According to Fortune, Paradigm led the $225 million investment round of Monad Labs, which is building a Layer-1 blockchain that can compete with Ethereum (ETH) and Solana (SOL).
Monad Labs completed its $225 million financing round led by Paradigm, with the participation of investors such as Electric Capital and Greenoaks.
In the statement, it was stated that the funds collected will be used to create an L1 blockchain to challenge competitors such as Ethereum, Solana and Sui.
Monad Labs said it will fully support EVM, with the goal of deploying its mainnet by the end of this year and launching a testnet in the coming months, while also planning to launch a native token.
Monad's founder, Keone Hon, said in his statement:
“Monad's innovation comes from rebuilding Ethereum's blockchain from the ground up. Our core goal is to complete transactions at faster speeds, higher volumes, and lower costs, and maintain the ability to execute smart contracts.”
Monad is compatible with the Ethereum Virtual Machine (EVM), the program that powers Ethereum, which means developers can port applications built for Ethereum.
We are coming out of a development process of approximately two years. At a time when much of the research community is focused on aggregation, data availability, and other aspects of scaling, Monad has really dug deep into basically the pure execution side.”
*This is not investment advice.
