Monad Labs Successfully Raises $225M to Build EVM-Compatible L1 Monad Blockchain

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At Monad Labs, a business focused on web3 technology, they have finished securing funding for their Ethereum-compatible Monad blockchain from Paradigm Venture Capital. As stated in the announcement, these funds will support the continued growth and construction of the Monad blockchain, aiming to launch the mainnet by the end of this year.

Meanwhile, Monad Labs is confident its 30 employees will deliver a testnet in the coming months.

Several prominent investors contributed significantly to the successful fundraising round. Among them were Electric Capital, Castle Island Ventures, Greenoaks, eGirl Capital, Amber Group, Animoca Ventures, Archetype, Bankless Ventures, Big Brain Holdings, Coinbase Ventures, and CoinFund. Additionally, notable angel investors who participated in the recent Monad fundraising include Inversebrah, Ansem, Hsaka, punk6529, Saquon Barkley, Eric Wall, and Rune Christensen, among others. (This version maintains the original meaning but uses a more conversational tone and breaks up some of the longer phrases for easier reading.)

Monad Labs is excited to announce a $225M fundraise, led by @paradigm

— Monad (evm/acc) (@monad_xyz) April 9, 2024

During the advanced stage of growth for Monad’s blockchain, Monad Labs declared their search for dedicated and skilled system engineers to join their team. Monad’s blockchain aims to address a commonly overlooked issue in the industry: providing secure and capable transaction processing, surpassing what leading L1 platforms like Solana currently offer.

“Approximately two years ago, we began developing Monad when many researchers were preoccupied with roll-up technology, data accessibility, and other methods to expand Ethereum‘s capabilities. Instead of following these trends, Monad Labs chose to focus intensely on improving the execution aspect of the Ethereum Virtual Machine (EVM). We identified a significant demand for a faster EVM, yet no one seemed to be addressing this issue,” explained Keone Hon, the founder of Monad Labs.

Closer Look at Monad Blockchain

Following a successful debut of its mainnet, Monad blockchain plans to quicken the integration of Ethereum Virtual Machine (EVM) among web3 developers for wider usage. Notably, Ethereum hosts most prominent Decentralized Financial (DeFi) applications. Out of the $100 billion in total value secured (TVS), Ethereum network holds approximately $54 billion and over $79 billion in stablecoins’ market capitalization.

In simpler terms, the Nomad blockchain is expected to handle around 10,000 transactions each second, surpassing Solana’s current capacity which is being strained due to increased usage. The Nomad team aims to achieve this high performance while preserving strong decentralization through careful optimization at a fundamental level.

Market Picture

In simpler terms, the way the Web3 ecosystem functions has led to a greater use of digital assets and blockchain tech. But, there’s a big challenge – interoperability – that needs to be addressed for this technology to become widely accepted.

During the current cryptocurrency boom driven by institutional investors, Monad’s blockchain is set to debut in the industry. Furthermore, the upcoming Bitcoin halving, scheduled for around 10 more days, is expected to add to the optimistic outlook.

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2024-04-09 18:27