Magma, a decentralized liquid staking protocol built on the Monad Network, has secured $3.9 million in seed funding to advance its MEV-powered liquid staking solution. The funding will be used to further develop Magma’s platform and build MEV infrastructure for Monad, maximizing network performance. Magma has also partnered with Ether.fi to integrate Restaking, allowing users to earn additional rewards.
Solana’s network experienced a surge in economic value, reaching a record high of $11,089,500 on October 24th. This milestone was driven by increased transaction fees and Maximal Extractable Value (MEV) tips, exceeding Ethereum’s performance since October 19th. The rise is largely attributed to the popularity of meme coins on Solana, with the Solana Telegram Bot alone witnessing $211 million in trading volume on October 24th.
