Monad Labs, a smart contract platform and developer of Layer 1 blockchain, Monad has raised $225 million in its lastest funding round. In a Tuesday blog post, the firm disclosed that it will harness the funds to continue scaling its team and bring Monad to production.
The funding round was led by Paradigm. Other institutional investors include Electric capital, Castle Island Ventures, Green oaks, eGirl Capital, Amber Group, Animoca Ventures and Archetype. Others are Bankless Ventures, Big Brain Holdings, Bodhi Ventures, Breed, and Canadian, among others. Some angel investors like Robinson Burkey and Saquon Barkley also took part in the funding.
Prior to this development, Monad has earlier raised $19 million in a funding round led by Dragonfly capital around 2022. In the same year, it also raised $9 million in pre-seed round and $10 million in seed round.
The Ethereum Virtual Machine is renowned as the ubiquitous standard of Web3. However, despite boasting almost 96% of all the capital in DeFi, EVM-oriented chains come with low throughput. According to Monad Labs, Ethereum supports not more than 10 transactions per second and not even one EVM is up to 50 tps.
Monad Labs brings an end to this shortcoming through its performant Layer 1 blockchain. This blockchain introduces parallel execution and superscalar pipelining to the EVM. It also introduces advanced optimization to allow consumer-grade hardware to deliver exceptional performance while maintaining high degree of decentralization.
Monad Devnet is live
Last month, Monad Devnet went live after attaining 10,000 transactions per second in interval testing. The developers optimized the operational process of Ethereum to provide greater throughput, making it suitable for the type of high-frequency trading requirements of firms like Jump.
Meanwhile, Paradigm Partner Charlie Noyes says Monad is scaling all aspects of EVM performance in order to enable developers create the next generation applications that will help expand the crypto ecosystem. He believes the Monad team is well equipped with advanced technology to build and support a vibrant community.
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