April 9, 2024
Monad Labs, the Ethereum-compatible Layer 1 blockchain Monad developer, has secured $225 million in a Series A funding round. The funding round was led by investment firm Paradigm, with participation from Coinbase Ventures, Electric Capital, Castle Island Ventures, GSR Ventures, and Greenoaks, among others.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Monad Labs | $225M | Apr 9, 2024 | Series A | $244M | Paradigm | EVM |
This funding round is a significant milestone for Monad Labs, providing the resources needed to scale its team and advance the development of its blockchain protocol. The funds will be used to enhance Monad’s mission of improving Ethereum's throughput through parallel transaction processing techniques. Monad Labs aims to optimize the Ethereum Virtual Machine (EVM) to support parallelization, enabling more efficient processing and instant block finality.
Monad is aiming to disrupt DeFi with a new kind of blockchain solution. They're building a "layer-1" blockchain, which essentially acts as a foundation for creating and running decentralized applications (dApps). Monad is designed to be compatible with the Ethereum Virtual Machine (EVM) which means existing dApps built for Ethereum can seamlessly switch over to Monad without needing any modifications.
Ethereum is currently a major player in the blockchain space, but it struggles with handling a high volume of transactions. This has led to slow speeds and high costs, which isn't ideal for running DeFi applications. To address this, Monad is focusing on high scalability and performance. Their goal is to create a faster and more efficient blockchain that can handle a much larger number of transactions at a lower cost. This strategy positions them directly against established blockchains like Ethereum and even newer contenders like Solana, all vying to be the top choice for building the future of decentralized finance.
Monad Labs had previously raised $19 million in a round led by Dragonfly Capital. With the latest funding, Monad Labs’ total capital raised now stands at $244 million, and the company is valued at $3 billion.
Monad’s development network (devnet) went live in March, achieving 10,000 transactions per second (TPS) in internal testing. This level of performance is considered necessary for mainstream consumer or B2B payments. Monad’s system is designed to handle high-frequency trading requirements, although it imposes higher hardware requirements on node operators compared to the main Ethereum blockchain.
Monad Labs’ approach involves building a new kind of EVM from the ground up, rather than cloning the existing Ethereum codebase. This allows for greater throughput and is expected to support the development of next-generation applications that expand the crypto ecosystem.
About Monad:
Monad Labs is a blockchain protocol developer focused on improving Ethereum’s throughput through parallel transaction processing techniques. The company aims to offer up to 10,000 TPS with a one-second block time, making it suitable for high-frequency trading and other demanding applications. Monad Labs is based in New York, New York, and is dedicated to building a scalable and efficient blockchain ecosystem.
Website: https://www.monad.xyz/
X Account: @monad_xyz
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About Investor
Investor: Paradigm
Description: Paradigm is an investment firm that supports disruptive technologies in the crypto and blockchain space. The firm is known for its substantial investments in leading blockchain projects and its commitment to fostering innovation in the industry.
Location: United States
Website: https://www.paradigm.xyz/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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