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Financing Information and Pre-market Price

On April 28, 2025, IKA announced that it has received a strategic investment from the Sui Foundation, bringing the total project financing to over $21 million. Previously, IKA raised over 1.4 million SUI tokens by issuing THE MF SQUID MARKET series NFTs on Sui, with support from institutions including DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX, and others.

As of now, the highest financing valuation of the project is 6 billion U.S. dollars. And on the pre-market token OTC trading market PinataBot Market of Sui, the fully circulating market value of token IKA has reached 12 billion U.S. dollars (with low trading volume).

What is IKA project and how does it achieve such financing and valuation?

Project Background and Introduction

IKA, formerly known as 'dWallet Network', will launch a parallel MPC (Multiparty Computation) network based on Sui. Under the slogan 'We make all chains become Sui chains', IKA is still addressing the cross-chain interoperability of assets.

Conventional cross-chain asset transfers typically rely on bridging protocols and wrapped assets (such as wrapping BTC as an ERC-20 token for use on Ethereum, or introducing USDC to Solana). However, this approach has fundamental flaws:

• Non-native asset risk: Users only hold wrapped tokens, not real BTC or ETH;
• Bridge security risks: If the bridging protocol is attacked (such as the $624 million theft of the Ronin bridge in 2022), user assets may be lost.
• Anchor Crisis: Wrapped tokens may lose price anchoring due to liquidity issues.

And using applications built on IKA as the underlying protocol can avoid the inconvenience of these cross-chain assets. Taking the example of BTC cross-chain lending, the operation process is:

• Create dWallet (details will be provided later) and bind the BTC address;
• Initiate lending requests through smart contracts;
• BTC is locked on the Bitcoin chain (non-wrapped);
• Real-time receipt of loan funds on the Ethereum chain.

Thus achieved:

Asset lock: BTC cannot be moved until repayment.

Automatic Liquidation: If the price of BTC drops sharply or if the repayment is overdue, the collateral will be liquidated automatically;

Zero trust guarantee: fully protected by the 2PC-MPC protocol throughout, with no one able to misappropriate assets.

IKA is the underlying interoperability protocol for B, and the above use case is just one of the applications it can build. In fact, there are already more than ten projects (mostly from the Sui ecosystem or already in cooperation with Sui) that have accessed IKA, covering four major core scenarios:

• DeFi Interoperability
  Full Sail and other protocols achieve real-time injection of BTC/ETH liquidity into the Sui chain DEX through IKA, allowing users to directly participate in staking and borrowing with native BTC.

• Institutional custody
  Aeon provides institutional investors with a multi-signature asset management solution based on IKA, with private key fragments distributed to hundreds of nodes worldwide, balancing the issue of 'self-custody vs compliance'.

• Abstract experience
  Covault uses IKA+zkLogin to create a 'seamless cross-chain' wallet, allowing users to directly operate Solana NFT and Ethereum DeFi on the Sui chain;

• Bitcoin financialization
  The Native protocol is developed based on the IKA for BTC options market, achieving the first native Bitcoin programmatic yield strategy.

Another scenario worth paying attention to is the integration of AI and Web3: Teams like Atoma use IKA to set up trading firewalls for AI agents, ensuring that automated investment decisions cannot transfer assets beyond their authority, providing a secure foundation for the AI+DeFi market.

How does IKA achieve cross-chain asset interoperability and attract these applications to join?

Technical Principles

The core technology of IKA can be summarized into two modules - dWallet (decentralized wallet) and 2PC-MPC (two-party computation - multi-party secure computation) protocol, allowing users to directly use native assets such as BTC, ETH to participate in the multi-chain ecosystem without relying on wrapped tokens.

dWallet: Cross-chain 'all-in-one' wallet

dWallets are like the "universal key" in the cross-chain world: users can manage multi-chain assets through a single interface. The private key of each dWallet is split into multiple "key shares" and distributed storage in different network nodes. When users initiate cross-chain transactions, network nodes and the user's own key share jointly participate in the signature operation, but never reconstruct the complete private key. This means that there is no risk of single-point private key leakage in any situation.

dWallet has programmable and transferable features, developers can set up multiple signatures, limited spending, conditional payments, etc.; DAO can also achieve seamless transfer of governance wallets. Combined with Sui's zkLogin function, users can log in to any chain with Google/Apple accounts, completely eliminating the burden of managing multiple wallets.

2PC-MPC Protocol: Sub-second Parallel Signature

IKA adopts the original 2PC-MPC scheme: first, the user and the network each generate a 'cryptographic key share' (Two-Party Computation), and then hundreds to thousands of nodes parallelly execute the MPC signature process (Multi-Party Computation). With the help of Sui's Mysticeti consensus, the number of signature nodes can horizontally scale to thousands, and the throughput reaches thousands of times of the existing MPC network; the signature delay remains stable at sub-second level, while maintaining extremely high decentralization and anti-censorship capabilities.

Simply put, the 2PC-MPC protocol breaks the 'security-efficiency' paradox of traditional MPC.

Token Economics

IKA announced the initial token economics on May 8th. The native token IKA (total supply of 10 billion) is the core carrier of network economy operation, with its main functions including:

• Payment function: Users use IKA to pay for network service fees, including the cost of creating dWallet, requesting signatures, redistributing key shares, and other operations.
• Security Incentive: Through the Delegated Proof of Stake (DPoS) mechanism, nodes compete for signing and consensus verification rights, and obtain corresponding benefits by staking IKA; improper or malicious behavior will be penalized to ensure network security.
• Governance Weight: IKA holders can participate in network governance proposal voting, deciding on protocol parameters, economic model adjustments, and community fund usage, etc., to achieve decentralized autonomy.

Token Distribution

IKA promises to allocate more than 50% of tokens to the community, with 6% (6 billion tokens) used for the first round of community airdrops and incentives at mainnet launch.

The official stated that the details of the allocation of other tokens will be announced at a closer time node to TGE.

Participate in airdrop

IKA currently has Pre-Mainnet tasks that can be completed to earn droplets, which are highly likely to be related to subsequent token airdrops.

Many tasks require staking the ·issued on SuiTHE MF SQUID MARKETOnly Series NFT (currently valued at 87 SUI) can participate.

The rarity and grade of NFTs determine the amount of droplets obtained, specific informationOfficial PageThere are detailed instructions. Activities that users who do not hold NFT can participate in include staking SUI for iSUI and locking it, getting droplets daily (staking NFT gives a one-time reward and will not increase daily), generating dWallet (it shows a cost of 5 SUI, but the actual fee is only gas cost), registering Sui, EVM, Bitcoin chain addresses (only consumes gas), etc.

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