7 months ago
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Monad Labs raises $225 million to scale Ethereum apps
Monad Labs has raised $225 million in a funding round led by crypto investment firm Paradigm, according to data aggregator CryptoRank. Electric Capital and Greenoaks Capital also participated in the round. This is the largest investment in blockchain infrastructure in 2024.
This recent investment adds up to the $19 million previously received by Monad Labs in February 2023, in a seed round led by DragonFly Capital.
Monad Labs is building an Ethereum Virtual Machine-compatible layer 1 blockchain focused on scaling Ethereum transactions through parallel execution. Parallel execution differentiates itself by executing transactions at the same time, instead of the sequential model applied to Bitcoin and Ethereum where only one transaction at a time can modify the blockchain.
Parallel execution is an important development in the blockchain industry, as it can transform the usage of decentralized applications (dApps) to users, as Andrei Dragnea, Software Engineer at Neon Foundation, stated in an interview with Crypto Briefing in March.
According to Monad’s technical documents, this can allow its blockchain to execute up to 10,000 transactions per second (TPS), a major upgrade when compared to Ethereum’s 27 TPS on average.
Moreover, by being compatible with Ethereum Virtual Machine (EVM), this means that the decentralized applications built on Ethereum can be forked to Monad.
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