Magma staking goes live on Monad mainnet following MON token sale

Magma staking has launched on Monad's Ethereum-compatible Layer 1 mainnet, enabling early users to stake MON tokens and receive gMON, a liquid staking token that continues to earn rewards across the network's DeFi protocols. Magma is the first MEV-optimized liquid staking product on Monad, designed to capture value from transaction reordering (MEV) and return it to stakers. Magma CEO David Mass views successful on-chain activity beyond airdrops as a sign of a functioning economic environment, expecting gMON to become the default collateral in Monad's DeFi ecosystem. This launch follows the successful conclusion of Monad's first public token sale on Coinbase's platform, which was oversubscribed and raised its $187.5 million USDC target. Monad's initial supply is 100 billion MON, with half unlocked for ecosystem programs and a recent airdrop, while team and investor allocations remain locked for at least a year.

(Source：The Block)