Automata Network, a privacy layer solution for dApps on Ethereum and Polkadot, has allocated 40M ATA tokens for farming on Binance Launchpool. For 30 days, users can earn ATA tokens at a set rate proportional to their staking of BNB, Binance’s native token, BUSD, Binance’s stablecoin pegged to the dollar, and DOT, Polkadot Network’s native token.
To say that farming ATA on Launchpool is popular right now with Binance users would be an understatement. At the time of writing, only two days into the farming event, users seeking to yield ATA rewards have staked a total of nearly $7B in assets between the three mentioned tokens.
Binance will begin listing ATA on June 7th, five days after the start of farming.
Automata provides privacy middleware that helps dApps avoid a host of issues. Automata has introduced Oblivious RAM to decentralized ledger tech, which is a major step forward for traceless privacy. In addition, Automata Network is responsible for developing such solutions as Witness, which allows for anonymous governance voting, and Conveyor, which minimizes the effects of MEV.
It’s become apparent that the future of the internet and Web3 will face many hurdles along the way to mass adoption. The tools that Automata creates will help serve the transition towards a more secure and useful Web3, and privacy is the heart of the issue Automata has been addressing.
Jocy Lin, an IOSG founding partner, commented, “It is quickly becoming clear how important privacy is for every decentralized application building on the Web3 stack, and there is no doubt in our mind that Automata is emerging as a market leader in the space. With each use case that the team has rolled out in succession, we’ve been immediately impressed with both the eloquence and simplicity of their solutions.”
Automata recently closed a round of funding that took in $2.4M in private investments from IOSG, KR1, and Jump Trading in the lead up to announcing ATA’s farming debut on Binance.
Keld van Schreven, KR1’s Co-Founder and Managing Director, said, “From the team’s technical progress to partnerships made one after the other with the industry’s leading and most active projects, it was apparent that Automata had both the vision and the ability to execute it right on the mark.
“Our support of Automata Network speaks to our commitment to the sustainable development of a privacy-focused Web3 economy, and we look forward to seeing more great work from the team.”
The value of decentralizing many important systems in the world grows with each passing day. Finance, healthcare, and even disaster relief can benefit from the value added by decentralization, yet for each of these systems to successfully move forward with decentralized technologies at their back, they need a measure of privacy as well as the protection privacy affords from all sorts of malevolent actors.
According to Deli Gong, Co-founder of Automata Network, “At the same time where privacy continues to be held in theoretical regard everywhere, it is also a dismaying fact that practical adoption on the ground continues to be slow, if not negligible.
“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.”
While the value of ATA tokens has yet to be determined by the market, the value of decentralized technologies has been decided ages ago. In their mission to bring this value to the crypto community via privacy, Automata Network has ironically drawn a great deal of attention to itself and its token.