Magma Raises $3.9M In Seed Funding

Magma, a Miami-based company specializing in MEV-powered liquid staking on the Monad Network, has successfully raised $3.9 million in seed funding. This round was supported by a diverse group of investors, including Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, and Stake Capital. Additionally, several angel investors, such as Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff, contributed to the funding.

The funds will be used to enhance Magma’s liquid staking platform and develop its Maximal Extractable Value (MEV) architecture. Founded by David Mass and Meir Bank, both of whom have backgrounds at Citibank and AngelDAO, Magma aims to create a decentralized Liquid Staking Protocol built on the Monad Network, an Ethereum-compatible Layer 1 blockchain.

Magma’s platform will allow users to stake their Monad tokens in exchange for gMONAD, a liquid staking token (LST). This innovative approach enables users to maintain liquidity within the Monad ecosystem while still earning staking rewards. Moreover, Magma is focused on building MEV infrastructure for Monad, aiming to enhance the network’s performance and efficiency. Users can leverage their LST to earn additional restaking rewards through partnerships with Ether.Fi.

In recent months, Magma has established partnerships with a range of top-tier validators, including Staked (affiliated with Kraken), P2P, A41, Validation Cloud, Everstake, Chorus One, and Finoa Consensus Services. The company has also collaborated with essential DeFi primitives like Ether.fi, Wormhole, Pyth, Switchboard, and Curvance. With these strategic alliances and its innovative approach to liquid staking, Magma is well-positioned to make significant strides in the DeFi space and enhance user experience within the Monad ecosystem.