Automata Network Raises $2.4M And Already Surpasses $5B In TVL On Binance Launchpool

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Decentralized service protocol Automata Network has announced the conclusion of its latest funding round, having raised $2.4 million from a number of prominent crypto investors. IOSG Ventures, Jump Trading, and KR1 were among those who participated, backing Automata’s vision for frictionless computation and robust privacy for dApps.

“Our support of Automata Network speaks to our commitment to the sustainable development of a privacy-focused Web3 economy,” said Keld van Schreven, Managing Director and Co-Founder of KR1. “We look forward to seeing more great work from the team.” 

Bringing Privacy To dApps

Described as the go-to privacy middleware layer for defi applications, Automata Network helps platforms maintain privacy while facilitating seamless integration onto blockchain networks such as Ethereum and Polkadot. 

The protocol leverages advanced cryptography to enable use cases including anonymous voting and tamper-proof oracle data sourcing, while also providing front-running protection for decentralized exchanges (DEXs).

Automata is the 20th project to debut on Binance Launchpool. From June 2, Binance users have been able to stake BNB, BUSD and DOT into separate pools to earn ATA tokens over 30 days. 

The token will also list on the platform’s innovation zone on 7 June at 6am (UTC), whereupon trading will open on four pairs: ATA/BTC, ATA/BNB, ATA/BUSD, and ATA/USDT.

“We see the listing on Binance Launchpool as a great way to reach out to a broader audience while creating greater flexibility and liquidity for our growing community,” said Automata co-founder Deli Gong. 

“As a market leader with strong synergies in the space, we appreciate the team’s consistent execution and look forward to working closely together with Binance in the upcoming days.”

ATA And Oblivious RAM

Automata’s native utility token will be used to pay mining rewards and also confers voting rights on governance matters relating to network parameters and platform features. Users can additionally bond ATA tokens to participate in Geode auctions. 4% of the total 1 billion ATA supply has been provisioned for Launchpool token rewards, with the lion’s share thereof (70%) allocated to the BNB staking pool.

Automata Network is the first platform to deploy Oblivious RAM, a cryptographic primitive designed to prevent adversaries from inferring any information via the memory access pattern. Oblivious RAM undergirds Witness, the network’s off-chain voting governance solution for voters keen to protect their identity while participating in governance. Witness supports Ethereum, Binance Smart Chain, and Substrate-based EVM-compatible chains, and was recently adopted by smart contract platform Plasm, a Polkadot parachain.

“At a time where privacy continues to be held in theoretical regard everywhere, it is a dismaying fact that practical adoption on the ground continues to be slow, if not negligible,” says Deli Gong.

“We believe that making a break away from centralized infrastructure is only the beginning, and that offering developers and users an intuitive, seamless experience to make privacy a built-in option is the only way to move forward.”

Automata Network officially launched in March after securing a $1 million investment from the likes of Genesis Block Ventures and Sam Bankman-Fried’s Alameda Research.

Image Sourced from Pixabay

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.