October 30, 2024 Magma has successfully completed a $3.9 million seed funding round, with participation from a range of investors including Bloccelerate, Animoca Ventures, and CMS Holdings. This funding will support the development of MEV-powered liquid staking on the Monad Network and a partnership with Ether.fi for the first Restaking integration. The seed round also attracted additional investors such as Veil VC, Builder Capital, and several prominent angel investors including Meltem Demirors and Kartik Talwar.
Founded by industry veterans David Mass and Meir Bank, Magma aims to enhance its liquid staking platform and build robust Maximal Extractable Value (MEV) architecture. MEV refers to the value that can be extracted during block production beyond standard rewards, achieved through strategic transaction management within a blockchain. This initiative places Magma at the forefront of innovative blockchain solutions as it partners with a network of leading validators, including Kraken's Staked and Chorus One.
Magma's team has expressed excitement about the future, with plans for strategic partnerships and upcoming product launches. The company intends to roll out its solutions on both testnet and mainnet in the coming months, enhancing the user experience within the Monad ecosystem.
About Magma
Magma is a decentralized liquid staking protocol built on the Monad Network, which is an Ethereum-compatible Layer 1 blockchain. Users can stake their Monad tokens in exchange for gMONAD, a liquid staking token that retains liquidity while allowing users to earn staking rewards. Additionally, Magma is focused on developing MEV infrastructure to optimize the performance of the Monad Network, enabling users to earn restaking rewards through Ether.fi.
Website: https://www.magmastaking.xyz/
X: @MagmaStaking
About Investor
Bloccelerate
Bloccelerate is a venture capital firm focused on investing in early-stage blockchain companies, with a commitment to fostering innovation within the decentralized finance space. The firm actively seeks opportunities in cutting-edge projects that leverage blockchain technology to create transformative solutions.
Location: Seattle, Washington
Website: https://bloccelerate.vc/
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