Decentralized service protocol Automata Network today announced its Mainnet launch along with a $20 million Ecosystem Incentive Program, a press release shared with BTCManager reads.
Automata Network Mainnet Goes Live
In an important announcement made today, decentralized middleware services provider Automata Network stated it had finally launched its eagerly-awaited Mainnet.
Notably, the Automata Network Mainnet is a product of three years of hard work put in by industry leaders via invitation-only programs such as the Web3 Foundation Grant, Web 3.0 Bootcamp, and the Berkeley Blockchain Xcelerator.
To date, Automata Network has raised more than $3.4 million in funds from reputed investors in the blockchain industry such as Jump Trading, KR1, Alameda Research, IOSG Ventures, Divergence Ventures, and GBV Capital.
Commenting on the development, Deli Gong, Co-Founder at Automata Network, said:
“In a way to be expected, crypto has shaped and incentivized finance around the strength of communities, but for this human coordination to scale, privacy is sorely needed. 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.”
$20 Million Ecosystem Incentive Fund Launched
In addition to announcing the launch of its Mainnet, Automata Network also unveiled the launch of a $20 million Ecosystem Incentive Fund aimed toward advancing Web3.0’s privacy-first ethos while fostering use-cases and key products tied to the Automata ecosystem.
Through the Ecosystem Fund, Automata Network aims to realize its long-term vision of launching a full range of new solutions, applications and business models fostering privacy and decentralized finance (DeFi).
Notably, Automata Network’s privacy-oriented product suite aims to tackle some critical issues that are becoming more prevalent courtesy of blockchain’s transparent nature.
To achieve this, Automata Network will leverage Conveyor, a middleware solution that minimizes Maximal Extractable Value with ordered privacy. In addition, the platform will tap XATA, a Fair Liquidity Provisioning Protocol incubated by Automata Network’s ecosystem that works independently of any miner bribes or modifications.
Further, there is Witness – an off-chain governance solution with advanced privacy features. To date, Witness has supported more than 13 industry projects such as Polygon Network, Moonbeam Network, and Avalanche.
The launch of Automata Network’s Mainnet marks a significant milestone in the project’s roadmap. Automata Network’s Mainnet launch will pave the way for increased functionalities for the network, such as external integrations of community-maintained nodes, and onboarding the first wave of Automata-developed middleware services. The Mainnet launch is also particularly important considering Automata Network’s eventual upgrade to Nominated Proof of Stake consensus prior to fully decentralized governance.