April 11, 2024
Mayan, a startup focused on building a cross-chain auction protocol, has raised $3 million in seed funding. The funding round was co-led by Borderless Capital and 6th Man Ventures, with additional participation from Solana Ventures, Hash3, Big Brain Holdings, Arrington Capital, Wormhole Cross-Chain Ecosystem Fund, Solana co-founder Anatoly Yakovenko, and Wormhole Labs co-founder Saeed Badreg.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Mayan | $3M | Apr 11, 2024 | Seed | $3M | Borderless Capital, 6th Man Ventures | DeFi |
This seed round marks the total funding raised by Mayan to date. The company plans to use the funds to expand its team, enhance its cross-chain auction protocol, and launch on additional blockchains. The goal is to improve the cross-chain user experience and implement completely permissionless and transparent auctions. Mayan also plans to support NFTs in the future.
Built on the Solana blockchain, Mayan's protocol optimizes user transaction rates across different blockchains. The system converts input tokens into the USD-pegged stablecoin USDC and facilitates inter-blockchain transfers using Circle's Cross-Chain Transfer Protocol (CCTP). This process involves burning USDC on the source chain and minting it on the destination chain, facilitating communication between Circle and the source chain. Mayan also utilizes a message-passing platform from Wormhole to send pertinent data for auctions.
According to Mayan’s website, the platform has processed approximately $486 million in total volume across 337,185 swaps, with nearly 150,000 active wallets. As co-founder Mo Elahi mentioned, the company intends to launch a points system to track user engagement and reward loyal users.
Mayan's vision includes evolving into a fully permissionless venue for trading various crypto assets, including fungible tokens and NFTs. The company aims to drive innovation in the intent-centric multichain future, enhancing blockchain interactions for all web3 users.
About Mayan
Mayan is a cross-chain auction protocol designed to find the best transaction rates for users across different blockchains. Built on Solana, the protocol leverages Circle's Cross-Chain Transfer Protocol (CCTP) and Wormhole’s message-passing platform to facilitate efficient and secure inter-blockchain transfers. Mayan aims to create a permissionless and transparent auction platform, enhancing the overall cross-chain user experience and supporting a wide range of crypto assets, including NFTs.
Website: https://mayan.finance/
X Account: @MayanFinance
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About Investor
Investor: Borderless Capital and 6th Man Ventures (6MV)
Description:
Borderless Capital: A venture capital firm that invests in the blockchain and cryptocurrency space, focusing on projects that promote decentralization and innovation.
6th Man Ventures (6MV): A venture capital firm investing in early-stage blockchain and cryptocurrency projects, supporting the growth of decentralized technologies.
Location: United States
Website: Borderless Capital and 6th Man Ventures (6MV)
LinkedIn: Borderless Capital and 6th Man Ventures (6MV)
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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