Coinspeaker
Ava Protocol Announces Mainnet Launch on Ethereum
Ava Protocol says its mainnet launch on Ethereum as an EigenLayer Actively Validated Service (AVS) for smart contract automation has been completed.
This marks a significant milestone for the outfit as it empowers developers to integrate some of Ava Protocol’s core functionalities. This includes its enhanced transaction automation, privacy, composability, and cost-efficiency in its supported Decentralized Applications (DApps) and projects.
Ava Protocol Set to Improve Smart Contract Automation
Overall, this move will play a crucial part in providing broad compatibility across the Ethereum Virtual Machine (EVM) ecosystem. Ava Protocol presents an event-driven activation model that offers simplicity in complex on-chain operations. Once predefined conditions like time, price, and smart contract updates are met, it triggers autonomous “super-transactions”.
The integration of such a streamlined approach of automating smart contracts comes in handy to reduce friction both for developers and end users. In the long run, this helps to overcome a prevalent challenge often encountered with Web 3.0 adoption. Henceforth, there would be no need to engage custom codes when performing super-transactions. Developers get to implement them seamlessly.
Noteworthy, AVSs are not limited by the EVM’s design, hence, they conveniently provide developers with new capabilities, superseding what is directly possible on Ethereum and other EVM-based chains. By providing on-chain automation with strong guarantees of execution for time-sensitive transactions and multi-step processes, Ava Protocol is upholding its role as a new event-driven activation service, as noted in the EigenLayer whitepaper.
Based on its design, it supports new activities including scheduling future and recurring payments, stop-loss and limit orders, and streaming rewards. It goes as far as enhancing dynamic Non-fungible token (NFT) minting amongst other features. This makes it a highly adaptable tool for dapps.
“With the support of our partners and community, we’ve reached a pivotal moment in our mission to deliver automated super-transactions on Ethereum,” Ava Protocol founder Chris Li said. ”The launch of Ava Protocol’s mainnet will unlock new use cases for autonomous transactions that power smart contracts. We’re excited to showcase the versatility of EigenLayer’s AVS technology while addressing critical web3 automation challenges.”
EigenLayer Celebrates Ava Protocol’s Potential
Similarly, Alex of EigenYields, a leading operator that runs actively validated services for EigenLayer, acknowledged Ava Protocol’s potential, particularly its automated super-transactions. Alex claimed that his firm’s alliance provides a secure and resilient foundation for Ava Protocol’s innovative technology. He noted that this was borne out of an alignment of the duo’s mission.
Meanwhile, the mainnet launch comes after a successful testnet. During that phase, the protocol saw the participation of 10,000 wallets and more than 1,000 automated transactions generated daily. This is another milestone that showcases Ava Protocol’s strategic vision to improve blockchain automation.
Last month, the protocol acquired Openstory, a blockchain data startup that is largely recognized for its industry-leading data streaming platform for on-chain data and analytics.
