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.”
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 <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="">
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 aPriori closed an $8 million seed round on July 23. Source: aPriori&nbsp;
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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

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