Luxury investment group and SUI strongly support, everything you need to know about IKA

Author: Alex Liu, Foresight News

Financing information and pre-market price

On April 28, 2025, IKA announced that it had received strategic investment from the Sui Foundation, bringing the cumulative financing scale of the project to exceed US$21 million. Previously, IKA raised more than 1.4 million SUI tokens by issuing THE MF SQUID MARKET series NFTs on Sui, and received support from institutions including DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX and other institutions.

As of now, the highest financing valuation of the project is US$600 million. On Sui's pre-market token OTC trading market, PinataBot Market, the fully circulated market value of token IKA has reached US$1.2 billion (lower trading volume).

What kind of project is IKA and how can I get such financing and valuation?

Project background and introduction

IKA was formerly "dWallet Network", and will launch a Sui-based parallel MPC (multi-party computing) network. With the slogan "We make all chains a Sui chain", IKA still solves the problem of cross-chain interoperability of assets.

Conventional cross-chain asset transfers usually rely on bridging protocols and encapsulated assets (such as encapsulating BTC as ERC-20 tokens for use in Ethereum, or introducing USDC into Solana). But this approach has fundamental flaws:

• Non-native asset risk: Users only hold encapsulated tokens, not real BTC or ETH;
• Bridge security risks: If the bridge protocol is attacked (such as the stolen Ronin Bridge of 624 million US dollars in 2022), all user assets may be lost;
• Deaning crisis: Packaged tokens may lose their price anchoring due to liquidity issues.

Applications built with IKA for the underlying protocol can avoid the inconvenience of these cross-chain assets. Taking the example of BTC cross-chain lending as an example, the operation process is:

1. Create a dWallet (more on this later) and bind the BTC address;
2. Initiate a loan request through a smart contract;
3. BTC locks (non-encapsulated) on the Bitcoin chain;
4. Receive loan funds on the Ethereum chain in real time.

In turn, it achieves:

Asset lock: BTC is not removable before repayment;

Automatic liquidation: If the BTC price plummets or is overdue and has not been repaid, the collateral will be automatically liquidated;

Zero trust guarantee: The entire process is guaranteed by the 2PC-MPC protocol, and no one can misappropriate assets.

IKA is the underlying interoperability protocol of to B. The above use cases are only based on one of the applications it can build. In fact, more than ten projects (mostly from the Sui ecosystem or have established cooperative relationships with Sui) are connected to IKA, covering four core scenarios:

DeFi Interoperability

Full Sail and other protocols realize BTC/ETH liquidity injected into Sui on-chain DEX through IKA, and users can directly participate in pledge lending with native BTC;

Institutional-level custody

Aeon provides institutional investors with a multi-signature asset management solution based on IKA, with private key fragments distributed across hundreds of nodes around the world, balancing the problem of "self-custodial vs. compliance";

Chain abstract experience

Covault uses IKA+zkLogin to create a "contactless cross-chain" wallet, where users can directly operate Solana NFT and Ethereum DeFi on the Sui chain;

Bitcoin Financialization

The Native protocol develops the BTC option market based on IKA, realizing the programmatic return strategy of native Bitcoin for the first time.

There are also scenarios worth paying attention to about AI and Web3: Teams such as Atoma use IKA to set up transaction firewalls for AI agents to ensure that automated investment decisions cannot transfer assets beyond their authority, and provide a security foundation for the AI+DeFi market.

So how exactly does IKA achieve cross-chain asset interoperability and attract these applications to access?

Technical Principles

IKA's core technology can be summarized into two major modules - dWallet (decentralized wallet) and 2PC-MPC (two-party computing - multi-party security computing) protocols, allowing users to directly use native assets such as BTC and ETH to participate in the multi-chain ecosystem without relying on encapsulated tokens.

dWallet: Cross-chain "all-round" wallet

dWallets are like the "master key" of the cross-chain world: users can manage multi-chain assets through one interface. The private key of each dWallet is split into multiple "key shares" and distributed to different nodes stored in the network. When a user initiates a cross-chain transaction, the network node and the user share of the keys held by each of the users participate in the signature operation, but never reconstructs the complete private key. This means that there is no risk of single point private key leakage under any circumstances.

dWallet has programmable and transferable features, developers can set strategies such as multi-signature, limit expenditure, and conditional payment; DAO can also achieve seamless handover of governance wallets. Combined with Sui's zkLogin function, it allows users to log in to any link with Google/Apple account, completely eliminating the burden of multi-wallet management.

2PC-MPC protocol: sub-second parallel signature

IKA adopts the original 2PC-MPC solution: First, the user and the network generate a "Two-Party Computation" respectively, and then the MPC signature process (Multi-Party Computation) is performed in parallel by hundreds to thousands of nodes. With Sui's Mysticeti consensus, signature nodes can be scaled horizontally to thousands, with a throughput of tens of times that of existing MPC networks; signature delay is stable at sub-second level, while maintaining extremely high decentralization and censorship resistance.

Simply put: the 2PC-MPC protocol cracks the "safety-efficiency" paradox of traditional MPC.

Token Economics

IKA announced the initial token economics on May 8. Native token IKA (total issuance of 10 billion pieces) is the core carrier of the operation of the Internet economy, and its main functions include:

• Payment function: Users use IKA to pay for network service fees, including the fees for creating dWallets, requesting signatures, reassigning key shares, etc.
• Security incentives: Through the Delegated Proof of Stake (DPoS) mechanism, nodes can compete for signatures and consensus verification rights, and obtain corresponding benefits through pledging IKA; improper or malicious behavior will be confiscated to ensure network security.
• Governance weight: IKA holders can participate in voting for network governance proposals, decide on protocol parameters, economic model adjustments, and the use of community funds, and achieve decentralized autonomy.

Token allocation

IKA promises to allocate more than 50% of the tokens to the community. When the main network is launched, 6% (600 million) of tokens will be used for the first round of community airdrops and incentives.

The official said that the details of other token allocation will be announced at a time point closer to TGE.

Participate in airdrop

IKA currently has Pre-Mainnet (before the mainnet is online) tasks that can be completed and get droplets, which is likely to be related to the subsequent token airdrops.

Many tasks require pledges to participate in the THE MF SQUID MARKET series NFTs issued on Sui (current floor price is 87 SUI).

Note that the rarity and level of NFT determine the number of droplets obtained. The official page of the specific information has detailed instructions. Activities that users who do not hold NFTs can participate in are pledging the SUI as iSUI and locking the bin, obtaining droplets every day (the pledged NFT is obtained at one time and will not increase every day.), generating dWallets (it shows that 5 SUI is consumed, and the actual deduction is only Gas fee), registering Sui, EVM, Bitcoin chain address (gas is consumed only), etc.