The company behind the Layer 1 blockchain(cryptocurrency) Monad, Monad Labs, has just closed a $225 million funding round. With participation from Coinbase Ventures, Electric Capital, Greenoaks, and other investors, Paradigm led the round. With this significant funding, Monad Labs can grow its team and move Monad closer to production.Investers– Among the investors in the round were Electric Capital, Coinbase Ventures, Castle Island Ventures, GSR Ventures, and Greenoaks. Inversebrah, Ansem, Hsaka, punk6529, Eric Wall, Rune Christensen, Bryan Pellegrino, Luca Netz, Mert Mumtaz, and other angel investors were also confirmed to be involved by Monad.
Keone, James, and Eunice have special skills that allow them to develop the technology and create a vibrant community around it. Paradigm looks forward to a long-term collaboration with the whole Monad team.Prior to this, Monad Labs had closed a $19 million financing round headed by Dragonfly Capital. This follows a $10 million seed round in December 2022 and a $9 million pre-seed round in May 2022.Monad is actively creating a new Ethereum Virtual Machine from scratch as opposed to copying the Ethereum codebase. This strategy substitutes instantaneous block finality for sequential processing, parallelization, and increased processing efficiency.Since Monad is compatible with EVM bytecode, Ethereum developers would find it relatively easy to migrate their current decentralised applications from Ethereum to the Monad network( layer 1 crypto blockchain).
Monad achieves a throughput of 10,000 transactions per second (TPS) during testing as its development network (devnet) is launched.
After attaining a throughput of 10,000 transactions per second in internal testing, Monad’s devnet ( airdrop crypto) went live in March. According to today’s report, analysts at Bernstein stated that this performance level is essential for breaking into more mainstream consumer or B2B payments.With a one-second block time, Monad has enhanced Ethereum’s functionality to achieve greater throughput, targeting up to 10,000 transactions per second. This is especially appropriate for high-frequency trading requirements akin to those of companies like Jump. However, because the hardware requirements are almost twice as high as those of the main Ethereum blockchain , node operators may face difficulties.Technical documents published by Monad in September state that a native token will be used to execute transactions and pay the carriage cost to include transactions in blocks.
For unclear reasons, Monad later deleted the token name from the documents.Monad’s mainnet release is scheduled for later this year, but the public testnet is anticipated to go live soon.
Important links –
- X (twitter) https://twitter.com/monad_xyz
- official website – https://www.monad.xyz/
- discord –https://discord.com/invite/monad
