PANews reported on October 31 that according to official news, Magma, the Monad ecosystem liquidity pledge protocol, announced the completion of a $3.9 million seed round of financing, with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, etc. Angel investors participating in this financing include Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis and Ben Lakoff.
According to reports, Magma is a decentralized liquidity staking protocol built on the Monad Network, a Layer 1 blockchain compatible with Ethereum. Magma users will be able to stake their Monad tokens in exchange for gMONAD, a liquidity staking token (LST). Magma is also building MEV infrastructure for Monad to improve the performance of the Monad network. Magma users will be able to use their LST to obtain re-staking rewards through Ether.Fi.
