Value

Galaxy

Monad

Berachain

THORChain

Binance’s venture capital arm has invested in aPriori, a liquid staking protocol on the Monad network focused on miner extractable value (MEV), according to a July 30 announcement.&nbsp;
The deal comes amid a flurry of investment in layer-1 network Monad and its surrounding decentralized finance (DeFi) ecosystem.
Related: <a href="https://cointelegraph.com/news/ethereum-layer2-movement-labs-polygon-integration">Movement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnet</a>
According to the statement, aPriori <a href="https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-apriori-through-its-incubation-program-to-advance-mevpowered-liquid-staking-5476395444355527254?hl=en" target="_blank" rel="noopener nofollow">seeks</a> to create sustainable incentives for validators on Monad by developing novel mechanisms for liquid staking tokens and MEV. Monad is an Ethereum Virtual Machine (EVM)-compatible L1 designed for complex, high-throughput applications. 
“We at aPriori are developing an MEV-powered liquid staking platform on Monad,” Priori’s CEO, Ray — who did not share his surname — said in a statement. He added that aPriori seeks to “introduce novel products uniquely designed for high-throughput, parallel EVM networks.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3c10dce0-3ae7-4743-a906-325afe8517ea.png" alt="Binance Labs invests in liquid staking platform aPriori" title="">
 <figcaption style="text-align: center;">
 aPriori closed an $8 million seed round on July 23. Source: aPriori&nbsp;
 </figcaption>
</figure>
APriori <a href="https://www.crunchbase.com/organization/apriori-686f/company_financials" target="_blank" rel="noopener nofollow">closed</a> an $8 million seed round on July 23 led by Pantera Capital, alongside some two dozen other investors, according to Crunchbase. The round reportedly <a href="https://www.crunchbase.com/organization/apriori-686f/company_financials" target="_blank" rel="noopener nofollow">valued</a> the blockchain startup at upward of $100 million. Another liquid staking protocol on Monad, Kintsu, <a href="https://markets.businessinsider.com/news/currencies/kintsu-secures-4m-in-seed-funding-led-by-castle-island-ventures-to-catalyze-monad-defi-with-liquid-staking-1033596114" target="_blank" rel="noopener nofollow">closed</a> a $4 million seed round in July. 
Monad Labs closed on $225 million in an April funding that included Paradigm, Electric Capital and Coinbase Ventures and reportedly <a href="https://www.theblock.co/post/287257/monad-labs-raises-225-million-in-funding-round-led-by-paradigm" target="_blank" rel="noopener nofollow">valued</a> the blockchain’s developer at $3 billion. 
Layer-1 blockchain networks <a href="https://www.galaxy.com/insights/research/crypto-and-blockchain-venture-capital-q2-2024/" target="_blank" rel="noopener nofollow">raised</a> almost $400 million from venture capital firms in the second quarter of 2024 and comprised about 12% of overall Web3 venture investment, according to Galaxy Research. Around 80% of venture funding went to early-stage startups.
“Notably, the market share of capital invested in the Layer 1 category is up over 6x due to the Monad and Berachain deal, which raised $225m and $100m, respectively,” according to the report. 
APriori was incubated through Season 6 of the Binance Labs Incubation Program. The crypto incubator has launched some 65 projects in total. 
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

Binance Labs invests in liquid staking platform aPriori

Cointelegraph

Other articles published on Jul 30, 2024

Bitrue to Deliver World’s First Listings of Three Tokens Built on ICP

Render Trades Bearish Amid 100x Raboo’s Dominating Rally Beyond Cardano.

Bitcoin Research Institute to Launch in Wyoming in 2024

Ethereum ICO Participant Awakens After 9 Years, Moves ETH on Network’s 9th Birthday

Expert Outlines Potential Path for Countries to Adopt Bitcoin Standard

Is the SEC Losing Its Grip? Ripple CEO Blasts Inconsistency Amid Binance Lawsuit Drama

Join our free newsletter for daily crypto updates!