ETH

Monad Labs Secures $225M in Series A Funding Round to Challenge Solana

by BSC News

April 9, 2024

chain

Monad Labs emerges as a formidable competitor to established players like Ethereum and Solana, offering superior transaction speed, volume, and cost efficiency through its layer-1 solution.

Monad Labs, the brains behind the Ethereum-compatible Layer 1 blockchain Monad, has sealed a monumental $225 million in a series A funding round, led by Paradigm. Among the notable participants were Electric Capital, Coinbase Ventures, Castle Island Ventures, GSR Ventures, and Greenoaks, among others.

Noteworthy angel investors, including Inversebrah, Ansem, Hsaka, punk6529, Eric Wall, Rune Christensen, Bryan Pellegrino, Luca Netz, and Mert Mumtaz, contributed to the cause.

With the $225 million infusion, Monad Labs would accelerate its growth trajectory. The funding will fuel the expansion of its talented team and propel the development of Monad to production. 

“Monad is scaling all aspects of EVM performance by enabling developers to build next-generation applications that will significantly expand the crypto ecosystem,” said Charlie Noyes, Partner at Paradigm.

The company had previously raised $19 million in funding led by Dragonfly Capital after raising $9 million in May 2022 and $10 million in December 2022.

Competitive Landscape and the Rise of Monad Labs

Founded in 2022 by industry veterans Keone Hon, James Hunsaker, and Eunice Giarta, Monad Labs aims to present an innovative approach to developing layer-1 blockchain.

The company's flagship product, the Monad Blockchain, reportedly stands out for its compatibility with Ethereum Virtual Machine (EVM) and transaction speed, volume, and cost efficiency. 

As per reports, Monad Labs would compete with Ethereum and Solana by offering a seamless transition for developers and a compelling value proposition.

Building a Better Ethereum: Monad's Vision

At the heart of Monad's mission lies the ambition to rebuild Ethereum's infrastructure. In contrast to mere imitators, Monad Labs stated it is developing a new type of Ethereum Virtual Machine. 

The system utilizes parallel processing, which allows for more efficient processing and instant block finality rather than sequential processing. With a transaction throughput of 10,000 transactions per second, Monad would offer developers the tools they need to create scalable and decentralized applications (dApps).

However, it may be a challenge for node operators to operate a node with hardware requirements around twice as large as the main Ethereum blockchain, according to The Block.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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