The transaction occurs in the context of a significant surge in investment in Monad, aPriori’s native blockchain network.
A July 30 announcement indicated that Binance’s venture capital arm has invested in aPriori, a liquid staking protocol on the Monad network that concentrates on Miner Extractable Value (MEV).
The transaction occurs in the context of a surge in investment in the layer-1 network Monad and its associated decentralized finance (DeFi) ecosystem.
In accordance with the statement, aPriori aims to establish sustainable incentives for validators on Monad by implementing innovative mechanisms for liquid staking tokens (LST) and MEV. In order to facilitate intricate, high-throughput applications, Monad is an L11 that is compatible with the Ethereum Virtual Machine (EVM).
According to a statement from aPriori’s CEO, Ray, who declined to disclose his surname, “We are in the process of creating a liquid staking platform on Monad that is powered by MEVs.” He further stated that aPriori’s objective is to “introduce innovative products that are exclusive to high-throughput, parallel EVM networks.”
Pantera Capital, along with approximately two dozen other investors, led a $8 million pilot round for aPriori on July 23, according to Crunchbase. The blockchain startup was reportedly valued at more than $100 million during the round. Kintsu, an additional liquid staking protocol on Monad, completed a $4 million pilot round in July.
The blockchain developer, Monad Labs, was reportedly valued at $3 billion and closed on $225 million in April funding that included Paradigm, Electric Capital, and Coinbase Ventures.
According to Galaxy Research, layer-1 blockchain networks raised nearly $400 million from venture capital firms in the second quarter of 2024 and accounted for approximately 12% of the total Web3 venture venture investment. Early-stage startups received approximately 80% of venture funding.
According to the report, the Monad and Berachain transactions, which raised $225 million and $100 million, respectively, have resulted in a more than sixfold increase in the market share of capital invested in the Layer 1 category.
The Binance Labs Incubation Program’s sixth season was the incubator for aPriori. In total, the crypto incubator has initiated approximately 65 initiatives.
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