Blockchain Developer Monad Labs Raises $225M Led by Paradigm
Summary
Monad Labs has raised $225 million in a funding round led by Paradigm to develop a faster version of the Ethereum blockchain. The company's layer-1 blockchain is compatible with the Ethereum Virtual Machine (EVM), which processes over 96% of the capital invested in decentralized finance (DeFi). Monad's testnet, launched in March, can reportedly handle 10,000 transactions per second (TPS), compared to Ethereum's fewer than 20 TPS. The company has rewritten the blockchain code to optimize performance at all protocol levels. Other investors in the funding round included Electric Capital, Castle Island Ventures, Animoca Ventures, Coinbase Ventures, and CoinFund.
