#IKA Author: Alex Liu, Foresight News Financing Information and Premarket Price On April 28, 2025, IKA announced a strategic investment from the Sui Foundation, bringing the project's total financing scale to over $21 million. Previously, IKA raised over 1.4 million SUI tokens by issuing the THE MF SQUID MARKET series NFTs on Sui, receiving support from institutions such as DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, and FalconX. As of now, the project's highest financing valuation is $600 million. Meanwhile, on Sui's premarket token OTC trading market PinataBot Market, the fully diluted market capitalization of the IKA token has reached $1.2 billion (with low trading volume). What is the IKA project, and how did it achieve such financing and valuation? Project Background and Introduction IKA, formerly known as "dWallet Network," will launch a parallel MPC (Multi-Party Computation) network based on Sui. With the slogan "We make all chains Sui chains," IKA still addresses the issue of cross-chain interoperability of assets. Conventional cross-chain asset transfers typically rely on bridge protocols and wrapped assets (such as wrapping BTC as an ERC-20 token for use on Ethereum or bringing 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 a bridge protocol is attacked (like the $624 million theft of the Ronin bridge in 2022), users may lose all their assets; • Decoupling crisis: Wrapped tokens may lose price anchoring due to liquidity issues. Applications built on IKA as the underlying protocol can avoid these inconveniences of cross-chain assets. Taking BTC cross-chain lending as an example, the operational process is: • Create a dWallet (which will be detailed later) and bind a BTC address; • Initiate a lending request via smart contracts; • BTC is locked on the Bitcoin chain (not wrapped); • Loan funds are received in real-time on the Ethereum chain. Thus achieving: Asset Locking: BTC cannot be moved until repayment; Automatic Liquidation: if the BTC price plummets or repayment is overdue, collateral is automatically liquidated; Zero Trust Guarantee: the entire process is secured by the 2PC-MPC protocol, making it impossible for anyone to misappropriate assets. IKA is a B-to-B underlying interoperability protocol, and the mentioned use case is just one of many applications that can be built on it. In fact, over a dozen projects (mostly from the Sui ecosystem or already in partnership with Sui) have integrated IKA, covering four core scenarios: DeFi Interoperability Full Sail and other protocols achieve real-time liquidity injection of BTC/ETH into DEX on the Sui chain, allowing users to directly stake and lend with native BTC; Institutional Custody Aeon provides a multi-signature asset management solution based on IKA for institutional investors, with private key shards distributed across hundreds of nodes globally, balancing "self-custody vs compliance" issues; Chain Abstraction Experience Covault utilizes IKA+zkLogin to create a "seamless cross-chain" wallet, allowing users to directly operate Solana NFTs and Ethereum DeFi on the Sui chain; Bitcoin Financialization Native protocols develop a BTC options market based on IKA, achieving programmatic yield strategies for native Bitcoin for the first time. Also noteworthy is the fusion of AI and Web3 scenarios: Teams such as Atoma leverage IKA to set up trading firewalls for AI agents, ensuring that automated investment decisions cannot overreach and transfer assets, providing a secure foundation for the AI+DeFi market.

So how does IKA achieve cross-chain asset interoperability and attract these applications to connect? Technical Principles IKA's core technology can be summarized into two major modules - dWallet (decentralized wallet) and 2PC-MPC (Two-Party Computation - Multi-Party Computation) protocol, allowing users to participate in the multi-chain ecosystem directly using native assets such as BTC, ETH without relying on wrapped tokens. dWallet: Cross-chain "Universal" Wallet dWallets are like the "master key" to the cross-chain world: users can manage multi-chain assets through a single interface. Each dWallet's private key is split into multiple "key shares" stored across different nodes in the network. When a user initiates a cross-chain transaction, the network nodes and the user each hold a share of the key to participate in the signing process without ever reconstructing the complete private key. This means that there is no single point of private key leakage risk under any circumstances. dWallet features programmability and transferability; developers can set multi-signature, spending limits, conditional payments, and other strategies; DAOs can also achieve seamless transfer of governance wallets. Combined with Sui's zkLogin feature, it allows users to log in to any chain using their Google/Apple account, completely eliminating the burden of managing multiple wallets. 2PC-MPC Protocol: Sub-second Parallel Signing IKA adopts a unique 2PC-MPC scheme: first, the user and the network generate a share of the "encrypted key share" (Two-Party Computation), and then hundreds to thousands of nodes execute the MPC signing process in parallel (Multi-Party Computation). With Sui's Mysticeti consensus, the signing nodes can horizontally scale to thousands, achieving a throughput that is ten thousand times that of existing MPC networks; the signing delay stabilizes at sub-second levels while maintaining a high degree of decentralization and anti-censorship capability. In simple terms: the 2PC-MPC protocol breaks the "security-efficiency" paradox of traditional MPC. Token Economics IKA announced its initial token economics on May 8. The native token IKA (total issuance of 10 billion pieces) is the core vehicle for the network's economic operation, with its main functions including: • Payment Function: Users use IKA to pay network service fees, including fees for creating dWallets, requesting signatures, redistributing key shares, and other operations. • Security Incentives: Through a Delegated Proof of Stake (DPoS) mechanism, nodes compete for signing and consensus verification rights, and earn corresponding rewards by staking IKA; improper or malicious behavior will face penalties to ensure network security. • Governance Weight: IKA holders can participate in voting on network governance proposals, deciding on protocol parameters, economic model adjustments, and community fund usage, achieving decentralized autonomy. Token Distribution IKA promises to allocate more than 50% of the token quantity to the community. At the launch of the mainnet, 6% (600 million pieces) of the tokens will be used for the first round of community airdrops and incentives. The official statement indicates that other token distribution details will be announced closer to the TGE. Participating in Airdrop Currently, IKA has Pre-Mainnet tasks that can be completed to obtain droplets, likely related to its subsequent token airdrop. Many tasks require staking their THE MF SQUID MARKET series NFTs issued on Sui (currently the floor price is 87 SUI) to participate. Note that the rarity and level of the NFT determine the number of droplets obtained, with specific information detailed on the official page. Users without NFTs can participate in activities such as staking SUI for iSUI and locking it up to get droplets daily (staking NFTs is a one-time gain, and will not increase daily), generating dWallets (showing a consumption of 5 SUI, but the actual fee is only the Gas cost), and registering Sui, EVM, and Bitcoin chain addresses (only consuming Gas), etc.