Quick take:
Kintsu previously built its liquid staking protocol for the Aleph Zero blockchain but has since switched its focus to solely building on Monad.
The protocol is set for launch within the first week of Monad launching its mainnet.
The fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.
Kintsu, the liquid staking protocol being built on Monad has raised $4 million in a seed round led by Castle Island Ventures.
The fundraising also 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 Foundation among those who joined as angel investors.
The fundraising was structured as a single agreement for future equity (SAFE) with token warrants, Kintsu founder told The Block.
The announcement comes the same day as another Monad-based liquid staking protocol, aPriori announced a $10 million funding round led by Pantera Capital.
source: Monad on X
On-chain order book, also built on Monad, Kuru, raised $2 million, with Electric Capital leading the seed round, Monad shared via a post on X.
Monad, the EVM-compatible layer-1 is one of the most anticipated blockchains, with a mainnet launch expected later this year. Kintsu said it will be ready to launch its platform within a week as soon as Monad goes live.
Kintsu’s first product was a liquid staking protocol based on the Aleph Zero blockchain, but it has since switched its focus to building on Monad.
“In many ways, proof of stake blockchains like Monad are like digital nation states,” Novenstern said. “Staking creates an opportunity cost for DeFi, which can limit growth at the protocol level. The liquid staking token category, not just liquid, but ‘composable,’ posed a way to fix this and has seen great product market fit across revolutionary blockchains like Ethereum and Solana.”
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The post Kintsu Secures $4M Seed Round to Build Liquid Staking Protocol on Monad appeared first on NFTgators .
