Ava Protocol Acquires Openstory on a Strategic Move

UTC by Godfrey Benjamin · 3 min read
Ava Protocol Acquires Openstory on a Strategic Move
Photo: Depositphotos

Intent-based EigenLayer Actively Validated Service (AVS) Ava Protocol has strategically acquired Openstory.

The latter is a blockchain data startup, largely recognized for its industry-leading data streaming platform for on-chain data and analytics. Per details shared with Coinspeaker, the acquisition is focused on improving Ava Protocol’s ability to provide precise and timely insights into Ethereum Virtual Machine (EVM) chain activities.

Ava Protocol to Improve Blockchain Automation

It plans to leverage real-time data streaming and analytic capabilities to achieve this feat. In the long run, Ava Protocol expects that the strategic acquisition translates to improved decision-making, scalability, and performance for blockchain apps that utilize its powerful autonomous transaction infrastructure.

According to Chris Li, CEO of Ava Protocol, this marks a significant milestone for the Web3.0 automation-focused company. Li highlighted Ava Protocol’s growing interest in transforming blockchain automation. He cited that the new deal afford it the opportunity to meet the industry’s growing demand for “private, autonomous, and composable transaction solutions.”

The acquisition was completed in cash and Ava Protocol’s yet-to-launch AP tokens. Ava Protocol CEO claimed that the token will be launched after about 2-3 months.

Meanwhile, Ava Protocol has made a name for itself before now as one of the pioneers of blockchain automation. It is deployed on Ethereum’s Holesky testnet. Currently, it boasts of a growing ecosystem encompassing 30 Decentralized Application (DApp) partners and a testnet that processes as many as 1,000 automated transactions daily across more than 10,000 unique wallets.

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

New Job Appointment on Ava Protocol

As part of the restructuring mandated by the acquisition, Openstory founder Vinh Nguyen will serve as the Systems Architect for the new company. Ava Protocol believes that his appointment will be instrumental to achieving the company’s innovative objectives, considering his vast experience in building cutting-edge data protocols. Noteworthy, Nguyen is a Polkadot core developer and a former key contributor to InfluxData.

Nguyen expressed his excitement on the new appointment stating that his vision for a lasting impact in the Web3.0 ecosystem aligns with Ava Protocol’s push for private and composable autonomous transactions.

Similarly, Sam Shev, who had previously worked with Google and Postman, will join the team as the Head of Marketing. He brings more than ten years of experience and expertise which he would use to drive awareness and adoption of Ava Protocol’s vision. There is also Scott Staton who will serve as Ava Protocol’s new Research and Content Lead.

Staton boasts of many years of editorial experience at The New Yorker and Vice Media. He was also the Content Lead for the decentralized computing startup Dfinity. As the new Content Lead for Ava Protocol, his responsibility will primarily be to educate the industry about Ava Protocol’s mission.

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