Layer-1 #Monad starts launching the testnet

Information about the Monad testnet deployment was announced after the protocol's devnet launch in March, with internal testing reaching up to 10,000 transactions per second (TPS)

The company behind Monad Labs was developed by former employees of Jump Trading and the crypto investment branch Jump Crypto, which raised $19 million in a seed round in February 2023 with participation from Dragonfly Capital and many other notable investors.

In April, Monad Labs confirmed it had completed a $225 million funding round led by Paradigm, raising Monad's valuation to $3 billion, making it the most funded blockchain project in 2024.