- The startup Mayan, which focuses on developing a cross-chain auction protocol, successfully raised $3 million in a seed funding round.
- This round was co-led by 6th Man Ventures and Borderless Capital, with participation from various other venture firms and prominent industry figures.
Mayan, a startup focusing on developing a cross-chain auction protocol, has successfully raised $3 million in a seed funding round. The round was co-led by venture capital firms 6th Man Ventures (6MV) and Borderless Capital, with participation from several other notable firms such as Solana Ventures, Hash3, Big Brain Holdings, and Arrington Capital.
Prominent individuals such as Solana co-founder Anatoly Yakovenko and Wormhole Labs co-founder Saeed Badreg also contributed to the round.
This funding marks Mayan’s total capital raised so far and highlights the confidence that investors have in the company’s innovative approach to cross-chain auctions.
Mayan’s co-founder, Mo Elahi, expressed gratitude for the early adopters who have already helped the protocol achieve over $470 million in transferred value across different ecosystems. Elahi also mentioned plans to reward the platform’s most loyal users by implementing a points system to track user engagement.
Cross-Chain Auction Protocol
Mayan’s protocol operates on the Solana blockchain and aims to find the best rates for users conducting transactions across multiple blockchains. The system converts input tokens into the USD-pegged stablecoin USDC and then utilizes Circle’s Cross-Chain Transfer Protocol (CCTP) to move the stablecoin to the desired destination.
This protocol efficiently handles inter-blockchain transfers by burning USDC on the source chain and minting it anew on the destination chain, all while ensuring smooth communication between Circle and the involved chains.
To facilitate auctions and communication, Mayan employs a message-passing platform from Wormhole. According to the company’s website, Mayan’s total volume stands at around $486 million across 337,185 swaps, with nearly 150,000 active wallets using the platform.
Looking ahead, Mayan plans to expand the cross-chain user experience by introducing permissionless and transparent auctions, launching on additional blockchains, and supporting NFTs.
Co-founder Elahi envisions Mayan evolving into a completely permissionless trading venue for both fungible tokens and NFTs. He expressed excitement about the company’s role in driving innovation in the intent-centric multichain future and enhancing blockchain interactions for all Web3 users.
Mayan’s Cross-Chain Future
Mayan’s successful seed funding round positions the startup well for its next phase of growth in the cross-chain auction space. With plans to expand its capabilities and support a broader range of assets, Mayan aims to play a key role in shaping the future of multichain interactions. As it continues to evolve into a fully permissionless trading platform, Mayan is set to drive innovation and enhance the Web3 experience for its growing user base.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
