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Binance’s venture capital arm has invested in aPriori, a liquid staking protocol operating on the Monad network. It is a notable development within the cryptocurrency space. This investment was announced on July 30 and underscores the growing interest and investment in Monad and its surrounding decentralized finance (DeFi) ecosystem.
aPriori and Its Innovations
aPriori is focused on enhancing the Monad network’s capabilities by developing innovative solutions for liquid staking tokens and miner extractable value (MEV). As an Ethereum Virtual Machine (EVM)-compatible layer-1 network, Monad is designed to support complex and high-throughput applications. The protocol aims to create sustainable incentives for validators on Monad by leveraging MEV and liquid staking mechanisms.
aPriori's Recent Funding Round
On July 23, aPriori successfully closed an $8 million seed round led by Pantera Capital, with participation from around two dozen other investors. This funding round reportedly valued the blockchain startup at over $100 million. The investment highlights the confidence in aPriori’s potential to drive innovation within the Monad network. Another liquid staking protocol on Monad, Kintsu, also raised $4 million in a seed round earlier in July, indicating a strong interest in this sector.
Monad Labs’ Significant Funding Achievement
Monad Labs, the developer behind the Monad network, secured $225 million in funding in April. The funding round saw participation from major investors including Paradigm, Electric Capital, and Coinbase Ventures. This substantial investment valued Monad Labs at approximately $3 billion, marking a significant milestone for the blockchain’s development and its ecosystem.
Investment Trends in Layer-1 Networks
The investment in Monad and aPriori is part of a broader trend in venture capital funding for layer-1 blockchain networks. According to Galaxy Research, layer-1 networks raised nearly $400 million in venture capital during the second quarter of 2024, accounting for about 12% of overall Web3 venture investment. This influx of capital reflects the growing interest in foundational blockchain technologies and their potential for significant impact in the DeFi space.
Impact of Recent Deals on Market Share
The report highlights that the market share of capital invested in layer-1 blockchains has surged by over 6 times, largely due to high-profile deals like the Monad and Berachain funding rounds. The Monad deal alone raised $225 million, while Berachain raised $100 million, contributing to the dramatic increase in investment in this category.
APriori’s Incubation and Development
APriori was incubated through Season 6 of the Binance Labs Incubation Program, which has been instrumental in launching approximately 65 projects in total. This support from Binance Labs has helped aPriori to develop its liquid staking protocol and advance its goals within the Monad network. The program’s backing underscores the credibility and potential of aPriori’s innovations in the blockchain space.
