Avail Acquires Arcana to Simplify Multichain Experience

Avail, a modular blockchain infrastructure provider, has acquired Arcana, a chain abstraction startup, signaling a major push towards simplifying the multichain experience. This acquisition aims to reduce friction and enhance user experience for both developers and end-users in the increasingly fragmented Web3 landscape.

Arcana's expertise lies in chain abstraction, which allows users to interact with multiple blockchains without the complexities of switching networks, managing multiple wallets, or using bridges. Their software development kit (SDK) and wallet tools unify balances and facilitate seamless cross-chain transactions in the background. Avail plans to integrate Arcana's technology into its Nexus mainnet, designed to connect applications across prominent ecosystems like Ethereum, Polygon, Optimism, Arbitrum, Avalanche, and Base.

Anurag Arjun, Co-Founder of Avail, highlighted the synergistic nature of the acquisition, stating that Arcana's expertise in chain abstraction complements Avail's vision of a future with frictionless liquidity and seamless cross-ecosystem application scaling.

Avail, launched in 2021, aims to create a seamless multichain economy where apps and assets can move freely without the constraints of bridges or other friction points. Their Avail Stack includes Nexus for cross-chain messaging, DA for scalability, and Fusion for security.

Key Takeaways

• Simplified Multichain dApp Development: Arcana's solutions simplify the creation of multichain decentralized applications.
• Seamless User Experience: Developers can leverage cross-chain SDKs to provide a smoother user experience across different blockchains.
• Broad Chain Support: Supports interaction across major chains, including Ethereum, Polygon, Avalanche, and Optimism.
• Token Swap: Arcana's XAR tokens will be swapped for AVAIL tokens at a 4:1 ratio.

Why This Matters

This acquisition is significant because it addresses the increasing fragmentation within the crypto market, where assets and liquidity are scattered across numerous blockchains. As traditional finance firms explore tokenized assets, the need for seamless interoperability becomes even more crucial.

Avail's acquisition of Arcana aims to position itself as a key player in simplifying this complexity. A successful integration could significantly lower the barrier to entry for new Web3 users and encourage developers to create cross-chain applications more easily.

Mayur Relekar, Founder and CEO of Arcana, emphasized the alignment of the acquisition with Arcana's mission to make Web3 effortless, stating that joining Avail will allow them to scale that mission to its fullest potential.