Mayan, a startup building a cross-chain auction protocol, has raised $3 million in seed funding.
Venture capital firms 6th Man Ventures (6MV) and Borderless Capital co-led the round. Additional participation came from Solana Ventures, Hash3, Big Brain Holdings, Arrington Capital, Wormhole Cross-Chain Ecosystem Fund, Anatoly Yakovenko, co-founder of Solana, and Saeed Badreg, co-founder of Wormhole Labs.
The round table includes MayaTotal funding raised.
“We are grateful to Mayan’s early adopters, through whom we have already realized over $470 million in value transferred across ecosystems,” Mayan co-founder Mo Elahi told The Block. “We would like to reward our most loyal users in the future.”
The company intends to launch a points system to track user engagement on Mayan, Elahi added.
Cross-chain auctions
Built on Solana, Mayan finds the best rate for users transacting from any blockchain. The protocol transforms input tokens into USD-pegged USDC stablecoin and then sends them to their final destinations using Circle’s Cross-Chain Transfer Protocol (CCTP). This on-chain system facilitates cross-blockchain transfers by burning USDC on the source chain, minting it again on the destination chain, and communicating both processes between Circle and the source chain. Maya also sends auction-relevant data using a Wormhole messaging platform.
According to the company’s website, Mayan’s total volume has reached approximately US$486 million across 337,185 swaps, with active wallets reaching nearly 150,000. In the future, Mayan intends to strengthen the cross-chain user experience, implement fully transparent and permissionless auctions, launch on more blockchains, and add support for NFTs.
“Ultimately, I imagine Mayan will evolve into a completely permissionless place to trade any type of crypto assets, whether fungible tokens or NFTs. We are excited to drive innovation in the “Intent-centric multichain future, enhancing blockchain interactions for all Web3 users,” Elahi said in a statement.
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