The liquidity staking protocol Magma on the Monad network has announced the completion of a $3.90 million seed round financing.

The Magma liquid staking protocol on the Monad network has announced the completion of a $3.90 million seed round of financing, led by Bloccelerate, Animoca Ventures, CMS Holdings, and Maelstrom, with participation from Veil VC, Builder Capital, Infinity Ventures, and RockTree Capital. Magma plans to launch MEV-supported liquid staking on the Monad network and collaborate with Etherfi to establish the first re-staking integration on Monad.