per the information provided to Coinspeaker.

Ava Protocol to Enhance Blockchain Automation

It intends to accomplish this feat by utilizing real-time data transmission and analytic capabilities. Ava Protocol anticipates that the strategic acquisition will enhance performance, scalability, and decision-making for blockchain applications that leverage its robust autonomous transaction infrastructure in the long term.

According to Chris Li, CEO of Ava Protocol, this is a significant milestone for the Web3.0 automation-focused company. Li emphasized the increasing interest of Ava Protocol in the transformation of blockchain automation. He stated that the new agreement allows it to satisfy the industry’s increasing need for “private, autonomous, and composable transaction solutions.”.

The acquisition was finalized in cash, and Ava Protocol’s AP tokens still need release. According to the CEO of Ava Protocol, the token will be released within the next two to three months.

In the interim, Ava Protocol has established itself as a pioneer in blockchain automation. It is implemented on the Holesky testnet of Ethereum. It is characterized by a burgeoning ecosystem that includes 30 Decentralized Application (DApp) partners and a testnet that conducts up to 1,000 automated transactions per day across more than 10,000 unique wallets.

Ava Protocol supports Polkadot as a parachain and the Ethereum blockchain as an EigenLayer AVS.

New Job Appointment on Ava Protocol

Vinh Nguyen, the founder of Openstory, will assume the role of Systems Architect for the newly acquired organization as part of the restructuring required. Given his extensive experience developing state-of-the-art data protocols, Ava Protocol is confident that his appointment will be crucial in attaining the company’s innovative goals. Nguyen is a Polkadot core developer and a former significant contributor to InfluxData, which is noteworthy.

Nguyen expressed his enthusiasm for the new position, asserting that his vision for an enduring impact in the Web3.0 ecosystem is consistent with Ava Protocol’s advocacy for private and composable autonomous transactions.

Sam Shev, who has previously worked with Google and Postman, will join the team as the Head of Marketing. He possesses over a decade of experience and expertise that he would leverage to increase the visibility and adoption of Ava Protocol’s vision. Additionally, Scott Staton will assume the Research and Content Lead role for Ava Protocol.

Staton has a wealth of editorial experience from Vice Media and The New Yorker. Additionally, he served as the Content Lead for Dfinity, a decentralized computing venture. As the new Content Lead for Ava Protocol, his primary duty will be to inform the industry about Ava Protocol’s mission.