OAK Network Raises a $5.5M Seed Round from Foundation Capital, Greylock, and Hypersphere Ventures

Jul 25, 2022 | Polkadot ecosystem

OAK Network, the Web 3.0 hub for Defi and payment automation, closed a $5.5M Seed round led by Foundation Capital, Greylock, and Hypersphere Ventures. Other notable participants in the funding round include Electric Capital, Monday Capital, GSR, Shima Capital, Blockwall Digital, and angel investors.

OAK Network’s innovation, the event-driven transaction, allows users to create bespoke on-chain automation not possible today. Incumbent “automation” solutions are not consumer-friendly, requiring coding knowledge, AWS servers, and private key delegation. OAK’s more powerful transaction shifts the paradigm of automation from centralized servers to the blockchain. With OAK, users are empowered to schedule future and recurring payments, engage in trustless auto-trading, and place decentralized limit and stop-loss orders on AMM DEXs all without smart contract middlemen or compromising the security of a user’s wallet.

The OAK Network team received an open grant from the Web3 Foundation in May 2021, and won the 1st prize in the Polkadot hackathon in July. The team has developed a working proof of concept of the event registry on top of Parity’s Substrate open source framework. OAK Network’s chains are natively compatible with Polkadot, and will be integrated with Kusama and Polkadot as parachains through crowdloan auctions. The networks and timelines are,

Neumann Network, a parachain testnet that has been operating since June 2021.

Turing Network, a Kusama parachain to launch in Q2 2022.

OAK Network, a Polkadot parachain to launch in Q4 2022.

“The reason we chose Polkadot is because it has solved many critical problems of Ethereum. The blockchain comes with out-of-the-box solutions such as staking, DAO governance and inter-chain communication. The adoption of Polkadot will take time but technologically, many constraints have been lifted for us to develop the next generation blockchains.” says Chris Li, co-founder and CEO.

“We’re a team of utilitarian builders. We’re driven by the vision that in an increasingly decentralized world, there is a great need for automation to be seamless, trustless and secure for consumers of all generations.” — Irsal McGinnis, co-founder and CTO.

Ultimately, OAK Network will bridge to and facilitate other major blockchains such as Bitcoin, Ethereum, and Solana. The team is actively working with academia to develop cutting-edge solutions for cross chain communication and on-chain automation privacy.

Stay tuned for further information about the OAK Network here on Medium, Twitter and LinkedIn, as well as in our Discord Server!

stakerDAO-logo-white
https://serokell.io

Serokell is a software research and development company, focused on high complexity tasks in the area of computer science.
Our team is composed of developers, designers, engineers, computer scientists, and mathematicians, all to help you realize your vision.
We use functional programming to write robust code that works anywhere, anytime.

Initially, we worked with StakerDAO to implement the STKR governance token a monitoring app on Tezos. After that, we moved to BLND token and implemented a set of Ethereum contracts for holding BLND and performing buyback with them.

We also implemented a web app to run the buyback process.

After that, we designed and implemented the Bridge application and associated set of contracts that allow exchanging BLND and wXTZ tokens between Ethereum and Tezos.
We are working on Bridge backend support for ALgorand now.

Social links:
Twitter
Telegram
YouTube


Projects

BLNDSTKRStakerBridge

Skills

Contract development (Ethereum, Tezos)
Web application development
Development of applications interacting with Tezos, Ethereum and Algorand blockchains.

This will close in 0 seconds

randlabs-logo
https://randlabs.io/

Rand Labs is a blockchain development lab specialized in Algorand technology.

At Rand Labs we have developed specialized expertise in blockchain technology. Through 8 years of experience, we have worked closely with all major blockchain protocols and have garnered valuable experience in the industry that helps us deliver the maximum quality in our products and those of our partners.

We spend years training and advancing our team members' skills by facing ever more complex technical challenges in the blockchain space. Having helped and participated in the development of many of the most popular blockchain products in the world since 2013, we are in the capacity to deliver quality solutions regardless of the difficulty of the problem.

Despite having built numerous blockchain products and consensus upgrades from scratch, we believe a business-oriented acumen is as important in delivering maximum product-market fit. With our long history in the industry, we have developed a valuable network of relationships that is available to our partners. Additionally, The Rand Labs management team has been very active as investors and advisors in the space. We have invested in and advised very successful projects. As important, we have seen many projects fail which allowed us to learn valuable insights from those failures.

Social links:
Twitter
Github
LinkedIn


Projects

wALGOStakerBridge

Skills

Product DevelopmentAlgorand Smart Contract development and auditsBackend developmentInfrastructureDev ops UX UI

Fun Facts

Rand Labs has always been a fully remote company, way before the impacts created by COVID. We believe this has allowed our company to operate completely crypto native, including payroll, corporate structure, and revenue. We feel that by operating this way, every individual in our team is positioned to deliver the best products and solutions of this industry.

This will close in 0 seconds

stove-labs-logo-103
https://stove-labs.com/

Learn more on Stove Labs Github, Twitter, and Telegram.

Projects

wXTZStaker Farms

Skills

Tezos BlockchainIPFSReasonMLSmart ContractsOpensourceDAPPsTutorials

This will close in 0 seconds

staker-services-ltd-logo-667
https://www.staker.services/

Staker Services provides technical, business and operation services for the cross-chain era. The Operations team specialised in the DeFi ecosystem, with experience in launching products across chains - from Ethereum to Tezos, Algorand, Polkadot and more.

Projects

BLNDwXTZWALGOSTKRStakerBridge

Skills

DevBusiness DevelopmentProductMarketingLegalFinanceOperations

This will close in 0 seconds

chainsafe-logo-104
https://chainsafe.io/

"ChainSafe Systems is a blockchain research & development firm with a focus on building infrastructure for Web3. We are actively contributing to the Ethereum, Ethereum Classic, Cosmos, Polkadot, and Filecoin ecosystems and are open to contributing to other Web3 ecosystems where we see merit. Feel free to visit our website or email [email protected] with any inquiries.”

Projects

PINT

Skills

Blockchain InfrastructureResearch & DevelopmentSmart Contract Audits

Fun Facts

Team members in 17 countries and counting!

Video

This will close in 0 seconds

Subscribe for Email Updates

Name

This will close in 0 seconds