The liquidity pledge protocol Magma has completed a $3.9 million seed round financing, with participation from Animoca Ventures and others

the Monad ecological liquid staking protocol Magma has announced the completion of a $3.9 million seed round financing, with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, and Relayer Capital.

It is reported that Magma is building MEV-based liquid staking on Monad. Magma will collaborate with Ether.fi to establish the first restaking integration on Monad.

According to RootData, Magma is a liquid staking protocol based on Monad, developed by Hydrogen Labs. It achieves fair token distribution through ecological competitive airdrops, emphasizes community participation and decision-making, and is capable of self-funding protocol development and managing various activities.