On April 28, 2025, IKA announced that it had secured a strategic investment from the Sui Foundation, bringing the total funding raised by the project to over $21 million. Previously, IKA had raised more than 1.4 million SUI tokens through the issuance of the "THE MF SQUID MARKET" series of NFTs on Sui. The project has also received support from institutions such as DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, and FalconX.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

As of now, the highest valuation of the project stands at $600 million. On PinataBot Market, the pre-market OTC trading platform for Sui's tokens, the fully diluted market capitalization of the IKA token has reached $1.2 billion (with relatively low trading volume).

What is IKA, and Why Has It Achieved Such Funding and Valuation?

Project Background and Introduction

IKA, formerly known as "dWallet Network," is set to launch a parallel MPC (Multi-Party Computation) network based on Sui. With the slogan "We make every chain a Sui chain," IKA aims to address the issue of cross-chain asset interoperability.

Traditional 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 hold only the wrapped tokens, not the actual BTC or ETH.

• Bridge security risks: If a bridge protocol is attacked (as in the 2022 Ronin bridge hack that resulted in a $624 million loss), users' assets could be entirely lost.

• De-pegging crisis: Wrapped tokens may lose their price peg due to liquidity issues.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

Applications built on IKA as the underlying protocol can avoid these inconveniences of cross-chain assets. For example, in the case of cross-chain BTC lending, the process is as follows:

1. Create a dWallet (which will be detailed later) and link it to a BTC address.

2. Initiate a lending request through a smart contract.

3. Lock BTC on the Bitcoin blockchain (not wrapped).

4. Receive loan funds on the Ethereum blockchain in real time.

This achieves:

• Asset locking: BTC cannot be moved until the loan is repaid.

• Automatic liquidation: If the BTC price plummets or the loan is not repaid on time, the collateral is automatically liquidated.

• Zero-trust assurance: The entire process is secured by the 2PC-MPC protocol, ensuring no one can misappropriate assets.

IKA as a B2B Interoperability Protocol

The above use case is just one of the many applications that can be built on IKA. In fact, more than ten projects (mostly from the Sui ecosystem or those that have established partnerships with Sui) have already integrated with IKA, covering four core scenarios:

• DeFi Interoperability: Protocols like Full Sail use IKA to inject BTC/ETH liquidity into Sui's DEX in real time, allowing users to directly participate in staking and lending with native BTC.

• Institutional Custody: Aeon provides multi-signature asset management solutions for institutional investors based on IKA, with private key shards distributed across hundreds of nodes worldwide, balancing the issue of "self-custody vs. compliance."

• Chain Abstraction Experience: Covault uses IKA + zkLogin to create a "seamless cross-chain" wallet, enabling users to directly operate Solana NFTs and Ethereum DeFi on the Sui blockchain.

• Bitcoin Financialization: The Native protocol develops a BTC options market based on IKA, for the first time achieving a programmatic yield strategy for native Bitcoin.

Another notable application 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 without authorization, providing a secure foundation for the AI + DeFi market.

How Does IKA Achieve Cross-Chain Asset Interoperability and Attract These Applications?

Technical Principles

IKA's core technology can be summarized into two main modules: dWallet (decentralized wallet) and the 2PC-MPC (Two-Party Computation - Multi-Party Secure Computation) protocol. These allow users to participate in multi-chain ecosystems directly with native assets like BTC and ETH, without relying on wrapped tokens.

dWallet: The "Universal Key" for Cross-Chain Assets

dWallets act as the "universal keys" 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," which are stored across different nodes in the network. When a user initiates a cross-chain transaction, the network nodes and the user's own key share participate in the signature computation together, without ever reconstructing the complete private key. This means there is no single point of private key leakage risk under any circumstances.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

dWallets are programmable and transferable. Developers can set strategies such as multi-signature, limit spending, and conditional payments. DAOs can also achieve seamless handover of governance wallets. Combined with Sui's zkLogin feature, users can log in to any chain with their Google/Apple accounts, completely eliminating the burden of managing multiple wallets.

2PC-MPC Protocol: Sub-Second Parallel Signatures

IKA employs an innovative 2PC-MPC solution: First, the user and the network each generate an "encrypted key share" (Two-Party Computation), followed by hundreds to thousands of nodes executing the MPC signature process (Multi-Party Computation) in parallel. Leveraging Sui's Mysticeti consensus, the number of signature nodes can be horizontally scaled to thousands, with throughput reaching ten thousand times that of existing MPC networks. The signature delay remains stable at the sub-second level, while maintaining a high degree of decentralization and censorship resistance.

In Simple Terms: The 2PC-MPC Protocol Breaks the Traditional MPC "Security-Efficiency" Paradox

Token Economics

On May 8, IKA announced its initial token economics. The native token IKA (with a total supply of 10 billion tokens) is the core medium for the network's economic operations. Its main functions include:

• Payment function: Users pay for network service fees with IKA, including costs for creating dWallets, requesting signatures, and reallocating key shares.

• Security incentives: Through a Delegated Proof of Stake (DPoS) mechanism, nodes compete for signature and consensus validation rights and earn corresponding rewards by staking IKA. Misconduct or malicious behavior will result in penalties to ensure network security.

• Governance weight: IKA holders can participate in network governance proposal votes, deciding on protocol parameters, economic model adjustments, and the use of community funds, achieving decentralized governance.

Token Allocation

IKA has committed to allocating more than 50% of its tokens to the community. At the mainnet launch, 6% (600 million tokens) will be used for the first round of community airdrops and incentives.

The official team has stated that other token allocation details will be disclosed closer to the TGE (Token Generation Event).

Participating in the Airdrop

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

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

Many of these tasks require staking the "THE MF SQUID MARKET" series of NFTs issued on Sui (currently with a floor price of 87 SUI) to participate.

Note that the rarity and level of the NFT determine the number of droplets obtained, with detailed information available on the official website. Users without NFTs can participate in activities such as staking SUI as iSUI and locking it to earn droplets daily (staking NFTs provides a one-time reward, not daily increments), creating a dWallet (which shows a cost of 5 SUI but only deducts the gas fee), and registering Sui, EVM, and Bitcoin chain addresses (which only consume gas).

On April 28, 2025, IKA announced that it had secured a strategic investment from the Sui Foundation, bringing the total funding raised by the project to over $21 million. Previously, IKA had raised more than 1.4 million SUI tokens through the issuance of the "THE MF SQUID MARKET" series of NFTs on Sui. The project has also received support from institutions such as DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, and FalconX.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

As of now, the highest valuation of the project stands at $600 million. On PinataBot Market, the pre-market OTC trading platform for Sui's tokens, the fully diluted market capitalization of the IKA token has reached $1.2 billion (with relatively low trading volume).

What is IKA, and Why Has It Achieved Such Funding and Valuation?

Project Background and Introduction

IKA, formerly known as "dWallet Network," is set to launch a parallel MPC (Multi-Party Computation) network based on Sui. With the slogan "We make every chain a Sui chain," IKA aims to address the issue of cross-chain asset interoperability.

Traditional 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 hold only the wrapped tokens, not the actual BTC or ETH.

• Bridge security risks: If a bridge protocol is attacked (as in the 2022 Ronin bridge hack that resulted in a $624 million loss), users' assets could be entirely lost.

• De-pegging crisis: Wrapped tokens may lose their price peg due to liquidity issues.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

Applications built on IKA as the underlying protocol can avoid these inconveniences of cross-chain assets. For example, in the case of cross-chain BTC lending, the process is as follows:

1. Create a dWallet (which will be detailed later) and link it to a BTC address.

2. Initiate a lending request through a smart contract.

3. Lock BTC on the Bitcoin blockchain (not wrapped).

4. Receive loan funds on the Ethereum blockchain in real time.

This achieves:

• Asset locking: BTC cannot be moved until the loan is repaid.

• Automatic liquidation: If the BTC price plummets or the loan is not repaid on time, the collateral is automatically liquidated.

• Zero-trust assurance: The entire process is secured by the 2PC-MPC protocol, ensuring no one can misappropriate assets.

IKA as a B2B Interoperability Protocol

The above use case is just one of the many applications that can be built on IKA. In fact, more than ten projects (mostly from the Sui ecosystem or those that have established partnerships with Sui) have already integrated with IKA, covering four core scenarios:

• DeFi Interoperability: Protocols like Full Sail use IKA to inject BTC/ETH liquidity into Sui's DEX in real time, allowing users to directly participate in staking and lending with native BTC.

• Institutional Custody: Aeon provides multi-signature asset management solutions for institutional investors based on IKA, with private key shards distributed across hundreds of nodes worldwide, balancing the issue of "self-custody vs. compliance."

• Chain Abstraction Experience: Covault uses IKA + zkLogin to create a "seamless cross-chain" wallet, enabling users to directly operate Solana NFTs and Ethereum DeFi on the Sui blockchain.

• Bitcoin Financialization: The Native protocol develops a BTC options market based on IKA, for the first time achieving a programmatic yield strategy for native Bitcoin.

Another notable application 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 without authorization, providing a secure foundation for the AI + DeFi market.

How Does IKA Achieve Cross-Chain Asset Interoperability and Attract These Applications?

Technical Principles

IKA's core technology can be summarized into two main modules: dWallet (decentralized wallet) and the 2PC-MPC (Two-Party Computation - Multi-Party Secure Computation) protocol. These allow users to participate in multi-chain ecosystems directly with native assets like BTC and ETH, without relying on wrapped tokens.

dWallet: The "Universal Key" for Cross-Chain Assets

dWallets act as the "universal keys" 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," which are stored across different nodes in the network. When a user initiates a cross-chain transaction, the network nodes and the user's own key share participate in the signature computation together, without ever reconstructing the complete private key. This means there is no single point of private key leakage risk under any circumstances.

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

dWallets are programmable and transferable. Developers can set strategies such as multi-signature, limit spending, and conditional payments. DAOs can also achieve seamless handover of governance wallets. Combined with Sui's zkLogin feature, users can log in to any chain with their Google/Apple accounts, completely eliminating the burden of managing multiple wallets.

2PC-MPC Protocol: Sub-Second Parallel Signatures

IKA employs an innovative 2PC-MPC solution: First, the user and the network each generate an "encrypted key share" (Two-Party Computation), followed by hundreds to thousands of nodes executing the MPC signature process (Multi-Party Computation) in parallel. Leveraging Sui's Mysticeti consensus, the number of signature nodes can be horizontally scaled to thousands, with throughput reaching ten thousand times that of existing MPC networks. The signature delay remains stable at the sub-second level, while maintaining a high degree of decentralization and censorship resistance.

In Simple Terms: The 2PC-MPC Protocol Breaks the Traditional MPC "Security-Efficiency" Paradox

Token Economics

On May 8, IKA announced its initial token economics. The native token IKA (with a total supply of 10 billion tokens) is the core medium for the network's economic operations. Its main functions include:

• Payment function: Users pay for network service fees with IKA, including costs for creating dWallets, requesting signatures, and reallocating key shares.

• Security incentives: Through a Delegated Proof of Stake (DPoS) mechanism, nodes compete for signature and consensus validation rights and earn corresponding rewards by staking IKA. Misconduct or malicious behavior will result in penalties to ensure network security.

• Governance weight: IKA holders can participate in network governance proposal votes, deciding on protocol parameters, economic model adjustments, and the use of community funds, achieving decentralized governance.

Token Allocation

IKA has committed to allocating more than 50% of its tokens to the community. At the mainnet launch, 6% (600 million tokens) will be used for the first round of community airdrops and incentives.

The official team has stated that other token allocation details will be disclosed closer to the TGE (Token Generation Event).

Participating in the Airdrop

Luxury Investment Group and SUI's Strong Support: Everything You Need to Know About IKA

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

Many of these tasks require staking the "THE MF SQUID MARKET" series of NFTs issued on Sui (currently with a floor price of 87 SUI) to participate.

Note that the rarity and level of the NFT determine the number of droplets obtained, with detailed information available on the official website. Users without NFTs can participate in activities such as staking SUI as iSUI and locking it to earn droplets daily (staking NFTs provides a one-time reward, not daily increments), creating a dWallet (which shows a cost of 5 SUI but only deducts the gas fee), and registering Sui, EVM, and Bitcoin chain addresses (which only consume gas).