Miden Raises $25M to Build Edge Blockchain
Miden, a blockchain project incubated by Polygon Labs, has successfully raised $25 million in a seed funding round led by a16z crypto, 1kx, and Hack VC. The investment will accelerate Miden’s development roadmap, focusing on core protocol advancements, ecosystem expansion, and developer tooling.
Miden is developing an “edge” blockchain that moves execution and state to the client-side, enabling scalable, privacy-preserving applications. The project is led by Bobbin Threadbare, Domink Schmid, and Azeem Khan, who previously worked on Facebook’s blockchain team.
The funding round saw participation from notable investors including Finality Capital Partners, Symbolic Capital, P2 Ventures, Delta Fund, MH Ventures, and angels such as Rune Christensen from MakerDAO, Avery Ching from Aptos, and Sreeram Kannan from EigenLayer.
“The reality is that no existing blockchain is ready for mass adoption,” said Bobbin Threadbare, co-founder at Miden. “With ZK technology, we can reimagine blockchain architecture and move both state and execution to edge devices.”
Miden is currently in its final alpha testnet phase and supports a group of core builders through the Miden Pioneer Program. The mainnet is expected to launch later this year.
Investors have expressed enthusiasm for Miden’s potential. “Miden is the holy grail of decentralized technology—combining private state, full smart contract support, and real scalability,” said Alex Pack, Partner at Hack VC.
Miden joins other prominent web3 projects like Sui and Aptos, which also have leadership that formerly worked on Facebook’s blockchain team. The project is expected to airdrop around 10% of native tokens to POL stakers to incentivize support on the Agglayer.
