Magma, a Miami, FL-based builder of a MEV-powered liquid staking on Monad, raised $3.9M in seed funding.
Backers included Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and angel investors Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff.
The company intends to use the funds to further develop its liquid staking platform and MEV (Maximal Extractable Value) architecture.
Founded by David Mass and Meir Bank, who were previously at Citibank and AngelDAO, Magma is a decentralized Liquid Staking Protocol built on the Monad Network, an Ethereum-compatible Layer 1 blockchain. Users of Magma will be able to stake their Monad tokens in exchange for gMONAD, a liquid staking token (LST) which allows users to retain their liquidity to utilize throughout the Monad ecosystem and earn staking rewards. Magma is also building MEV infrastructure for Monad to maximize the performance of the Monad Network. Magma users will be able to utilize their LST to earn restaking rewards with Ether.Fi.
In the last few months, Magma has solidified partnerships with a network of best-in-class validators, including Staked (as part of Kraken), P2P, A41, Validation Cloud, Everstake, Chorus One, Finoa Consensus Services, Bware Labs alongside core DeFi primitives, including Ether.fi, Wormhole, Pyth, Switchboard, LFJ (Previously Trader Joe), Curvance, and others. The Magma Team was
FinSMEs
31/10/2024