PANews reported on December 8th that DeFi protocol Magma Finance announced it has secured $6 million in strategic funding to build an adaptive liquidity engine on the Sui Network. This round of funding was led by HashKey Capital, SNZ, SevenX Ventures, Puzzle Ventures, Topspin Ventures, and received support from the Navi Protocol ecosystem.

Magma states that it will address the issues of capital inefficiency and liquidity fragmentation on Sui, providing traders with better execution and generating real returns for LPs. The project has already passed security audits by Zellic and ThreeSigma.