Fast take:
Kintsu beforehand constructed its liquid staking protocol for the Aleph Zero blockchain however has since switched its focus to solely constructing on Monad.
The protocol is about for launch throughout the first week of Monad launching its mainnet.
The fundraising was structured as a easy settlement for future fairness (SAFE) with token warrants.
Kintsu, the liquid staking protocol being constructed on Monad has raised $4 million in a seed spherical led by Fortress Island Ventures.
The fundraising additionally attracted participation from Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, CMS Holdings and Animoca Ventures, with Brevan Howard Digital’s Alex Matthews and Ross Trachtman, Marin Tvrdic from Lido and Robinson Burkey from Wormhole Basis amongst those that joined as angel buyers.
The fundraising was structured as a single settlement for future fairness (SAFE) with token warrants, Kintsu founder informed The Block.
The announcement comes the identical day as one other Monad-based liquid staking protocol, aPriori introduced a $10 million funding spherical led by Pantera Capital.
On-chain order ebook, additionally constructed on Monad, Kuru, raised $2 million, with Electrical Capital main the seed spherical, Monad shared through a put up on X.
Monad, the EVM-compatible layer-1 is without doubt one of the most anticipated blockchains, with a mainnet launch anticipated later this 12 months. Kintsu mentioned will probably be able to launch its platform inside every week as quickly as Monad goes reside.
Kintsu’s first product was a liquid staking protocol primarily based on the Aleph Zero blockchain, however it has since switched its focus to constructing on Monad.
“In some ways, proof of stake blockchains like Monad are like digital nation states,” Novenstern mentioned. “Staking creates a chance price for DeFi, which may restrict progress on the protocol stage. The liquid staking token class, not simply liquid, however ‘composable,’ posed a option to repair this and has seen nice product market match throughout revolutionary blockchains like Ethereum and Solana.”
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