Privacy-enhanced decentralized finance (DeFi) protocol, Automata Network successfully completes the launch of its mainnet network, a statement released on Monday stated. The team also announced a $20 million incentive program that aims to boost growth on its middleware solution and support projects building on Automata.
According to the statement, the Automata Ecosystem Incentive Program will use the funds to “identify and support projects that further Automata’s mission to build a privacy-enhanced, fair and responsible Web 3.0 ecosystem”. The incentive program will fund projects that contribute and build on Automata, create libraries and modules for the project, and research on key topics such as privacy.
Since its launch, Automata has raised over $3.4 million from top crypto VC firms including Jump Trading, KR1, Alameda Research, IOSG Ventures, Divergence Ventures, and GBV Capital.
On the latest milestones reached, Automata Network’s co-founder Deli Gong expects the platform to shape and incentivize and scale its community by building privacy-enhanced protocols for users on different blockchains. Adding to the $20 million incentive program, Gong said,
“With the rollout of our Mainnet and the launch of the Automata Ecosystem Incentive Program, we’re proud to support DeFi with the privacy it so deserves to truly bring it into the Web 3.0 layer.”
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The Automata Ecosystem Incentive Program
The Automata Ecosystem Incentive Program was launched to enhance the privacy-first ethos of the Web 3.0 ecosystem by highlighting and boosting the use cases of products tied to the Automata ecosystem. The $20 million dollars incentive program is solely focused on projects that enhance the Automata privacy goals and decentralized applications focusing on user privacy.
The funding will be released in stages to developers meeting the qualifications but the schedule is yet to be released. In the future, Automata expects projects benefiting from the incentive program to introduce new features and functionalities to their projects to create privacy-enhanced decentralized finance (DeFi) applications that are fair and easy to use. The Automata Network team will also mentor shortlisted projects during this period to provide support across milestone funding, technical mentoring, and marketing outreach to catalyze their early-stage development.
The privacy-focused suite of tools built by Automata will assist projects to create a new Web 3.0 ecosystem that provides users with fast, efficient, and fully private transactions. Automata Network welcomed some top platforms to use its middleware solutions.
In September, the platform integrated Conveyor, a middleware solution that minimizes Maximal Extractable Value (MEV) with ordered privacy, and XATA, a Fair Liquidity Provisioning Protocol incubated by Automata Network’s ecosystem, one that works independently of any miner bribes or modifications. Recently, Witness, an off-chain governance solution with privacy features also joined the network. The latter has provided off-chain governance to top blockchains including Polygon Network, Moonbeam Network, and Avalanche.
Over the next few months, Automata plans network advances highlighted on its roadmap including external integrations of community-maintained nodes, onboarding the first wave of Automata-developed middleware services, and the eventual upgrade to Nominated Proof of Stake consensus, which will kickoff decentralized governance on the platform.
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