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Aug 27, 03:48 PM
Founders Fund-Backed Avail Acquires Arcana Network, Offers XAR Token Swap 4:1 with 6- and 12-Month Unlocks
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Founders Fund-Backed Avail Acquires Arcana Network, Offers XAR Token Swap 4:1 with 6- and 12-Month Unlocks

Authors
  • The Block
  • ᴛʀᴀᴄᴇʀ
  • Axelar Network
6

Avail, a Web3 infrastructure project backed by Founders Fund, has acquired Arcana Network, a chain abstraction protocol focused on enhancing user experience and adoption in the Web3 ecosystem. This marks Avail's first acquisition, aimed at advancing multichain scalability by integrating Arcana's tooling into the Avail technology stack. As part of the acquisition, holders of Arcana's XAR token can swap their tokens for Avail's AVAIL tokens at a ratio of 4:1, with the swapped tokens unlocking over a period of 6 and 12 months. The move reflects a broader industry trend towards cross-chain infrastructure to prevent liquidity fragmentation and improve usability across multiple blockchain networks.

Written with ChatGPT (GPT-4).

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