TechFlow news, October 30 — Official announcement revealed that Magma, a liquid staking protocol within the Monad ecosystem, has raised $3.9 million in seed funding. The round was backed by Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, and Relayer Capital. Notably, Magma is building MEV-based liquid staking on Monad. Additionally, Magma will collaborate with Ether.fi to establish the first restaking integration on Monad.
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