Magma to build out liquid staking on Monad and restaking with Ether.fi following $3.9M seed fundraise
MIAMI, Oct. 30, 2024 (GLOBE NEWSWIRE) — Following a $3.9M seed round with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom and others, Magma is building MEV-powered liquid staking on Monad. Additionally, Magma will partner with Ether.fi to build the first Restaking integration on Monad. 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 founded by David Mass and Meir Bank, who were previously at Citibank and AngelDAO.
Additional Investors in the round included Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors who contributed to the fundraise included Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff.
With this investment, the company plans to further develop its liquid staking platform and MEV (Maximal Extractable Value) architecture. MEV is the additional value that can be extracted during block production beyond the standard block reward and gas fees. This is achieved by manipulating the inclusion, exclusion, or ordering of transactions within a blockchain.
David Mass, Co-founder and CEO, said, “We have been actively building in the space for a few years and committed to building in the Monad ecosystem in the Summer of 2023. We wanted to build a brand and a community inspired by the overarching success similar to Monad’s parabolic growth. We have a fun brand, but most importantly, we are focusing on building a best-of-breed product for our category type, which will be vetted by some of the best auditors in the space.”
Looking ahead to Q4
“We have been working diligently on pipelining strategic partnerships throughout the Monad ecosystem. The next few months will be exciting as we look forward to launching on testnet and eventually mainnet with a unique community points program,” Mass explains.
About Magma
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.
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Contact:
David Mass
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