## Magma Secures $3.9 Million to Power Liquid Staking on Monad Network
Magma, a decentralized liquid staking protocol built on the Monad Network, is taking a major step forward with a $3.9 million seed funding round. This significant investment, led by Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, and other prominent investors, will fuel the development of Magma’s innovative MEV-powered liquid staking platform.
The funding will enable Magma to enhance its existing platform and build robust MEV (Maximal Extractable Value) infrastructure for Monad, ultimately maximizing the performance of the network. MEV is the potential for additional value to be extracted during block production beyond standard block rewards and gas fees.
Magma’s Vision: Combining Liquidity and Staking Rewards
Magma’s platform empowers users to stake their Monad tokens and receive gMONAD, a liquid staking token (LST). This innovative approach allows users to retain their liquidity for use within the Monad ecosystem while simultaneously earning staking rewards.
A Strategic Partnership with Ether.fi
In a significant move, Magma has partnered with Ether.fi to implement Restaking integration on Monad. This integration allows users to leverage their LSTs to earn additional restaking rewards, further amplifying their potential gains.
A Strong Foundation of Partnerships
Beyond its core team, Magma has forged strategic partnerships with a diverse network of industry leaders. This includes prominent validators like Staked (part of Kraken), P2P, A41, Validation Cloud, Everstake, Chorus One, Finoa Consensus Services, and Bware Labs.
Additionally, Magma has collaborated with key DeFi primitives, including Ether.fi, Wormhole, Pyth, Switchboard, LFJ (previously Trader Joe), and Curvance. This network of partners underscores Magma’s commitment to building a robust and comprehensive ecosystem.
Experienced Founders with a Vision
Magma’s team is led by David Mass and Meir Bank, veterans with experience at Citibank and AngelDAO. Their combined expertise and vision have been instrumental in driving the project’s growth.
Looking Ahead: Testnet Launch and Community Growth
Magma is currently focused on strategic partnerships within the Monad ecosystem. The company is poised for an exciting Q4, with plans to launch on testnet and ultimately mainnet. A unique community points program will be a key feature of the mainnet launch, fostering engagement and growth.
Magma: A Force in Decentralized Finance
With its innovative liquid staking solution, MEV infrastructure, and a network of strategic partnerships, Magma is poised to become a leading player in the decentralized finance (DeFi) landscape. The project’s focus on user-centricity, coupled with its experienced team and growing community, positions Magma for continued success in the ever-evolving world of blockchain technology.
